Franklin Cudjoe, Founding President and CEO of IMANI and AfricanLiberty.org, has highlighted the importance of Ghana’s upcoming Independent Fiscal Council following a roundtable discussion on its design and mandate.
The event, organised by the International Institute for Sustainable Development (IISD) and the IMANI Centre for Policy & Education, brought together a professionally diverse and influential group of participants.
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The Fiscal Council, to be established under the Public Financial Management (Amendment) Act, 2025, will monitor and advise on Ghana’s fiscal performance. The Act also sets ambitious targets: a fiscal surplus ceiling of 1.5% of GDP and a public debt limit of 45% of GDP by 2034.
Discussions focused on how to ensure the Council’s credibility, independence, and effectiveness, so that it strengthens fiscal discipline while aligning with Ghana’s development goals.
According to Mr. Cudjoe, Ghana’s history of debt distress and macroeconomic instability underscores the urgency of such an institution. A well-structured Fiscal Council, he noted, could:
- Provide evidence-based advice for better budget and debt decisions.
- Enhance trust in government budgets and anchor market expectations.
- Improve transparency and accountability, boosting investor confidence.
- Ensure fiscal policy supports development priorities such as education, health, and infrastructure.
“Yesterday’s event on shaping Ghana’s new Independent Fiscal Council was attended by professionally diverse and influential participants,” Mr. Cudjoe said, underscoring its significance for Ghana’s economic stability.
