The Ministry of Finance has announced the creation of an independent Fiscal Council as part of ongoing reforms to improve oversight and discipline in Ghana’s public finances. The announcement was made by Patrick Nomo, Chief Director at the Ministry, during a roundtable discussion focused on shaping Ghana’s new fiscal authority. The event was organized by IMANI Ghana and the International Institute for Sustainable Development (IISD).
Nomo stated that the Fiscal Council will be supported by recent changes to the Public Financial Management (PFM) Act. According to him, the council is intended to act as a watchdog over fiscal policy making and its implementation. He said it is expected to increase transparency, strengthen credibility in managing public funds, and help prevent mismanagement that has previously led to macroeconomic instability.
“As part of the reforms, we are establishing an independent Fiscal Council for improved oversight of fiscal policy. We are also introducing enforceable sanctions for fiscal mismanagement and setting new fiscal rules, including a debt-to-GDP ceiling of 45 percent by 2034,” Nomo said.
He further explained that setting up the council is one of several structural reforms being prioritized under Finance Minister Dr. Cassiel Ato Forson’s leadership. Nomo noted that economic stability is gradually returning.