Ghana: Fifth and Sixth Reviews Under the Extended Credit Facility, Request for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana

May 2, 2018

Preview Citation

Format: Chicago

Ghana: Fifth and Sixth Reviews Under the Extended Credit Facility, Request for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana, (USA: International Monetary Fund, 2018) accessed September 19, 2024

Summary

Program performance improved in 2017 and macroeconomic conditions have strengthened considerably. Growth increased on the back of expanded oil production; inflation declined; the fiscal deficit was significantly reduced, leading to a primary surplus for the first time in fifteen years; the exchange rate regained stability; and the external position improved, with a large reserve build-up. Challenges remain, though, as a still elevated (albeit declining) debt burden and the economy’s exposure to risks limit policy space; and progress in meeting structural benchmarks remains mixed. Program discussions focused on policies to lock in recent gains to secure continued stability and progress beyond the Fund-supported program (in line with the authorities' goal of "irreversibility" of sound policies).

Subject: Economic sectors, External debt, Financial sector, Fiscal policy, Fiscal stance, Public debt, Revenue administration

Keywords: Africa, Arrears, Authority, Continued commitment, CR, Debt ratio, Financial sector, Fiscal stance, GDP, Headline inflation, ISCR, Microfinance sector, PC table, Sub-Saharan Africa

Publication Details

Pages:

105
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/113
Stock No:

1GHAEA2018001
ISBN:

9781484353714
ISSN:

1934-7685

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