Ghana: Staff Report for the 2014 Article IV Consultation

IMF Staff Country Reports, May 30, 2014

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Ghana: Staff Report for the 2014 Article IV Consultation

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Bibliographic details

• Published: May 30, 2014
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781616355609.002

Key findings

• Emergence of large fiscal and external imbalances since 2012, creating significant challenges for Ghana.
• A swift return to macroeconomic stability in 2013 was thwarted by weaker external and domestic conditions.
• Reflecting lower gold and cocoa exports, the current account deficit exceeded 12 percent of GDP.
• Recently revised estimates point to an only moderate slowdown in growth to about 7 percent.
• The fiscal deficit target of 9 percent of GDP was missed by about 1 percentage point.
• Ghana’s short-term economic outlook is subject to significant risks.

Economic projections and outlook

• Growth is projected to slow to 4¾ percent in 2014.
• Projection caveat: the short-term outlook is subject to significant risks driven by external and domestic developments.

Areas of emphasis in the report

• Fiscal imbalances and fiscal deficit performance relative to the 9 percent of GDP target.
• External position deterioration, including a current account deficit that exceeded 12 percent of GDP.
• Sectoral export weakness, notably lower gold and cocoa exports.
• Macroeconomic stabilization efforts impeded in 2013 by adverse conditions.

Ghana: Staff Report for the 2014 Article IV Consultation, May 30, 2014.

Content in this bundle

• GHANA: IMF Staff Report — Key Findings and Policy Recommendations
  • GHANA: IMF Staff Report — Key Findings and Policy Recommendations (Markdown version)
  • GHANA: IMF Staff Report — Key Findings and Policy Recommendations (PDF)