President John Mahama on Tuesday inaugurated a five-member Independent Fiscal Council, tasked with providing credible, objective, and non-partisan oversight of Ghana’s fiscal policy.

According to the Ghanaian presidency, in a statement on Wednesday, Mr Mahama said at a brief ceremony that the council’s oversight is vital to sustaining economic reforms, restoring investor confidence, driving inclusive growth, and improving public service delivery.

The Ghanaian president stated, “Your responsibility is to scrutinise the government’s fiscal decisions, assess compliance with established rules, and provide sound recommendations in the national interest.

“Fiscal responsibility must not be regarded merely as a statutory requirement; it is a moral obligation to present and future generations. Your work must be guided by evidence and the national interest, without fear, favour, or political consideration.”

The president stated that the new body, backed by the Public Financial Management (Amendment) Act, 2025 (Act 1136), will enforce fiscal discipline, safeguard long-term debt sustainability, and enhance the credibility of public financial management.

Mr Mahama said the inauguration of the council is coming at a time when public demand for transparency and prudent financial management is higher than ever.

The council, which will serve a four-year term, is chaired by an international economic consultant and former board chairman of Standard Chartered Bank Ghana, Emmanuel Oteng Kumah.