{
  "title": "Ghana: Second Review under the Extended Credit Facility, Request for Modification of Performance Criteria and Financing Assurances Review",
  "publication": "IMF Staff Country Reports, July 11, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/11/ghana-second-review-under-the-extended-credit-facility-request-for-modification-of-551740",
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  "summary": "This paper discusses Ghana’s Second Review under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria and Financing Assurances Review. Ghana’s performance under the program has been generally strong.",
  "publishDate": "2024-07-11",
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  "sections": [
    {
      "heading": "Overview",
      "content": "- The paper discusses Ghana’s Second Review under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria and Financing Assurances Review.\n- Ghana’s performance under the program has been generally strong.\n- All quantitative performance criteria for the second review and almost all indicative targets were met.\n- Good progress is being made on the debt restructuring, and key structural reforms are advancing.\n- The authorities’ reform efforts are paying off: growth has proven more resilient than expected, inflation has declined rapidly from its 2022 highs, and the fiscal and external positions have improved significantly.\n- Greater focus on reforms aimed at private sector development is needed to foster inclusive growth and poverty reduction.\n- A key step is to ensure that the policy interventions underpinning Ghana’s National Development Policy Framework are recalibrated to reflect the socio-economic impact of the shocks that occurred after the coronavirus disease 2019 pandemic."
    },
    {
      "heading": "Program performance and macroeconomic outcomes",
      "content": "- All quantitative performance criteria for the second review were met.\n- Almost all indicative targets for the second review were met.\n- Growth: \"Growth has proven more resilient than expected.\"\n- Inflation: \"Inflation has declined rapidly from its 2022 highs.\"\n- Fiscal position: \"The fiscal ... position[s] have improved significantly.\"\n- External position: \"The ... external positions have improved significantly.\""
    },
    {
      "heading": "Debt restructuring and structural reforms",
      "content": "- \"Good progress is being made on the debt restructuring.\"\n- \"Key structural reforms are advancing.\"\n- Subject areas identified: Asset and liability management, Debt restructuring, Debt service, Domestic debt, External debt, Public debt.\n- Keywords highlighting focus areas: bondholders treatment, Debt restructuring, Debt service, Domestic debt, Ghana team, Global, reform agenda, staff appraisal, staff recommendation."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Increase focus on reforms aimed at private sector development to foster inclusive growth and poverty reduction.\n- Recalibrate the policy interventions underpinning Ghana’s National Development Policy Framework to reflect the socio-economic impact of post-coronavirus disease 2019 shocks."
    },
    {
      "heading": "Publication and key statistics",
      "content": "- Pages: 124\n- Volume: 2024\n- Issue: 213\n- Series: Country Report No. 2024/213\n- DOI: https://doi.org/10.5089/9798400282713.002\n- Stock No: 1GHAEA2024002\n- ISBN: 9798400282713\n- ISSN: 1934-7685\n- Publication date on landing page: July 11, 2024\n\nInternational Monetary Fund. Country Report No. 2024/213 (2024).\n\n---\n\n Content in this bundle\n\n- 1ghaea2024002-print-pdf\n  - 1ghaea2024002-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ghaea2024002-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2024/07/11/ghana-second-review-under-the-extended-credit-facility-request-for-modification-of-551740"
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    "Published: July 11, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400282713.002",
    "The paper discusses Ghana’s Second Review under the Extended Credit Facility (ECF), Request for Modification of Performance Criteria and Financing Assurances Review.",
    "Ghana’s performance under the program has been generally strong.",
    "All quantitative performance criteria for the second review and almost all indicative targets were met.",
    "Good progress is being made on the debt restructuring, and key structural reforms are advancing.",
    "The authorities’ reform efforts are paying off: growth has proven more resilient than expected, inflation has declined rapidly from its 2022 highs, and the fiscal and external positions have improved significantly.",
    "Greater focus on reforms aimed at private sector development is needed to foster inclusive growth and poverty reduction.",
    "A key step is to ensure that the policy interventions underpinning Ghana’s National Development Policy Framework are recalibrated to reflect the socio-economic impact of the shocks that occurred after the coronavirus disease 2019 pandemic.",
    "All quantitative performance criteria for the second review were met.",
    "Almost all indicative targets for the second review were met.",
    "Growth: \"Growth has proven more resilient than expected.\"",
    "Inflation: \"Inflation has declined rapidly from its 2022 highs.\"",
    "Fiscal position: \"The fiscal ... position[s] have improved significantly.\"",
    "External position: \"The ... external positions have improved significantly.\"",
    "\"Good progress is being made on the debt restructuring.\"",
    "\"Key structural reforms are advancing.\"",
    "Subject areas identified: Asset and liability management, Debt restructuring, Debt service, Domestic debt, External debt, Public debt.",
    "Keywords highlighting focus areas: bondholders treatment, Debt restructuring, Debt service, Domestic debt, Ghana team, Global, reform agenda, staff appraisal, staff recommendation.",
    "Increase focus on reforms aimed at private sector development to foster inclusive growth and poverty reduction.",
    "Recalibrate the policy interventions underpinning Ghana’s National Development Policy Framework to reflect the socio-economic impact of post-coronavirus disease 2019 shocks.",
    "Pages: 124",
    "Volume: 2024",
    "Issue: 213",
    "Series: Country Report No. 2024/213",
    "DOI: https://doi.org/10.5089/9798400282713.002",
    "Stock No: 1GHAEA2024002",
    "ISBN: 9798400282713",
    "ISSN: 1934-7685",
    "Publication date on landing page: July 11, 2024",
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