Ghana Establishes Independent Fiscal Council to Support Long-Term Debt Sustainability

This case study describes the establishment of an Independent Fiscal Council in Ghana in early 2026, designed to strengthen fiscal transparency and long-term debt sustainability following the country's 2022 debt crisis. The initiative was supported by the International Institute for Sustainable Development (IISD) and the Ghanaian think tank IMANI Africa, providing analytical and design support to the Ghanaian government.

• Following a 2022 default on external debt, Ghana completed approximately 93% of its debt restructuring by December 2024. This process included the restructuring of Eurobonds and the implementation of the Domestic Debt Exchange Programme (DDEP), aligned with a USD 3 billion IMF Extended Credit Facility program.
• Despite restructuring efforts, Ghana remains classified by the IMF and World Bank as being at high risk of overall and external debt distress. To address institutional weaknesses, Ghana amended its Public Financial Management Act in 2025 to introduce a public debt-to-GDP target of 45% by 2034 and a required annual primary surplus of at least 1.5% of GDP on a commitment basis.
• In early 2026, the Government of Ghana established an Independent Fiscal Council to improve decision-making and transparency. The council's primary mandate is to communicate the long-term debt implications of government fiscal actions to investors, the public, Parliament, and the executive. The council consists of five professionals nominated by the president with expertise in financial governance, public policy, and academia.
• The design of the Fiscal Council was a collaborative effort between the IISD and the Ghanaian think tank IMANI Africa. Their support included conducting political economy analysis, reviewing international experiences in emerging economies, and performing macroeconomic analysis of Ghana's debt challenges to provide a foundation for the Ministry of Finance.

APA

Asare,, A. W. M. A. C. (2026). Ghana Establishes Independent Fiscal Council to Support Long-Term Debt Sustainability. International Institute for Sustainable Development. https://www.iisd.org/articles/success-story/ghana-establishes-independent-fiscal-council-support-long-term-debt

Chicago

Asare,, Anahí Wiedenbrüg,Fernando Morra,Theophilus Acheampong,Franklin Cudjoe,Dennis. Ghana Establishes Independent Fiscal Council to Support Long-Term Debt Sustainability. International Institute for Sustainable Development, 2026. https://www.iisd.org/articles/success-story/ghana-establishes-independent-fiscal-council-support-long-term-debt.

Wikipedia

{{cite report |last1=Asare, |first1=Anahí Wiedenbrüg,Fernando Morra,Theophilus Acheampong,Franklin Cudjoe,Dennis |title=Ghana Establishes Independent Fiscal Council to Support Long-Term Debt Sustainability |publisher=International Institute for Sustainable Development |date=8 April 2026 |url=https://www.iisd.org/articles/success-story/ghana-establishes-independent-fiscal-council-support-long-term-debt |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{asare2026ghana, author = {Asare,, Anahí Wiedenbrüg,Fernando Morra,Theophilus Acheampong,Franklin Cudjoe,Dennis}, title = {{Ghana Establishes Independent Fiscal Council to Support Long-Term Debt Sustainability}}, institution = {International Institute for Sustainable Development}, year = {2026}, month = apr, url = {https://www.iisd.org/articles/success-story/ghana-establishes-independent-fiscal-council-support-long-term-debt}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }