This 2008 Article IV Consultation highlights that Ghana's growth has remained strong, fuelled by both the private and public sectors. The Ghanaian economy maintained strong growth of about 61/2 percent in 2007 and the first months of 2008. The private sector has responded positively to macroeconomic stability, structural reforms, and an increasingly business-friendly environment. But fiscal spending also increased, leading to excess demand. Supply-side shocks, especially from international fuel prices, have impacted Ghana negatively, although overall, Ghana's terms of trade continued to improve.