January 20, 2018

Does the 2018 Budget and Economic Policy Address the Critical Challenges Facing Ghana? [Occasional Paper 13]

[Occasional Paper 13] Does the 2018 Budget and Economic Policy Address the Critical Challenges Facing Ghana? Ghana is currently facing three critical economic challenges, namely a slowdown of economic growth, rising unemployment, and surging public debt. The broad agenda of the government in 2018 is to guide the economy to grow and create more job opportunities to deal with the surging unemployment by reversing the abysmal performance of the agriculture sector and reviving the ailing manufacturing sub-sector. This is to be achieved by a number of flagship programs and projects. The government also plans to reduce the country’s fiscal deficit […]
January 25, 2018

Is Ghana in a Debt Trap?

Fiscal Alert 9: Is Ghana in a Debt Trap? In tabling the Budget for 2018, the government outlined its strategy to bring the public debt on a declining path to eliminate the risk of debt distress and strengthen the country’s debt sustainability. This paper, which is an extract of IFS’s review of the 2018 and Economic Policy of the Government of Ghana, provides comments and some policy suggestions to help address Ghana’s rising debt problem. Read full paper here
February 22, 2018

Implications of Energy Sector State-Owned Enterprises Debt Restructuring for the Fiscal Position and the Banking Sector

Fiscal Alert 10: Implications of Energy Sector State-Owned Enterprises Debt Restructuring for the Fiscal Position and the Banking Sector This paper seeks to assess the implications of the restructuring of the energy sector State-Owned Enterprises (SOEs) debt for Ghana’s fiscal position and the banking sector. The paper reviews the financial performance of Ghana’s energy sector SOEs, the restructuring of the energy sector debt examines the Energy Sector Levy Act (ESLA) and the energy sector bonds. This is followed by a discussion of the implications of the energy sector debt restructuring for the government’s fiscal position and the banking sector, respectively. […]
March 12, 2018

Ghana’s Growing Public Debt and Its Implications for the Economy

Fiscal Alert 11: Ghana’s Growing Public Debt and Its Implications for the Economy Rising public expenditures in the context of persistently weak revenue performance have undermined Ghana’s fiscal and debt sustainability in recent years. As the coun- try’s fiscal risks remained high, credible fiscal consolidation was required to reverse the unfavorable debt dynamics and reduce domestic refinancing risks. The fiscal management strategy of the new government that came into office in January 2017 aims at restoring fiscal discipline, reversing the fiscal deterioration it inherited and putting the public debt on a downward and sustainable path. Unfortunately, it does not appear that […]
May 8, 2018

Ghana’s Economic Development: Past, Present and the Future.

Fiscal Alert 12: Ghana’s Economic Development: Past, Present and the Future. After a successful implementation of an unprecedented program of economic recovery over a decade, perceived by the international community as an example of adjustment with growth and a model for the rest of Africa, Ghana held its first multi-party elections in 1992, taking a decisive step to return to multi-party democratic rule. This paper focuses on Ghana’s economic development since the return to multi-party democracy in 1993. It starts with a review of economic management during the transition period (1992) to provide the context for the move to multi-party […]
May 9, 2018

Economic Shocks And Growth 
In Post-Independence Ghana, 1957 To 2017 [Occasional Paper 14]

[Occasional Paper 14] Economic Shocks And Growth 
In Post-Independence Ghana, 1957 To 2017 The study analyses economic growth based on annual changes in real gross domestic product (GDP) in Ghana during the post-independence period from 1957 to 2017 using an econometric approach involving an autoregressive modelling scheme that incorporates several economic shocks as separate independent variables. The economic shocks included in the model are world cocoa price shock, world oil price shock, weather shock due to an El Nino weather phenomenon, and political instability shock for military coups or attempted military coups. Read more full paper here