Chief Director of the Ministry of Finance, Patrick Nomo, has urged Ghana to radically rethink its approach to public financial management as the country prepares for rapid population growth that will intensify pressure on jobs, services, and economic stability.

Speaking at a roundtable on the design of Ghana’s new independent Fiscal Council, Mr. Nomo cited United Nations projections showing that Ghana’s population will reach 45 million by 2040, with nearly 58 percent under the age of 30. This means close to 10 million young people are expected to join the labour market within the next 15 years.

He warned that without urgent reforms, the demographic shift could worsen fiscal strains. “We must do things differently. We must become more effective and efficient in public financial management if we are to meet national aspirations and respond to the legitimate needs of our young people,” he cautioned.

Mr. Nomo noted that poor fiscal discipline in the past had fuelled instability, eroding opportunities for households and businesses. To prevent a repeat, the government is strengthening the Public Financial Management Act with the creation of an empowered Fiscal Council.

The Council will be mandated to enforce fiscal rules, including a debt-to-GDP ceiling of 45 percent by 2034, while promoting greater transparency in government spending.

He added that the Ministry is already working on the 2026 Budget and will invite stakeholder contributions to ensure reforms address both immediate challenges and long-term demographic realities.

The roundtable, organised by IMANI Ghana and the International Institute for Sustainable Development (IISD), brought together policymakers, business leaders and civil society actors to shape the structure and mandate of the new Fiscal Council.