OCCASIONAL PAPERS
June 30, 2016
Occasional Paper 6. An Evaluation of the Second Review by the IMF Board of Ghana’s Extended Credit Facility-Supported Program, 2015-17 This paper evaluates the IMF Board’s second review of Ghana’s ECF-supported program, which spans 2015-17. The review revised key macroeconomic targets that generally vindicate the Institute for Fiscal Studies’ (IFS) earlier view that many of the original targets set under the program were unrealistic, in terms of being overambitious, and needed to be revisited. While most of the revised targets seem more realistic, disappointingly, many—such as growth, inflation, the public debt and current account deficit—indicate that macroeconomic instability will remain […]
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August 31, 2015
Occasional Paper 5. Ghana – Impact of the Falling Crude Oil Prices This paper looks at the impact of the falling crude oil prices on Ghana‘s economy. Crude oil production affects Ghana‘s economic growth while revenues from oil exports and costs of oil imports affect the government budget and macroeconomic performance. Oil thus plays an important role in Ghana and therefore a careful look at the implications of its price swings on the economy is required. Click here to read full report
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July 31, 2015
Occasional Paper 4. Ghana: The 2015 Mid-Year Budget Review On July 12, 2015 the Minister for Finance presented to Parliament a mid-year review of the 2015 budget, the performance of the economy during 2014 and the Supplementary Estimates. The presentation revealed that, Ghana’s fiscal performance showed a significant improvement during the first five months of 2015, with the fiscal deficit being less than the target for the period driven by improved revenue mobilization and expenditure containment. Click here to read full report
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June 1, 2015
Occasional Paper 3. Ghana Debt & Debt Sustainability May 2015 Ghana’s public debt situation has worsened in recent years and the country now faces a high risk of debt distress and increased overall debt vulnerability. Total public debt service-to-revenue ratio (including payments on external and domestic debt) has not only assumed a rapidly increasing path but has breached its indicative long term threshold. Click here to read full report
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May 15, 2015
Occasional Paper 2. Ghana’s 2015-17 IMF Program Ghana’s medium-term development prospects have been put at risk after two decades of strong and broadly inclusive growth, due to large fiscal and external imbalances in recent years which have led to a slowdown of economic growth. To address these imbalances and safeguard the bright medium term prospects of the economy, the government embarked on its homegrown economic and financial program, but policy slippages, exogenous shocks, rising interest costs, and acute power shortages undermined the effort. Click here to read full report
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December 30, 2014
Occassional Paper 1. Ghana: A Review of the 2015 Budget Ghana is currently facing serious economic crisis. The country is experiencing a rapidly declining economic growth, double-digit deficits for two years running, current account deficits also in double digits, and a public debt stock which is almost above the sustainable threshold. The domestic currency witnessed a rapid depreciation in the first three-quarters of 2014 amid dwindling foreign reserves and inflation which has crawled back to double digits since January 2013. Click here to read full report
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