Chief Director of the Ministry of Finance, Patrick Nomo, has warned that Ghana must radically rethink its approach to public financial management as the country braces for a population surge that will put unprecedented pressure on jobs, public services and economic stability.
Citing 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. This means “nearly 10 million young Ghanaians will enter the labour market over the next 15 years.”
Speaking at a roundtable on the design of Ghana’s new independent Fiscal Council, Mr. Nomo stressed that this demographic shift demands 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,” he cautioned.
He warned that fiscal mismanagement in the past had deepened macroeconomic instability, undermining opportunities for businesses and households.
According to him, the establishment of a stronger, empowered Fiscal Council under the amended Public Financial Management Act is aimed at preventing a repeat of such crises and safeguarding resources for future generations.
The Council will be tasked with enforcing fiscal rules, including a new debt-to-GDP ceiling of 45 percent by 2034, and ensuring transparency in government spending.
Mr. Nomo added that the Ministry is already preparing the 2026 Budget and will welcome stakeholder input to integrate reforms that address both current challenges and looming demographic realities.
The roundtable, convened by IMANI Ghana and the International Institute for Sustainable Development (IISD), brought together civil society leaders, business executives and policymakers to shape the design of the new Fiscal Council.
Source: Raymond Acquah, Ministry of Finance
