President John Mahama has inaugurated the five-member Independent Fiscal Council, tasking it to provide independent, credible and objective oversight of the country’s fiscal policy.

Speaking at a brief ceremony at the Presidency, President Mahama said the Council’s mandate is critical to the success of ongoing reforms aimed at strengthening the economy, boosting investor confidence, promoting inclusive growth and job creation, and improving public services.

"Your responsibility is to scrutinise the Government's fiscal decisions, assess compliance with established rules, and provide sound requirements in the national interest," he said.

President emphasised, noting that the Council’s input is needed at a time when stakeholders expect prudence, transparency and accountability in the management of public resources.

The Council has a four-year mandate and is chaired by Dr Emmanuel Oteng Kumah, an international economic consultant and former Board Chairman of Standard Chartered Bank Ghana.

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

President Mahama pledged to respect the Council’s independence and provide the institutional support required for it to execute its mandate effectively.

"Fiscal responsibility must not be regarded merely as a statutory requirement. It is a moral obligation to present and future generations," he noted, tasking the Council to uphold its responsibilities with courage and professionalism.

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

Speaking on behalf of the Council, former Bank of Ghana Governor Dr Wampah assured the President that the members would not neglect their responsibilities as set out in their mandate.

Under the Public Financial Management (Amendment) Act, 2025 (Act 1136), the council is an oversight body mandated to promote fiscal discipline, ensure long-term debt sustainability and restore credibility to public financial management.