December 14, 2015
One important feature of fiscal management in Ghana in the last few years has been the rapid rise in government borrowing, not just a rise in real debt but also a rise in debt/GDP ratio, pushing the country into a debt trap. With the country posting double-digit fiscal deficits in three consecutive years since 2012 and financed through increased indebtedness, the government is now confronted with a huge and increasing interest payment burden. This paper looks at the trends in interest costs to the government, causes, and what needs to be done to ensure an efficient management of the country’s debt. Click here to read full report
January 29, 2016
Since May 2015, the Bank of Ghana Monetary Policy Committee’s Press Releases have been very brief and without some vital information. The Committee’s comments on the country’s economic growth, fiscal performance, and developments in the external sector have been truncated to the point of rendering the Press Releases not too useful. The most worrisome aspect of this development is the complete omission of information on the country’s debt situation since May 2015, in spite of the fact that the Bank of Ghana is the institution that actually borrows from the domestic market through the sale of Treasury Bills on behalf […]
February 8, 2016
The Institute for Fiscal Studies has gathered that as part of the structural reforms to strengthen the country’s public finances and fiscal discipline, the International Monetary Fund (IMF) has advised that the Bank of Ghana Act, 2002 (Act 612) be amended. The amendment is intended to significantly strengthen the Central Bank’s functional autonomy, governance, and ability to respond to banking sector crisis. The Bill seeks to plug the loopholes identified in the Act. The amendment also seeks to separate the autonomy provisions from other objectives of the Bank to strengthen the functional autonomy of the Bank of Ghana in the […]
June 29, 2016
On Wednesday, 29th June 2016, the Institute for Fiscal Studies (IFS) held a press conference to present its evaluation of the IMF Board’s Second Review of Ghana’s Extended Credit Facility-Supported Program. The event was chaired by Prof. S.K.B. Asante, member of the Governing Council of the IFS. The Head of Research of IFS, Dr. John Kwakye, presented the review on behalf of the Institute. Also present was Prof. Newman Kwadwo Kusi, Executive Director of IFS. Following the presentation, there was an interactive session during which participants posed questions. The press event was attended by 25 media personnel from 18 media […]
August 11, 2016
On Monday, July 25, 2016, Ghana’s Finance Minister, Hon. Seth Terkper, presented a mid-year review of the 2016 budget, and requested Parliament’s approval for supplementary estimates of GH₵1,888.2 million for the 2016 financial year. The IFS presented its views on the Minister’s review in a press statement issued on 11th August, 2016. Click here to view the full statement
January 23, 2017
The IFS held a press conference on 17th January 2017 to present its proposals on Economic Policy Priorities for the New Government. The Institute is of the conviction that Ghana needs new, bold and systematic policies capable of bringing about fundamental changes to the economy to enable it to deliver tangible socio-economic benefits to Ghanaians. The proposals are contained in the IFS Policy Brief Paper 2. Click here to view the full statement