Technical Assistance Reports

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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Format: Chicago

International Monetary Fund. Institute for Capacity Development, and International Monetary Fund. African Dept. "Ghana: Technical Assistance Report-Report on Developing the Forecasting and Policy Analysis System (FPAS) at the Bank of Ghana (BOG)", Technical Assistance Reports 2024, 080 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400290169.019

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Summary

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.

Keywords: Central banks, Exchange rate, Ghana., Inflation, Inflation targeting, Monetary policy, Monetary policy transmission, Output gap

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