The Independent Advisory Group (IAG) is constituted by the Chair, Mr Robert Igara, and two members, Sir Wilson Kamit and Professor Stephen Howes.

Mr Robert Igara is Chancellor at the University of Papua New Guinea, and formerly Chief Secretary when the Central Banking Act was introduced in 2000.
Sir Wilson Kamit was Governor of the Bank of Papua New Guinea from 1999 to 2009. Sir Wilson participated in the work of the IAG until his untimely passing on 10 January 2023.
Dr Stephen Howes is Professor of Economics at The Australian National University and Director of the Development Policy Centre.

The IAG is supported by a Secretariat under the leadership of IAG Executive Manager Wendy Tom-Isu.