Ghana: Combined First and Second Reviews Under the Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria and Rephasing of Disbursements: Staff Report; Staff Statement and Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Ghana.
June 28, 2010
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Ghana’s growth of 3–4 percent in 2009 was about twice the estimated average for sub-Saharan Africa. Fiscal performance in 2009 was weaker than programmed, giving rise to substantial new domestic expenditure arrears. The Bank of Ghana (BoG) eased monetary conditions as inflationary pressures receded. Progress in reinvigorating structural reforms gained momentum through end-2009. Growth is projected to strengthen to 4–5 percent in 2010. For 2010, the authorities are targeting a budget deficit of 8 percent of GDP.
Subject: Arrears, Expenditure, External debt, Government debt management, Oil, gas and mining taxes, Public debt, Public financial management (PFM), Taxes
Keywords: Arrears, authority, CR, deficit, ECF arrangement, gas and mining taxes, Ghana's Public Utility Regulatory Commission, Global, Government debt management, ISCR, net, Oil, public sector salary adjustment, revenue shortfall, smaller-than-programmed salary adjustment, staff appraisal, Sub-Saharan Africa
Pages:
82
Volume:
2010
DOI:
Issue:
178
Series:
Country Report No. 2010/178
Stock No:
1GHAEA2010001
ISBN:
9781455204731
ISSN:
1934-7685
