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
IMF Staff Country Reports, 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
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Bibliographic details
- Published: May 2, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484353714.002
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).
Key macroeconomic outcomes and indicators (as described)
- Growth increased on the back of expanded oil production.
- Inflation declined.
- Fiscal deficit was significantly reduced, leading to a primary surplus for the first time in fifteen years.
- Exchange rate regained stability.
- External position improved, with a large reserve build-up.
- Debt burden described as still elevated (albeit declining).
- Progress in meeting structural benchmarks described as mixed.
Program focus and policy priorities
- Locking in recent gains to secure continued stability and progress beyond the Fund-supported program.
- Achieving the authorities' stated goal of "irreversibility" of sound policies.
Risks and implementation challenges
- Elevated (albeit declining) public debt limits policy space.
- The economy’s exposure to risks constrains policy options.
- Mixed progress on structural benchmarks affects program implementation.
Content in this bundle
- Country Report