Dr Theo Acheampong, Technical Advisor at the Ministry of Finance, has stated that Ghana is set to operationalise a newly established Fiscal Council to ensure strict compliance with the country’s revised fiscal rules as part of broader efforts to strengthen public financial management and safeguard economic stability.

Speaking at a High-Level Policy Dialogue on Economic Governance in Accra organised by the Ministry of Finance and the Economic Governance Platform (EGP) in partnership with the World Bank on December 3, 2025, Dr Acheampong said the Council created under the amended Public Financial Management Act (Act 1136) will serve as an independent oversight body to enhance the credibility of budget processes and prevent fiscal slippages.

He explained that while the Ministry is internally working to achieve key targets, including a debt-to-GDP ratio capped at 45% and a primary surplus of at least 1.5%, an external institution is essential to ensure discipline.

“Countries that have independent fiscal institutions tend to deliver more credible budgets. The Fiscal Council will help check compliance and improve budget discipline,” he noted.

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The Fiscal Council, expected to be fully constituted early next year, will be responsible for three major reports annually during the mid-year budget review, the presentation of the main budget, and other fiscal compliance assessments.

In addition to monitoring adherence to fiscal rules, it will conduct value-for-money reviews and evaluate the poverty and inequality impacts of government expenditure.

Government aims to have the Council fully operational as Ghana works toward exiting its IMF programme by mid-2026.

EGP Coordinator Abdul Karim Mohammed noted that several of the Platform’s recommendations on debt sustainability are already being implemented.

He highlighted new commitment-control measures introduced by the Ministry of Finance to curb unauthorized borrowing by state institutions.

He welcomed the creation of the Fiscal Council, describing it as “an independent oversight mechanism akin to PIAC’s role in the extractive sector,” which would help improve transparency, accountability and public confidence in fiscal governance.

Janine Walz, Deputy Ambassador of Switzerland and Head of Swiss Cooperation, reaffirmed Switzerland’s commitment to supporting Ghana’s decentralisation agenda and strengthening local governance systems.

She said Switzerland’s cooperation programme built around a four-year cycle places decentralisation at the core of its first pillar and includes several comprehensive initiatives.

“We believe fiscal, administrative and political decentralisation helps a country grow. Our support covers DACF collaboration, capacity building, fiscal decentralisation, and accountability,” she explained.

Walz added that the newly launched Swiss-supported project on Public Financial Management aims to improve service delivery, strengthen the use of data for informed decision-making, and enhance performance and accountability of State-Owned Enterprises (SOEs).

AM