Ghana: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana

May 17, 2023

Preview Citation

Format: Chicago

Ghana: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana, (USA: International Monetary Fund, 2023) accessed November 25, 2024

Summary

This paper highlights Ghana’s Request for an Arrangement under the Extended Credit Facility (ECF). The authorities’ economic program, supported by the ECF-arrangement, builds on the government’s post-coronavirus disease 2019 Program for Economic Growth, which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth. Securing timely debt restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement. Key policies under the authorities’ program include large and frontloaded fiscal consolidation to bring public finances back on a sustainable path, complemented by efforts to protect the vulnerable. The adjustment effort will be supported by ambitious structural reforms in the areas of tax policy, revenue administration, and public financial management, as well as steps to address weaknesses in the energy and cocoa sectors. An ambitious structural reform agenda is being put in place to reinvigorate private sector-led growth by improving the business environment, governance, and productivity.

Subject: Asset and liability management, External debt, International organization, Monetary policy, Public debt

Keywords: Debt restructuring, Debt sustainability, Domestic debt, ECF arrangement, Financing gap, Global, Post COVID, Staff appraisal, Staff's assessment

Publication Details

Pages:

126
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/168
Stock No:

1GHAEA2023001
ISBN:

9798400244322
ISSN:

1934-7685

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