LEADER 07797oam 22014894 450 001 9910819358003321 005 20240402023820.0 010 $a1-4755-8090-8 010 $a1-4755-9810-6 010 $a1-4843-2943-0 035 $a(CKB)2670000000420704 035 $a(EBL)1588036 035 $a(SSID)ssj0001079366 035 $a(PQKBManifestationID)11688170 035 $a(PQKBTitleCode)TC0001079366 035 $a(PQKBWorkID)11068497 035 $a(PQKB)10338778 035 $a(MiAaPQ)EBC1588036 035 $a(Au-PeEL)EBL1588036 035 $a(CaPaEBR)ebr10744779 035 $a(CaONFJC)MIL509567 035 $a(OCoLC)876510658 035 $a(IMF)1GHAEE2013001 035 $a(IMF)1GHAEA2013001 035 $a(EXLCZ)992670000000420704 100 $a20020129d2013 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGhana : $e2013 Article IV Consultation 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2013. 215 $a1 online resource (114 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4843-7767-2 320 $aIncludes bibliographical references. 327 $aCover; CONTENTS; RECENT DEVELOPMENTS AND OUTLOOK: HIGH POTENTIAL BUT SHORT-TERM RISK; FIGURES; 1. Real Sector Indicators; 2. External Indicators; POLICY DISCUSSIONS; ECONOMIC POLICY AGENDA: ADVANCING MIDDLE-INCOME STATUS; FISCAL POLICY: REALIGNING PRIORITIES; 3. Fiscal Indicators; BOXES; 1. Assessing Reserve Adequacy in Ghana; 2. External Sustainability Assessment; MONETARY POLICY: LITTLE ROOM FOR EASING; 4. Monetary and Financial Indicators; 3. Six Years of Inflation Targeting in Ghana: Policy Lessons and Challenges; 4. Enhanced Financial Sector Surveillance: Main Conclusions 327 $aSTAFF APPRAISALTABLES; 1. Selected Economic and Financial Indicators, 2011-18; 2A. Summary of Central Government Budgetary Operations, 2011-18 (in percent of GDP); 2B. Summary of Central Government Budgetary Operations, 2011-18 (in millions of GHc); 2C. Summary of Budgetary Central Government Operations, 2008-18 (in percent of GDP); 2D. Summary of Budgetary Central Government Operations, 2008-18 (millions of GHc); 3. Monetary Survey, 2011-18; 4. Balance of Payments, 2011-18; 5. Financial Soundness Indicators, 2007-12; APPENDIXES; I. Risk Assessment Matrix 327 $aII. Inclusive Growth Successes and ChallengesIII. Public Investment, Growth, and Debt Sustainability; IV. Implementation of the 2011 FSAP Update-Key Policy Recommendations; CONTENTS; GLOSSARY; INTRODUCTION; MACROECONOMIC ENVIRONMENT IN 2012; OVERVIEW OF THE FINANCIAL SYSTEM; TABLES; 1. Structure of the Financial System; THE BANKING SECTOR; A. Access to Credit and Banks' Performance; B. Banking Soundness; FIGURES; 1. Evolution of Returns on Average Asset (ROAA) and Equity (ROEE); 2. Evolution of NPLs, Provisions, CARs and Leverage Ratios, 2005-2012; 3. Evolution of Liquidity Ratios, 2005-2012 327 $a4. Selected Interest Rates, Credit to GDP and NPL RateC. Regulatory and Supervisory Developments; NONBANK FINANCIAL SECTOR; A. Overview of Financial Services; B. Rural and Community Banks; 2. Types of Financial Institutions Outside Commercial Banks; C. Microfinance Services; D. Mobile Banking; E. Insurance; ROLE OF THE STATE IN THE FINANCIAL SYSTEM; A. Public Banks; 3. Overview of the Shareholding of the Four Public Banks (2012); 4. Key Financial and Prudential Indicators of Public Banks (2012); B. Social Security and National Insurance Trust; C. Independence of the Supervisor 327 $aD. Policy RecommendationsMONETARY POLICY FRAMEWORK AND IMPLEMENTATION; A. Inflation Targeting: Challenges and Opportunities; B. Liquidity Management Framework; 5. Policy Rate and Money Market Interest Rates (Jan 2007-Dec 2012); C. Money and Foreign Exchange Markets; 6. Interbank Market Activities (Jan 2008-Mar 2013; 7. Foreign Exchange Interbank Market (daily; 2012); D. Policy Recommendations; APPENDIX; I. Evolution of Financial Indicators (2002-2011); CONTENTS; RELATIONS WITH THE FUND; JOINT WORLD BANK-IMF WORK PROGRAM, 2012-13; STATISTICAL ISSUES 330 3 $aThis 2013 Article IV Consultation highlights that economic growth in Ghana continued at a robust pace of 8 percent in 2012 amid rising fiscal and external imbalances. Fiscal pressures came to the fore in a mounting public sector wage bill and costly energy subsidies that pushed the deficit close to 12 percent of GDP. The growth momentum continues into 2013, with increased oil production projected to keep overall GDP growth close to 8 percent. Non-oil growth is likely to decelerate, however, as a result of energy disruptions and high real interest rates. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2013/187 606 $aMonetary policy$zGhana 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aStatistics$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aBanking$2imf 606 $aPublic finance & taxation$2imf 606 $aInternational economics$2imf 606 $aEconometrics & economic statistics$2imf 606 $aFinance$2imf 606 $aPublic debt$2imf 606 $aCurrent account deficits$2imf 606 $aCentral bank policy rate$2imf 606 $aPrices$2imf 606 $aBalance of payments$2imf 606 $aCredit$2imf 606 $aMoney$2imf 606 $aFinancial services$2imf 606 $aBanks and banking$2imf 606 $aDebts, Public$2imf 606 $aInterest rates$2imf 607 $aGhana$xEconomic conditions 607 $aGhana$2imf 615 0$aMonetary policy 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aInflation 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aStatistics 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aInternational Lending and Debt Problems 615 7$aPrice Level 615 7$aDeflation 615 7$aNational Government Expenditures and Related Policies: General 615 7$aBanking 615 7$aPublic finance & taxation 615 7$aInternational economics 615 7$aEconometrics & economic statistics 615 7$aFinance 615 7$aPublic debt 615 7$aCurrent account deficits 615 7$aCentral bank policy rate 615 7$aPrices 615 7$aBalance of payments 615 7$aCredit 615 7$aMoney 615 7$aFinancial services 615 7$aBanks and banking 615 7$aDebts, Public 615 7$aInterest rates 676 $a332.152 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910819358003321 996 $aGhana$9739385 997 $aUNINA