{
  "title": "Ghana: Background Information on Output and Investment Performance",
  "publication": "IMF Staff Country Reports, August 17, 1995",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/ghana-background-information-on-output-and-investment-performance-571",
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  "summary": "This paper examines some factors that may have accounted for the investment and growth performance of Ghana during the past two decades, with special emphasis on the economic recovery program (ERP) period.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Examines factors accounting for investment and growth performance of Ghana during the past two decades, with special emphasis on the economic recovery program (ERP) period.\n- Growth responded well to the liberalization of the exchange and trade regime and the elimination of price controls.\n- Sustained implementation of stabilization policies without reversals was strongly supportive of growth.\n- Inflation remained relatively high—at about 25–30 percent—and unpredictable, dampening incentives for the private sector to save and invest."
    },
    {
      "heading": "Growth drivers identified",
      "content": "- Liberalization of the exchange regime.\n- Liberalization of the trade regime.\n- Elimination of price controls.\n- Sustained stabilization policies implemented without reversals."
    },
    {
      "heading": "Constraints and adverse factors",
      "content": "- High and unpredictable inflation (about 25–30 percent).\n- Reduced private-sector incentives to save and invest due to inflation unpredictability."
    },
    {
      "heading": "Scope and emphasis",
      "content": "- Geographic focus: Ghana.\n- Time coverage: past two decades up to and including the ERP period (as emphasized in the paper).\n- Analytical focus: investment performance, growth performance, and the macroeconomic policies influencing them."
    },
    {
      "heading": "Subject areas and keywords (as listed in the document)",
      "content": "- Subjects: Agricultural sector, Economic sectors, Income, Inflation, National accounts, Prices, Private investment, Public sector.\n- Keywords: adjustment record, Agricultural sector, banking system, capital expenditure, consumer price index, CR, ERP period, fiscal policy, gross investment, growth performance, Income, Inflation, inflation rate, ISCR, living standard, market forces, output gap, per capita income, poverty line, Private investment, public enterprise, Public sector, reform strategy, Sub-Saharan Africa.\n\nSource: Ghana: Background Information on Output and Investment Performance, IMF Staff Country Report No. 1995/078"
    }
  ],
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    "Published: August 17, 1995",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451814804.002",
    "Examines factors accounting for investment and growth performance of Ghana during the past two decades, with special emphasis on the economic recovery program (ERP) period.",
    "Growth responded well to the liberalization of the exchange and trade regime and the elimination of price controls.",
    "Sustained implementation of stabilization policies without reversals was strongly supportive of growth.",
    "Liberalization of the exchange regime.",
    "Liberalization of the trade regime.",
    "Elimination of price controls.",
    "Sustained stabilization policies implemented without reversals.",
    "High and unpredictable inflation (about 25–30 percent).",
    "Reduced private-sector incentives to save and invest due to inflation unpredictability.",
    "Geographic focus: Ghana.",
    "Time coverage: past two decades up to and including the ERP period (as emphasized in the paper).",
    "Analytical focus: investment performance, growth performance, and the macroeconomic policies influencing them.",
    "Subjects: Agricultural sector, Economic sectors, Income, Inflation, National accounts, Prices, Private investment, Public sector.",
    "Keywords: adjustment record, Agricultural sector, banking system, capital expenditure, consumer price index, CR, ERP period, fiscal policy, gross investment, growth performance, Income, Inflation, inflation rate, ISCR, living standard, market forces, output gap, per capita income, poverty line, Private investment, public enterprise, Public sector, reform strategy, Sub-Saharan Africa."
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