IMANI Africa, IISD Demand Stronger Fiscal Council to Safeguard Ghana’s Economic Credibility

Two leading policy think tanks, IMANI Africa and the International Institute for Sustainable Development (IISD), have called for sweeping reforms to strengthen Ghana’s Fiscal Council, warning that the country’s economic credibility depends on its effectiveness in the early years.

In a set of recommendations on how Ghana can make the Fiscal Council more effective, the two Civil Society Organizations (CSOs) stressed that the council must be empowered with broader responsibilities, stronger technical capacity, and transparent institutional processes if it is to deliver on its mandate of promoting fiscal discipline and economic stability.

The recommendations cited by The High Street Journal are tailored in accordance with Ghana’s political and economic settings to enhance greater effectiveness. Among the number of prescriptions by the two think tanks are as follows;

Expand the Role, Build Credibility

The first recommendation, IMANI and IISD, labeled “Foundational Decisions,” calls for an expanded role for the Council beyond government advisory. The think tanks propose that the Council be made to actively support Parliament with independent fiscal analysis, improve public communication, and ensure that board members are selected for their technical expertise rather than political loyalty.

According to IMANI and IISD, such steps are critical to winning public trust and enhancing the body’s independence.

Build Internal Capacity

On the “Operational Requirements,” the prescriptions emphasize the need for the Council to build strong technical foundations. This means investing in research staff, securing access to timely and reliable fiscal data, and clearly defining the Council’s role and timelines within Ghana’s budget cycle.

Without these, the organisations caution, the Council risks becoming a token institution rather than a driver of credible fiscal policy.

Transparency and Policy Relevance

The final pillar, “Institutional Consolidation,” urges Ghana to formalise the Council’s analytical and engagement processes to make them transparent and policy-relevant.

Structuring its output to be accessible to Parliament, civil society, and the public, the think tanks argue, will elevate the Council’s relevance and prevent it from being sidelined in the policy arena.

The Bottom Line

Ghana’s recent debt crisis and ongoing struggles with fiscal stability have underscored the need for independent institutions to hold the government accountable for its spending and borrowing decisions.

IMANI Africa and IISD say strengthening the Fiscal Council is a vital step toward avoiding the boom-and-bust cycles that have plagued the country for decades.

The two organisations are urging policymakers not to treat the Fiscal Council as a ceremonial body but as a central pillar in Ghana’s journey toward sustainable public finances.

Read More