The Chief Director of the Ministry of Finance, Mr. Patrick Nomo, has announced that the ministry will establish an independent Fiscal Council to tighten oversight of Ghana’s public finances and restore fiscal discipline.
He announced this at a roundtable discussion on shaping Ghana’s new fiscal authority, organised by IMANI Ghana and the International Institute for Sustainable Development (IISD) on Wednesday in Accra.
Mr. Nomo stated 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.
He said the Council will 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 per cent by 2034,” Nomo said.
According to him, the Ministry will prioritise the Council as one of several structural reforms under the leadership of Finance Minister Dr. Cassiel Ato Forson, noting that stability will gradually be restored to the economy.
Joyce Adwoa Animia Ocran, ISD
