President Mahama tasks Independent Fiscal Council to safeguard Ghana’s economic stability

President John Dramani Mahama has charged Ghana’s newly inaugurated Independent Fiscal Council to provide fearless, objective oversight of government finances and help protect the country from a return to fiscal indiscipline.

President Mahama made the call on Tuesday, September 8, 2026, when he inaugurated the five-member Council at the Presidency, giving it a four-year mandate to strengthen fiscal discipline, debt sustainability and transparency in public financial management.

‘Scrutinise government’s fiscal decisions’

President Mahama tasked the Council to scrutinise government’s fiscal decisions, assess compliance with established fiscal rules and provide sound recommendations in the national interest.

He stressed that its work must be guided by evidence rather than political considerations, urging members to act with courage, professionalism and impartiality.

The President also pledged to respect the Council’s independence and provide the institutional support necessary for it to effectively discharge its responsibilities.

A firewall against fiscal recklessness

The establishment of the Council is part of broader reforms aimed at strengthening Ghana’s public financial management framework.

Under the amended Public Financial Management Act, the Council is expected to provide independent expert analysis, monitor budget implementation and help ensure that government spending remains within sustainable limits.

The move comes as Ghana seeks to consolidate recent gains in economic stabilisation while addressing lingering vulnerabilities.

The IMF reported in July that Ghana had recorded significant improvements in macroeconomic stability and debt sustainability, including a return to moderate debt-distress risk and a stronger primary fiscal balance. It nevertheless stressed that maintaining fiscal discipline remains critical.

Five-member team takes charge

The Council is chaired by Dr Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana.

Other members are former Bank of Ghana Governor Dr Henry Akpenamawu Kofi Wampah, University of Ghana Business School academic Professor Patrick Opoku Asuming, think-tank representative Leslie Dwight Mensah, and former Ministry of Finance public policy expert J. Kweku Bedu-Addo.

The composition brings together expertise from academia, research, public policy and financial-sector leadership.

‘Fiscal responsibility is a moral obligation’

President Mahama delivered a particularly strong message on the importance of fiscal discipline, describing responsible management of public finances as more than a legal requirement.

He said fiscal responsibility is a moral obligation to present and future generations, highlighting the need to protect the gains made in stabilising the economy.

The warning is significant given Ghana’s recent economic crisis and debt restructuring experience, which exposed the consequences of weak fiscal controls and excessive borrowing.

IMF backs stronger fiscal oversight

The IMF has also identified the full operationalisation of Ghana’s Fiscal Council as an important institutional reform.

Its 2026 assessment said strengthening the Council would enhance public scrutiny and enforcement of the Public Financial Management Act, while also improving disclosure of fiscal risks.

The Fund has further highlighted the need for stronger oversight of state-owned enterprises, improved public investment management and greater transparency in government finances.

Council faces a major test

For the new Council, the challenge will be turning its mandate into meaningful oversight — particularly when its assessments may prove uncomfortable for the government of the day.

President Mahama has made clear that he expects the institution to operate independently and without fear or favour.

The real test, however, will come when fiscal discipline collides with political pressure. Ghana’s economic stability may depend on whether the Council can hold the line when it matters most.