Ghana: Staff Report for the 2003 Article IV Consultation, and Requests for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility and for Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries
IMF Staff Country Reports, May 21, 2003
Source details
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- Ghana: Staff Report for the 2003 Article IV Consultation, and Requests for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility and for Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries
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Bibliographic details
- Published: May 21, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451814842.002
Executive summary and main judgement
- This paper assesses Ghana’s 2003 Article IV Consultation and requests for a three-year Poverty Reduction and Growth Facility (PRGF) arrangement and for additional interim assistance under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC).
- Program implementation in 2002 was mixed.
- Further gains were made on inflation.
- The reserve accumulation target was met.
- IMF staff supports the request for a three-year PRGF arrangement in the amount of SDR 184.5 million, and for additional interim HIPC relief, given the strength of the authorities’ program and the prior actions to be taken.
Key findings and program assessment
- 2002 program implementation: mixed results.
- Inflation: continued improvement (described as "further gains").
- Reserves: reserve accumulation target met.
- Policy stance: authorities’ program judged sufficiently strong, including specified prior actions, to warrant IMF support.
Financial support and requests
- Supported request: three-year PRGF arrangement in the amount of SDR 184.5 million.
- Supported request: additional interim HIPC relief.