LEADER 08399oam 22012734 450 001 9910788106003321 005 20230807210540.0 010 $a1-4755-6796-0 010 $a1-4843-2842-6 035 $a(CKB)2670000000617931 035 $a(EBL)2056318 035 $a(SSID)ssj0001537012 035 $a(PQKBManifestationID)11829797 035 $a(PQKBTitleCode)TC0001537012 035 $a(PQKBWorkID)11513211 035 $a(PQKB)11020270 035 $a(MiAaPQ)EBC2056314 035 $a(Au-PeEL)EBL2056314 035 $a(CaPaEBR)ebr11060820 035 $a(OCoLC)910447108 035 $a(IMF)1GHAEE2015001 035 $a(IMF)1GHAEA2015001 035 $a(EXLCZ)992670000000617931 100 $a20020129d2015 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGhana : $eRequest for a Three-Year Arrangement Under the Extended Credit Facility 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2015. 215 $a1 online resource (126 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4843-2825-6 311 $a1-4843-2861-2 327 $aCover; CONTENTS; BACKGROUND AND RECENT DEVELOPMENTS; FIGURES; 1. Real Sector Indicators; 2. Fiscal Indicators; 3. External Indicators; 4. Monetary and Financial Indicators; POLICIES UNDER A THREE-YEAR ECF ARRANGEMENT; A. Program Objectives and Macroeconomic Framework; B. Fiscal Policy: Achieving an Ambitious Fiscal Consolidation; C. Structural Reforms to Strengthen Public Finances and Fiscal Discipline; D. Monetary Policy and Exchange Rate Regime; E. Financial Sector: Preserving Financial Stability; F. The Growth and Social Protection Agenda 327 $aPROGRAM MODALITIES, FINANCING ASSURANCES, AND RISKSSTAFF APPRAISAL; TABLES; 1. Selected Economic and Financial Indicators, 2011-17; 2a. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Cash Basis, in percent of GDP); 2b. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Cash Basis, millions of GHc); 2c. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Commitment Basis); 2d. Summary of Budgetary Central Government Operations, 2011-17 (GFS 2001, Commitment Basis, millions of GHc); 3. Monetary Survey, 2011-15 327 $a4. Balance of Payments, 2011-175. External Financing Requirements and Sources, 2014-17; 6. Indicators of Capacity to Repay the Fund, 2015-27; 7. Proposed Schedule of Reviews and Purchase Under the ECF Arrangement, 2015-18; 8. Financial Soundness Indicators, 2010-14; ANNEX; I. Deepening the Domestic Debt Market in Ghana; Three-Year Arrangement Under the Extended Credit Facility; APPENDIX; I. Letter of Intent; Attachment I. Memorandum of Economic and Financial Policies, 2015-17; Attachment II. Technical Memorandum of Understanding; A. Government; B. Bank of Ghana 327 $aC. Non-accumulation of New External Arrears D. Ceiling on the Contracting or Guaranteeing of New Non-concessional External Debt; E. Adjusters to the Program Targets; F. Provision of Data to the Fund; CONTENTS; RELATIONS WITH THE FUND; JOINT WORLD BANK-IMF WORK PROGRAM, 2014-15; STATISTICAL ISSUES 330 3 $aEXECUTIVE SUMMARY Context. The emergence of large fiscal and external imbalances in recent years, which led to a slowdown in growth, is putting Ghana?s medium-term prospects at risk. The Government?s efforts to achieve fiscal consolidation since mid-2013 have been undermined by policy slippages, external shocks and rising interest cost. Until mid- 2014, the net international reserves position had further weakened and the exchange rate depreciated sharply, fueling inflationary pressures. The situation has stabilized on the back of the Eurobond issued in September and a short-term loan contracted by the Cocoa Board, but public debt continued to rise at an unsustainable pace. Extended Credit Facility Arrangement (ECF). The Ghanaian authorities have requested a three-year arrangement under the ECF in an amount of SDR 664.20 million (180 percent of quota) in support of their medium-term economic reform program. Program Framework. The authorities? three year ECF-supported program, anchored on their second Ghana Shared Growth and Development Agenda (GSGDA II), aims at a sizeable and frontloaded fiscal adjustment to restore debt sustainability, rebuild external buffers, and eliminate fiscal dominance of monetary policy, while safeguarding financial sector stability. It focuses on: ? Substantially strengthening the fiscal position by mobilizing additional revenues, restraining the wage bill and other primary spending, while making space for priority spending. The government is also taking additional adjustment measures to help offset lower-than-budgeted oil revenue. A prudent borrowing policy will complement fiscal consolidation efforts to restore debt sustainability. ? Accelerating the reform agenda: strengthening public financial management and expenditure controls, in particular cleaning-up the payroll and enhancing wage bill control; improving revenue collection through tax policy and tax administration reforms; restoring the effectiveness of the inflation-targeting (IT) framework by eliminating fiscal dominance and enhancing monetary policy operations. Risks. Risks to the program include delayed or partial implementation of policies, including next year in the run-up to elections, a slower growth recovery if the electricity crisis is not addressed quickly, and additional negative commodity price shocks. Staff supports the authorities? request for IMF support. Forceful and sustained implementation of the program will be essential to address macroeconomic imbalances. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2015/103 606 $aExports and Imports$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aStatistics$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aFiscal Policy$2imf 606 $aData Collection and Data Estimation Methodology$2imf 606 $aComputer Programs: Other$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aPublic debt$2imf 606 $aExternal debt$2imf 606 $aPublic financial management (PFM)$2imf 606 $aWages$2imf 606 $aExpenditure$2imf 606 $aDebts, Public$2imf 606 $aDebts, External$2imf 606 $aFinance, Public$2imf 606 $aExpenditures, Public$2imf 607 $aGhana$xEconomic conditions 607 $aGhana$xEconomic policy 607 $aGhana$2imf 615 7$aExports and Imports 615 7$aLabor 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aTaxation 615 7$aStatistics 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aInternational Lending and Debt Problems 615 7$aNational Government Expenditures and Related Policies: General 615 7$aWages, Compensation, and Labor Costs: General 615 7$aFiscal Policy 615 7$aData Collection and Data Estimation Methodology 615 7$aComputer Programs: Other 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aLabour 615 7$aincome economics 615 7$aEconometrics & economic statistics 615 7$aPublic debt 615 7$aExternal debt 615 7$aPublic financial management (PFM) 615 7$aWages 615 7$aExpenditure 615 7$aDebts, Public 615 7$aDebts, External 615 7$aFinance, Public 615 7$aExpenditures, Public 676 $a330.9667 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788106003321 996 $aGhana$9739385 997 $aUNINA