Ghana: 2005 Article IV Consultation, Third Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criteria and Extension of the Arrangement
IMF Staff Country Reports, August 15, 2005
Source details
- Canonical URL
- Ghana: 2005 Article IV Consultation, Third Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criteria and Extension of the Arrangement
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Bibliographic details
- Published: August 15, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451814927.002
Executive summary
- Economic performance in Ghana improved since 2000.
- In 2004, real GDP growth reached 5.8 percent, the fastest pace in more than a decade.
- Growth in 2004 was driven by agriculture and a strong pickup in the services and construction sectors—helped by increased bank credit and private inward remittances.
- Ghana’s medium-term prospects appear promising, conditional on further entrenchment of macroeconomic stability with fiscal sustainability, a further decline in inflation, and continued government structural reform.
Macroeconomic performance and drivers (2004)
- Real GDP growth: 5.8 percent.
- Principal drivers: agriculture; services; construction.
- Supporting factors: increased bank credit; private inward remittances.
Medium-term outlook and conditions for sustained growth
- Growth projected to continue at the current relatively high rate provided:
- Macroeconomic stability becomes further entrenched with fiscal sustainability.
- Inflation declines further.
- The government perseveres with structural reform.
Subjects and keywords (as listed)
- Subjects: Banking, Capital spending, Expenditure, External debt, Oil prices, Prices, Public debt.
- Keywords: Capital spending, CR, Global, ISCR, Oil prices, petroleum products, PRGF arrangement, pricing mechanism, reform, staff appraisal, Sub-Saharan Africa, West Africa, world oil price.
International Monetary Fund. Ghana: 2005 Article IV Consultation, Third Review Under the Poverty Reduction and Growth Facility, and Request for Waiver of Nonobservance of Performance Criteria and Extension of the Arrangement (IMF Staff Country Reports 2005, 292).
Content in this bundle
- IMF Staff Report — Ghana