Mahama inaugurates five-member Independent Fiscal Council, demands objective oversight

President John Dramani Mahama has inaugurated the 5-member Independent Fiscal Council with a charge to provide independent, credible and objective oversight of Ghana’s fiscal policy.

The Council was inaugurated on Tuesday, September 8, 2026, at a brief ceremony at the Presidency, with the President stressing the importance of its mandate to the government’s ongoing efforts to strengthen the economy.

President Mahama said the Council’s work would be critical to improving investor confidence, promoting inclusive economic growth and job creation, and enhancing the delivery of public services.

“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.

He said the Council’s role was particularly important at a time when citizens and other stakeholders were demanding greater prudence, transparency and accountability in the management of public resources.

The Council will serve a 4-year term and is chaired by Dr. Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana.

Its membership includes Dr. Henry Akpenamawu Kofi Wampah, former Governor of the Bank of Ghana; Professor Patrick Opoku Asuming of the University of Ghana Business School, representing academia; Leslie Dwight Mensah, representing think tanks; and J. Kweku Bedu-Addo, a former public policy expert at the Ministry of Finance.

Mahama Pledges Independence
President Mahama assured the Council that his administration would respect its independence and provide the necessary institutional support to enable it to effectively discharge its responsibilities.

He said fiscal discipline should be viewed as a responsibility to both present and future generations rather than merely an obligation imposed by law.

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

The President further urged members of the Council to approach their work with courage, professionalism and objectivity.

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

Responding on behalf of the Council, Dr. Wampah assured the President that its members would diligently perform the responsibilities entrusted to them under their mandate.

The Independent Fiscal Council was established under the Public Financial Management (Amendment) Act, 2025 (Act 1136), with the objective of strengthening fiscal discipline, promoting long-term debt sustainability and restoring confidence in Ghana’s public financial management system.