## 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, April 5, 2019_

## Source details

**Canonical URL:** [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](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/04/05/ghana-seventh-and-eighth-reviews-under-the-extended-credit-facility-arrangement-and-request-46737/index.md)
- [Structured JSON version](/en/publications/cr/issues/2019/04/05/ghana-seventh-and-eighth-reviews-under-the-extended-credit-facility-arrangement-and-request-46737/index.json)
- [Bundle manifest](/en/publications/cr/issues/2019/04/05/ghana-seventh-and-eighth-reviews-under-the-extended-credit-facility-arrangement-and-request-46737/bundle-manifest.json)

## Bibliographic details
- Published: April 5, 2019
- Series: IMF Staff Country Reports

---

### Overview and context
- 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)

### Macroeconomic performance and risks
- 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.

### Program compliance and corrective measures
- 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:
  - PCs missed at end-June (three)
  - PCs missed at end-December (two)
  - the continuous PC on credit to the government by the Bank of Ghana

### Subjects and keywords (as listed)
- 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

*International 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*

---

## Content in this bundle

- **1ghaea2019001**
  - [1ghaea2019001 (Markdown version)](/-/media/files/publications/cr/2019/1ghaea2019001.pdf.md){rel="alternate" type="text/markdown"}
  - [1ghaea2019001 (PDF)](/-/media/files/publications/cr/2019/1ghaea2019001.pdf){rel="external" type="application/pdf"}

---

_Source: 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_