Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah
Ranking Member of Parliament’s Committee on Economy and Development, Kojo Oppong Nkrumah, has stressed that the success of the proposed Fiscal Council will hinge on the regular publication of credible fiscal data.
Speaking to NorvanReports on the sidelines of a policy roundtable on the establishment of an independent Fiscal Council organised by the International Institute for Sustainable Development (IISD) and the IMANI Center for Policy & Education, Mr Oppong Nkrumah argued that irregular data releases remain one of the biggest constraints to effective fiscal monitoring.
“Currently, there are only about two major times that you get reliable fiscal data – the annual budget and the mid-year review. If you compare that to what the Bank of Ghana does every month with its summary of economic and financial data, you’ll realise the gap. We have to try and do the same on the fiscal side,” he said.
According to him, timely fiscal data would provide the Council with the credibility and analytical base to perform its oversight role while also enabling investors, civil society, and the wider public to independently track government performance.
On the governance structure of the Council, Mr Oppong Nkrumah said the current framework in the Public Financial Management (Amendment) Act, 2025—which allows the President to appoint five members subject to parliamentary approval—remains adequate. What is critical, he noted, is the appointment of individuals who are bold, independent-minded, and capable of providing frank analysis without fear of political consequences.
“What is required is that the persons appointed, even if they qualify, are bold, are able to come to the table with frank analysis and do not care whose ox is gored. That will be bolstered by the fact that the data they use will already be out in the public domain,” he stated.
The new Fiscal Council is expected to monitor and advise on Ghana’s fiscal performance. The same Act sets a fiscal surplus target of at least 1.5% of GDP and a public debt ceiling of 45% of GDP by 2034.
Policy experts at the roundtable emphasised that a credible and independent Council could help Ghana avoid repeated cycles of fiscal slippages by providing evidence-based advice, enhancing transparency, boosting investor confidence, and ensuring fiscal policy supports essential development priorities such as education, health, and infrastructure.
