Ghana: Second Review under the Extended Credit Facility, Request for Modification of Performance Criteria and Financing Assurances Review
IMF Staff Country Reports, July 11, 2024
Source details
- Canonical URL
- Ghana: Second Review under the Extended Credit Facility, Request for Modification of Performance Criteria and Financing Assurances Review
Other formats
Bibliographic details
- Published: July 11, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400282713.002
Overview
- The paper discusses Ghana’s Second Review under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria and Financing Assurances Review.
- Ghana’s performance under the program has been generally strong.
- All quantitative performance criteria for the second review and almost all indicative targets were met.
- Good progress is being made on the debt restructuring, and key structural reforms are advancing.
- The authorities’ reform efforts are paying off: growth has proven more resilient than expected, inflation has declined rapidly from its 2022 highs, and the fiscal and external positions have improved significantly.
- Greater focus on reforms aimed at private sector development is needed to foster inclusive growth and poverty reduction.
- A key step is to ensure that the policy interventions underpinning Ghana’s National Development Policy Framework are recalibrated to reflect the socio-economic impact of the shocks that occurred after the coronavirus disease 2019 pandemic.
Program performance and macroeconomic outcomes
- All quantitative performance criteria for the second review were met.
- Almost all indicative targets for the second review were met.
- Growth: "Growth has proven more resilient than expected."
- Inflation: "Inflation has declined rapidly from its 2022 highs."
- Fiscal position: "The fiscal ... position[s] have improved significantly."
- External position: "The ... external positions have improved significantly."
Debt restructuring and structural reforms
- "Good progress is being made on the debt restructuring."
- "Key structural reforms are advancing."
- Subject areas identified: Asset and liability management, Debt restructuring, Debt service, Domestic debt, External debt, Public debt.
- Keywords highlighting focus areas: bondholders treatment, Debt restructuring, Debt service, Domestic debt, Ghana team, Global, reform agenda, staff appraisal, staff recommendation.
Policy recommendations and priorities
- Increase focus on reforms aimed at private sector development to foster inclusive growth and poverty reduction.
- Recalibrate the policy interventions underpinning Ghana’s National Development Policy Framework to reflect the socio-economic impact of post-coronavirus disease 2019 shocks.
Publication and key statistics
- Pages: 124
- Volume: 2024
- Issue: 213
- Series: Country Report No. 2024/213
- DOI: https://doi.org/10.5089/9798400282713.002
- Stock No: 1GHAEA2024002
- ISBN: 9798400282713
- ISSN: 1934-7685
- Publication date on landing page: July 11, 2024
International Monetary Fund. Country Report No. 2024/213 (2024).
Content in this bundle
- 1ghaea2024002-print-pdf