## Ghana: Staff Report for the 2014 Article IV Consultation

_IMF Staff Country Reports, May 30, 2014_

## Source details

**Canonical URL:** [Ghana: Staff Report for the 2014 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/ghana-staff-report-for-the-2014-article-iv-consultation-41574)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/ghana-staff-report-for-the-2014-article-iv-consultation-41574/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/ghana-staff-report-for-the-2014-article-iv-consultation-41574/index.json)
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## Bibliographic details
- Published: May 30, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781616355609.002

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### 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.*

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## Content in this bundle

- **GHANA: IMF Staff Report — Key Findings and Policy Recommendations**
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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/ghana-staff-report-for-the-2014-article-iv-consultation-41574_