Chief Director of the Ministry of Finance, Patrick Nomo, has urged Ghana to fundamentally rethink its approach to public financial management as the nation prepares for a population surge that could place unprecedented pressure on jobs, public services, and economic stability.
Quoting United Nations projections, he noted that Ghana’s population is expected to reach 45 million by 2040, with 58 percent under the age of 30. “Nearly 10 million young Ghanaians will enter the labour market over the next 15 years,” he explained.
Speaking at a roundtable on the design of Ghana’s new independent Fiscal Council, the Chief Director emphasized that this demographic shift requires urgent reforms to ensure fiscal responsibility and long-term sustainability.
“We must do things more differently. We must become more effective and efficient in public financial management if we are to meet our national aspirations and respond to the legitimate needs of our young people,” Mr. Nomo cautioned.
He stressed that past fiscal mismanagement had deepened macroeconomic instability, undermining opportunities for businesses and households.
The establishment of a stronger, empowered Fiscal Council under the amended Public Financial Management Act is intended to prevent a repeat of such crises and safeguard resources for future generations. The Council will enforce fiscal rules, including a new debt-to-GDP ceiling of 45 percent by 2034, and ensure transparency in government spending.
Mr. Nomo added that the Ministry is already preparing the 2026 Budget and will seek stakeholder input to integrate reforms that address both current challenges and the anticipated demographic pressures.
The roundtable, convened by IMANI Ghana and the International Institute for Sustainable Development (IISD), brought together civil society leaders, business executives, and policymakers to guide the design of the new Fiscal Council.
