{
  "title": "Ghana: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana",
  "publication": "IMF Staff Country Reports, April 5, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/04/05/ghana-seventh-and-eighth-reviews-under-the-extended-credit-facility-arrangement-and-request-46737",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2019/04/05/ghana-seventh-and-eighth-reviews-under-the-extended-credit-facility-arrangement-and-request-46737",
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  "summary": "This paper discusses Ghana’s Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion (PC). Ghana’s macroeconomic performance has significantly improved in the last two years under the ECF-supported program.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: April 5, 2019\n- Series: Country Report No. 2019/097\n- Issue: 097\n- Pages: 116\n- Volume: 2019\n- Stock No: 1GHAEA2019001\n- ISBN: 9781498306638\n- ISSN: 1934-7685\n- Format available: PDF (Download PDF indicated)"
    },
    {
      "heading": "Macroeconomic performance and risks",
      "content": "- Ghana’s macroeconomic performance has significantly improved in the last two years under the ECF-supported program.\n- Elevated debt burden and fiscal risks from the financial and energy sectors limit policy space.\n- The large loss of foreign exchange reserves in 2018 is highlighted as a reminder of Ghana’s exposure to shifting investors’ sentiment and external shocks, amplified by the government’s still elevated financing needs.\n- Ghana’s legacy of political budget cycles will test the authorities’ commitment to macroeconomic discipline and reform in 2020—a challenge that the authorities intend to face head on."
    },
    {
      "heading": "Program compliance and corrective measures",
      "content": "- The paper addresses Ghana’s Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and a request for a waiver of nonobservance of Performance Criterion (PC).\n- Corrective measures have been put in place to address:\n  - PCs missed at end-June (three)\n  - PCs missed at end-December (two)\n  - the continuous PC on credit to the government by the Bank of Ghana"
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Banking, Economic sectors, External debt, Financial sector, Fiscal policy, Fiscal risks, Fiscal stance, Public debt, Public financial management (PFM)\n- Keywords: CR, debt collateralization, Financial sector, Fiscal risks, Fiscal stance, FX management policy, Global, ISCR, nonobservance of performance criteria, parliament regulation, request, revenue monetization, Sub-Saharan Africa, supplementary information, West Africa\n\nInternational Monetary Fund. African Dept. \"Ghana: Seventh and Eighth Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana\", IMF Staff Country Reports 2019, 097 (2019), accessed 9/12/2026\n\n---\n\n Content in this bundle\n\n- 1ghaea2019001\n  - 1ghaea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ghaea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: April 5, 2019",
    "Series: IMF Staff Country Reports",
    "Publication date: April 5, 2019",
    "Series: Country Report No. 2019/097",
    "Issue: 097",
    "Pages: 116",
    "Volume: 2019",
    "Stock No: 1GHAEA2019001",
    "ISBN: 9781498306638",
    "ISSN: 1934-7685",
    "Format available: PDF (Download PDF indicated)",
    "Ghana’s macroeconomic performance has significantly improved in the last two years under the ECF-supported program.",
    "Elevated debt burden and fiscal risks from the financial and energy sectors limit policy space.",
    "The large loss of foreign exchange reserves in 2018 is highlighted as a reminder of Ghana’s exposure to shifting investors’ sentiment and external shocks, amplified by the government’s still elevated financing needs.",
    "Ghana’s legacy of political budget cycles will test the authorities’ commitment to macroeconomic discipline and reform in 2020—a challenge that the authorities intend to face head on.",
    "The paper addresses Ghana’s Seventh and Eighth Reviews under the Extended Credit Facility Arrangement and a request for a waiver of nonobservance of Performance Criterion (PC).",
    "Corrective measures have been put in place to address:",
    "Subjects: Banking, Economic sectors, External debt, Financial sector, Fiscal policy, Fiscal risks, Fiscal stance, Public debt, Public financial management (PFM)",
    "Keywords: CR, debt collateralization, Financial sector, Fiscal risks, Fiscal stance, FX management policy, Global, ISCR, nonobservance of performance criteria, parliament regulation, request, revenue monetization, Sub-Saharan Africa, supplementary information, West Africa",
    "**1ghaea2019001**"
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