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

Following a 2022 debt crisis and subsequent restructuring of approximately 93% of eligible public debt by December 2024, Ghana established an Independent Fiscal Council in early 2026. Supported by the International Institute for Sustainable Development (IISD) and IMANI Africa, the council is designed to provide independent, evidence-based analysis of government budgets and projections. Its core mandate focuses on communicating the long-term debt implications of fiscal actions to the executive, Parliament, the public, and investors to build trust and ensure debt sustainability. This institutional reform complements 2025 amendments to the Public Financial Management Act, which introduced a public debt-to-GDP target of 45% by 2034 and a minimum annual primary surplus of 1.5% of GDP.

• By December 2024, Ghana had completed approximately 93% of its eligible public debt restructuring, which 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, Ghana remains classified by the World Bank and IMF as being at high risk of overall and external debt distress, which limits public revenue available for infrastructure, hospitals, schools, and climate resilience.
• In 2025, Ghana amended its Public Financial Management Act to establish stronger fiscal rules, specifically targeting a public debt-to-GDP ratio of 45% by 2034 and an annual primary surplus of at least 1.5% of GDP on a commitment basis.
• The Independent Fiscal Council, announced in early 2026, is tasked with communicating the long-term debt implications of government fiscal actions to key stakeholders, including investors, Parliament, the public, and the executive.

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} }