Ghana: Technical Assistance Report-Report on Developing the Forecasting and Policy Analysis System (FPAS) at the Bank of Ghana (BOG)
September 20, 2024
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This technical assistance (TA) report presents the outcomes of the multi-year Bank of Ghana (BOG) Forecasting and Policy Analysis System (FPAS) TA project, conducted between late-2019 and mid-2024 over a total of seven missions, three in-person and four virtual. The project has focused on upgrading and building new institutional capacity for model-based policy analysis and macroeconomic forecasting, along its integration into monetary policy processes and external communications. BOG staff has made remarkable progress and built a strong skillset in providing analytical support to the policymakers. Model-based work plays an important role in the BOG internal deliberations and represents the key input in forward-looking monetary policy formulation, including in regular external communications. Remaining recommendations relate to ensuring FPAS work sustainability and further streamline external communications.
Subject: Agricultural sector, Economic sectors, Exchange rates, Foreign exchange, Inflation, Inflation targeting, Monetary policy, Output gap, Prices, Production
Keywords: Agricultural sector, BOG forecasting team, BOG's Forecasting and Policy Analysis System, Central banks, Exchange rate, Exchange rates, Ghana., Global, IMF TA project team, Inflation, Inflation targeting, Monetary policy, Monetary policy transmission, Output gap, TA mission, TA team
Pages:
30
Volume:
2024
DOI:
Issue:
080
Series:
Technical Assistance Report No. 2024/080
Stock No:
TAREA2024080
ISBN:
9798400290169
ISSN:
3005-4575
