IMF Staff Country Reports

Ghana: Fifth and Sixth Reviews Under the Extended Credit Facility, Request for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana

May 2, 2018

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Ghana: Fifth and Sixth Reviews Under the Extended Credit Facility, Request for Waivers for Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Ghana, (USA: International Monetary Fund, 2018) accessed November 26, 2024

Summary

Program performance improved in 2017 and macroeconomic conditions have strengthened considerably. Growth increased on the back of expanded oil production; inflation declined; the fiscal deficit was significantly reduced, leading to a primary surplus for the first time in fifteen years; the exchange rate regained stability; and the external position improved, with a large reserve build-up. Challenges remain, though, as a still elevated (albeit declining) debt burden and the economy’s exposure to risks limit policy space; and progress in meeting structural benchmarks remains mixed. Program discussions focused on policies to lock in recent gains to secure continued stability and progress beyond the Fund-supported program (in line with the authorities' goal of "irreversibility" of sound policies).

Subject: Economic sectors, External debt, Financial sector, Fiscal policy, Fiscal stance, Public debt, Revenue administration

Keywords: Africa, Arrears, Authority, Continued commitment, CR, Debt ratio, Financial sector, Fiscal stance, GDP, Headline inflation, ISCR, Microfinance sector, PC table, Sub-Saharan Africa

Publication Details

  • Pages:

    105

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2018/113

  • Stock No:

    1GHAEA2018001

  • ISBN:

    9781484353714

  • ISSN:

    1934-7685

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