Presidential Spokesperson and Minister of State in Charge of Government Communications, Hon. Felix Kwakye Ofosu, has clarified that Ghana currently does not have an Economic Management Team, stressing that the only structure in place is the newly established Presidential Advisory Group on the Economy.
His explanation follows public debate over the composition and mandate of the advisory body appointed by President John Dramani Mahama. Speaking on the rationale behind the arrangement, Hon. Kwakye Ofosu stated plainly that the issue of an Economic Management Team does not arise because none has been constituted.
According to him, the existence of the advisory group should not be confused with the formal machinery responsible for the day-to-day running of the economy. He explained that the advisory group is designed to provide independent, strategic counsel rather than manage economic affairs directly. He noted that the concept of a presidential advisory body on economic matters is not new in Ghana’s governance history.
“President John Evans Atta Mills established an Economic Advisory Council around 2010, and President Mahama himself maintained a similar advisory structure during his first term between 2013 and 2017. In both cases, the advisory bodies operated alongside, not in place of, the formal economic management structures”.
Presidential Spokesperson and Minister of State in Charge of Government Communications, Hon. Felix Kwakye Ofosu
Addressing questions about the absence of certain figures from the Advisory Group, particularly former Finance Minister and Presidential Advisor on Economy, Hon. Seth Terkper, Hon. Kwakye Ofosu clarified that the deliberate exclusion of individuals directly involved in day-to-day economic management is intended to protect the independence of the advisory process.
According to him, the goal is to ensure that policy advice is formulated from a position that allows objective assessment of economic performance and decision-making.
He further explained that while the mandate of the Advisory Group includes offering strategic counsel on macroeconomic management, fiscal consolidation, debt sustainability, and coherence between fiscal and monetary policy, the implementation of such advice rests with officials responsible for managing the economy.
These include the Minister for Finance, the Governor of the Bank of Ghana, the Government Statistician, and other key actors who oversee operational decisions. Hon. Kwakye Ofosu rejected suggestions that the Finance Minister should be part of the advisory group, arguing that such an arrangement would undermine the independence required for the group to function effectively.
He stated that placing officials who are actively involved in daily economic management on the advisory body would compromise its ability to objectively evaluate performance and recommend corrective measures where necessary.
Authority and Power of the Advisory Group
On how the advisory process translates into action, the government spokesperson emphasized that all ministers and political appointees ultimately operate under the authority of the President.
He explained that once the President is persuaded that advice from the group is in the best interest of the economy, he issues directives to the relevant officials to implement those decisions. He added that while ministers may raise concerns if they foresee challenges, final authority rests with the President.
Hon Kwakye Ofosu also addressed questions about whether an Economic Management Team could be formed in the future. He said such a decision lies solely with the President, noting that previous administrations have operated with both an Economic Management Team and an advisory council at different times.
He cited the period between 2015 and 2016 when President Mahama, facing economic headwinds, maintained both structures concurrently. As of now, he reiterated, there is no Economic Management Team in place.
Instead, the focus is on the Presidential Advisory Group on the Economy, which is expected to provide high level guidance while allowing managers of the economy to execute policy. He assured that should the President decide to establish an Economic Management Team at any point, the public would be duly informed.
The comments come against the backdrop of President Mahama’s recent appointment of a 13- member Presidential Advisory Group on the Economy, which he chairs himself.
The group brings together a blend of academic, private sector, and public policy expertise. Vice President Professor Jane Naana Opoku-Agyemang is a member, contributing academic leadership and governance experience.
Other members include seasoned private sector figures such as Mr. Ishmael Yamson and Mr. Kwame Pianim, both of whom have long histories of involvement in national economic policy discussions.
Former Deputy Minister of Finance and Deputy Minister for Trade and Industry, Ms. Nana Oye Mansa Yeboaa, adds trade and policy expertise, while Dr. Kwabena Duffuor, a former Governor of the Bank of Ghana and former Finance Minister, brings deep experience in fiscal and monetary management.
The group also includes industrialist Sir Samuel Esson Jonah and economist Togbe Afede XIV, Mr. and Ato Brown, an agribusiness investor and former World Bank infrastructure specialist reflecting an emphasis on enterprise led growth and industrial development.
Additional members are Dr. Henry A. Kofi Wampah, another former Governor of the Bank of Ghana, , and Ms. Abena Amoah, Chief Executive Officer of the Ghana Stock Exchange. Academic perspectives are further strengthened by Professors Priscilla Twumasi Baffour and Patience Aseweh Abor.
Together, the advisory group is expected to support the President with independent and strategic insights as Ghana navigates fiscal pressures, debt sustainability concerns, and broader efforts to reset the economy. Government officials maintain that the structure is designed to enhance policy coherence while preserving accountability in economic management.
READ ALSO: IMF Justifies $214M DGPP Losses, Warns Against Holding Losses on BoG Balance Sheet
