President John Dramani Mahama on Tuesday inaugurated a five-member Independent Fiscal Council, declaring that the days of lax financial oversight are over and that fiscal discipline must now be treated as a “moral obligation” to Ghanaians yet unborn.
The Council, established under the Public Financial Management (Amendment) Act, 2025 (Act 1136), is mandated to provide credible, objective, and non-partisan scrutiny of the government’s fiscal policy, a move the President described as critical to sustaining economic reforms, restoring investor confidence, and driving inclusive growth.
Speaking at a brief ceremony at the Presidency, President Mahama said the demand for transparency and prudent financial management among citizens has never been higher, and charged the members to place country above party.
“Your responsibility is to scrutinise the Government’s fiscal decisions, assess compliance with established rules, and provide sound recommendations in the national interest,” he said.
“Fiscal responsibility must not be regarded merely as a statutory requirement; it is a moral obligation to present and future generations.”
The President stressed that the Council’s work must be anchored in evidence and shielded from political interference, urging members to act “without fear, favour, or political consideration.”
Beyond enforcement of fiscal rules, the Council is expected to safeguard long-term debt sustainability and strengthen the credibility of public financial management, key pillars of the government’s broader economic reform agenda.
The five-member body will serve a four-year term, with Dr Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana, named as Chairman.
Serving alongside him are Dr Henry Akpenamawu Kofi Wampah, former Governor of the Bank of Ghana; Professor Patrick Opoku Asuming of the University of Ghana Business School; Leslie Dwight Mensah, Economist and Policy Analyst; and J. Kweku Bedu-Addo, a Public Policy Expert.
The composition of the Council, drawing from banking, central banking, academia, and public policy, signals what analysts describe as a deliberate effort to blend technical depth with institutional independence.
With its legal backing now in place, the Council is expected to become a permanent feature of Ghana’s fiscal architecture, with its assessments likely to shape how future budgets are scrutinised and how compliance with fiscal rules is judged.