The Ministry of Finance has announced plans to establish an independent Fiscal Council as part of sweeping reforms aimed at tightening oversight of Ghana’s public finances and restoring fiscal discipline.
Chief Director of the Ministry, Patrick Nomo, disclosed the move at a roundtable on shaping Ghana’s new fiscal authority, organized by IMANI Ghana and the International Institute for Sustainable Development (IISD).
He explained that the Fiscal Council, backed by recent amendments to the Public Financial Management (PFM) Act, will serve as a watchdog over fiscal policy making and implementation. The Council is expected to enhance transparency, strengthen credibility in public finance management, and prevent a recurrence of past mismanagement that contributed 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,” the Chief director said.
He added that the Ministry is prioritizing the Council as one of several structural reforms under the leadership of Finance Minister Dr. Cassiel Ato Forson, noting that stability is gradually being restored to the economy.