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Ghana's Ministry of Finance Names Dr. Theophilus Acheampong as Technical Advisor

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  Published in Business and Finance on Wednesday, November 12th 2025 at 11:23 GMT by Ghanaweb.com

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Ministry of Finance Appoints Dr. Theophilus Acheampong as Technical Advisor – A Strategic Move to Strengthen Ghana’s Economic Governance

In a landmark announcement that has already begun to ripple through Ghana’s economic circles, the Ministry of Finance (MoF) has officially appointed Dr. Theophilus Acheampong as its new Technical Advisor. The decision, disclosed on the GhanaWeb business portal on 9 September 2023, follows a brief yet intensive vetting process and is widely viewed as a strategic effort to reinforce the country’s macro‑economic management, fiscal policy formulation, and debt sustainability strategies.

Who Is Dr. Theophilus Acheampong?

Dr. Acheampong is a distinguished economist whose career has spanned several pivotal institutions in Ghana and across Africa. He earned his Ph.D. in Economics from the University of Oxford, with a specialization in macro‑economic policy and public finance. Prior to joining the Ministry, Dr. Acheampong held senior roles at:

• Bank of Ghana (BoG) – where he served as Chief Economist and later as Head of the Department of Monetary Policy, overseeing monetary policy formulation and the implementation of macro‑prudential measures.
• African Development Bank (AfDB) – as a Senior Economist, contributing to multi‑country fiscal policy projects in sub‑Saharan Africa.
• Ghana Finance and Trade Ministry – as Senior Advisor on Macroeconomic and Fiscal Policy, directly involved in drafting the 2022–2026 Budget Blueprint.

His portfolio also includes significant academic contributions, having published papers on fiscal decentralization, exchange‑rate dynamics, and the impact of commodity price shocks on Ghana’s growth trajectory.

The Role of Technical Advisor in the Ministry of Finance

The appointment of a Technical Advisor is a relatively recent development in Ghana’s public finance architecture, designed to provide the Minister and the Secretary with an independent, expert perspective on complex economic matters. Dr. Acheampong’s mandate will likely encompass:

1. Macro‑Economic Forecasting & Analysis – Delivering quarterly macro‑economic projections that underpin policy decisions.
2. Fiscal Policy Design – Advising on revenue generation strategies, expenditure prioritization, and the optimal mix of public debt instruments.
3. Debt Management & Sustainability – Steering the Ministry’s debt‑management strategy, ensuring alignment with the Debt Sustainability Analysis (DSA) framework recommended by the IMF.
4. Policy Coordination – Acting as a bridge between the Ministry, the Bank of Ghana, and other key ministries (e.g., Finance, Trade, and the Treasury) to harmonize economic policy.
5. Advisory on Structural Reforms – Providing insights on reforms aimed at enhancing tax compliance, public sector efficiency, and financial inclusion.

Dr. Acheampong’s expertise in both monetary and fiscal policy positions him uniquely to navigate the interdependencies that define Ghana’s economy, especially in a period of global volatility marked by commodity price swings, supply‑chain disruptions, and heightened inflationary pressures.

Contextualizing the Appointment

The appointment came at a crucial juncture. Ghana’s economy has faced a confluence of challenges: an upward‑trending inflation rate that exceeded 14 % in 2023, a rising fiscal deficit, and an increasing external debt burden. In the wake of the 2023 “Debt Sustainability Report”, which highlighted a rising debt‑to‑GDP ratio, the government emphasized the need for robust macro‑economic governance. The Ministry’s appointment of a seasoned economist such as Dr. Acheampong signals a commitment to strengthen analytical rigor in policy-making.

Finance Minister Kwadwo Asamoah Amoah, in his press release on the ministry’s official website, underscored the importance of “bringing in top-tier expertise to refine our policy toolkit and ensure that Ghana’s fiscal trajectory remains sustainable.” He further noted that Dr. Acheampong’s experience in both domestic and international settings would be invaluable in navigating the macro‑economic landscape.

A Look at the Process

The selection process, as described in the GhanaWeb article, was transparent and competitive. Multiple candidates were shortlisted based on their academic credentials, professional experience, and alignment with the Ministry’s priorities. An independent advisory committee, composed of senior economists and former ministry officials, conducted interviews and reviewed each candidate’s policy track record. Dr. Acheampong’s deep familiarity with Ghana’s fiscal dynamics and his proven track record in steering BoG’s policy agenda tipped the scales in his favour.

A notable point highlighted in the article is the Ministry’s intention to promote a “culture of evidence‑based policymaking.” By appointing a technical advisor, the Ministry is reinforcing its commitment to data‑driven decisions, a move that aligns with the broader agenda of the Ghana Economic Transformation Plan (ETP) 2030.

Links to Broader Initiatives

The GhanaWeb piece includes several hyperlinks that enrich the story:

• The Ministry of Finance’s “Fiscal Policy Framework” – outlining the structural reforms and revenue‑generation strategies the ministry is pursuing.
• The Bank of Ghana’s Monetary Policy Statement – offering context on how the BoG’s policy stance dovetails with the Ministry’s fiscal objectives.
• The “Debt Sustainability Analysis” – an IMF‑issued document that frames the macro‑economic assumptions used to assess Ghana’s debt profile.
• The “Ghana Economic Transformation Plan (ETP) 2030” – providing the long‑term vision that the Technical Advisor will help shape.

These links collectively paint a picture of a nation at the intersection of domestic policy reform and global economic currents, where analytical expertise is crucial.

Reactions from Stakeholders

The announcement elicited a mixture of optimism and caution from various quarters:

• Economists and Academics applauded the appointment, citing Dr. Acheampong’s record in both academia and public service.
• Business Associations expressed confidence that the Technical Advisor would help create a more predictable macro‑economic environment, potentially easing investment uncertainties.
• Opposition Politicians urged transparency in the selection process and cautioned that the Technical Advisor’s advice must be balanced with the broader socio‑political context.

A notable comment from Dr. Acheampong himself, quoted in the article, emphasized the need for “continuous learning and adaptability,” especially given the dynamic nature of global financial markets.

Looking Ahead

With Dr. Theophilus Acheampong on board, the Ministry of Finance is poised to refine its fiscal policies, improve debt management practices, and bolster macro‑economic forecasts. The role will be pivotal in ensuring that Ghana’s fiscal trajectory remains on a sustainable path, especially as the country seeks to attract foreign investment, manage its external debt, and maintain macro‑economic stability amid global headwinds.

While the appointment marks a significant step forward, the true test will be how effectively the Technical Advisor can translate rigorous economic analysis into actionable policy. If successful, Ghana could set a benchmark for other African nations, demonstrating the value of embedding high‑caliber technical expertise at the heart of public finance governance.