President John Dramani Mahama has inaugurated a five-member Independent Fiscal Council with a mandate to provide independent, credible and objective oversight of Ghana’s fiscal policy to strengthen economic stability and restore confidence in public financial management.

The Council, established under the Public Financial Management (Amendment) Act, 2025 (Act 1136), has a four-year mandate to promote fiscal discipline, ensure long-term debt sustainability and enhance transparency in the management of public resources.

In his address at the inauguration ceremony at the Presidency on Tuesday, President Mahama said the Council’s work would be critical to the success of the government’s ongoing economic reforms.

“Your responsibility is to scrutinise the Government’s fiscal decisions, assess compliance with established rules, and provide sound recommendations in the national interest,” the President said.

He noted that the Council was assuming office at a time when citizens, investors and development partners were demanding greater prudence, accountability and transparency in fiscal governance.

President Mahama pledged to respect the Council’s independence and assured its members of the institutional support required to execute their mandate effectively.

“Fiscal responsibility must not be regarded merely as a statutory requirement. It is a moral obligation to present and future generations,” he stated.

He urged the Council to discharge its duties with courage, professionalism and impartiality, emphasising that its work must be guided by evidence and the national interest rather than political considerations.

“Your work must be guided by evidence and the national interest, without fear, favour, or political consideration,” he added.

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

Other members 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, representing think tanks; and J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance.

Speaking on behalf of the Council, Dr Wampah assured the President that the members would faithfully discharge the responsibilities entrusted to them under the law.

The ceremony was attended by the Chief of Staff at the Presidency, Dr Julius Debrah; the Minister for Finance, Dr Cassiel Ato Forson; Presidential Adviser on the Economy, Seth Terkper; and Presidential Adviser and Special Aide to the President, Joyce Bawah Mogtari.