IMF Staff Country Reports

Ghana: First Review Under the Extended Credit Facility Arrangement and Request for Waiver and Modifications of Performance Criteria - Press Release; Staff Report; and Statement by the Executive Director for Ghana

Publication Date:

September 4, 2015

Electronic Access:

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Summary:

This paper discusses Ghana’s First Review Under the Extended Credit Facility Arrangement and Request for Waiver and Modifications of Performance Criteria (PC). Program performance has been broadly satisfactory. All but one PC were met at end-April 2015 and structural benchmarks were largely completed, some with delays. However, there was nonobservance of the continuous PC on the ceiling on gross credit to government by Bank of Ghana in April by a small margin and the indicative targets on inflation and social protection spending were missed, the latter because of a very slight delay in some spending. The economic environment remains challenging and risks are tilted to the downside. The IMF staff recommends completion of the first review.

Series:

Country Report No. 2015/245

Subject:

Arrears External debt Fiscal consolidation Fiscal policy Government debt management Oil, gas and mining taxes Public debt Public financial management (PFM)