Browse

You are looking at 1 - 10 of 42 items for :

  • Burkina Faso x
  • Occasional Papers x
Clear All
Mr. Stéphane Cossé, Mr. Johannes Mueller, Mr. Jean Le Dem, and Mr. Jean A. P. Clément

Abstract

Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.

Mr. Saleh M. Nsouli, Mr. John B. McLenaghan, and Mr. Klaus-Walter Riechel

Abstract

One of the principal aims of the effort to integrate the economies of the 16 member countries of the Economic Community of West African States (ECOWAS) is to expand intra-Community trade. This objective is to be achieved partly through the elimination of quantitive and other restrictions on trade.

Mr. Benedict J. Clements, Mr. Liam P. Ebrill, Mr. Sanjeev Gupta, Mr. Anthony J. Pellechio, Mr. Jerald A Schiff, Mr. George T. Abed, Mr. Ronald T. McMorran, and Marijn Verhoeven

Abstract

The reform of fiscal policies and institutions lies at the heart of structural adjustment in developing countries. Although the immediate aim of such reform is to reduce fiscal imbalances to achieve macroeconomic stability, the long-term goal is to secure more durable improvements in fiscal performance. This study reviews the fiscal reform experience of 36 low-income developing countries that undertook macroeconomic and structural adjustment in the context of the IMF's Structural Adjustment Facility and Enhanced Structural Adjustment Facility during the period of 1985-95.

Mr. Joachim Harnack, Mr. Sérgio Pereira. Leite, Ms. Stefania Fabrizio, Ms. Luisa Zanforlin, Mr. Girma Begashaw, and Mr. Anthony J. Pellechio

Abstract

This chapter explores the key relationships between participatory democracy and successful economic development and reviews the early steps of participatory decision making in Ghana. More generally, it sets the stage for a discussion of Ghana's main achievements and failures since 1992 in raising the standard of living of its population and reducing poverty. The high-profile political process that launched constitutional democracy in the 1990s and generated Ghana—Vision 2020 placed poverty reduction at the center of economic policy. Based on a set of price and unit labor cost indicators, Ghana's competitiveness improved in the early 1990s through 1994. The evidence for 1995–98 is quite strong. The Bank of Ghana is suspected to have used administrative means and moral suasion to influence the exchange rate, resisting the cedi's depreciation. The terms-of-trade shock forced the Bank of Ghana to focus more clearly on maintaining adequate foreign reserves. The depreciation may then have helped make the foreign exchange market more active and the nominal exchange rate more representative of market conditions.

Mrs. Ritha S. Khemani, Mr. Sanjeev Gupta, Mr. Calvin A McDonald, Mr. Louis Dicks-Mireaux, and Marijn Verhoeven

Abstract

The IMF’s mandate is, among other things, “to facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income … of all members as primary objectives of economic policy.”3 To this end, the IMF promotes sound macroeconomic policies, growth-enhancing structural reforms, and good social policies–conditions for high-quality growth. The IMF has paid increasing attention to these considerations in its policy advice.

Mr. Olivier P. Benon, Ms. Katherine Baer, and Mr. Juan Toro R.

Abstract

Many tax administrations have established special systems to monitor their large taxpayers. In the 1950s and 1960s, several countries in the Organization for Economic Cooperation and Development (OECD) introduced special tax audit operations for large corporations. A more recent trend, especially in developing and transition countries, has been to set up full-fledged large taxpayer units that are responsible for most tax administration functions, including taxpayer services, collection, enforcement of tax arrears, and audit. Some developed countries (Australia, the Netherlands, New Zealand, the United Kingdom, and the United States) have followed a similar policy and have reorganized their tax administrations around different types of taxpayers, or taxpayer segments.5 This has resulted in a restructuring of the tax administration from one based on functions (e.g., returns and payment processing, audit, enforcement of arrears, appeals, etc.) to one centered on individuals, small and medium-size businesses, and large corporations.6

Mr. Ernesto Hernández-Catá and C. A. François

Abstract

In January 1994, seven sub-Saharan African countries—Benin, Burkina Faso, Côte dď lvoire, Mali. Niger, Senegal, and Togo—signed a treaty establishing the West African Economic and Monetary Union (WAEMU). These countries, with the addition of Guinea-Bissau in 1997, form part of the CFA franc zone along with a second group of six African countries that participate in a similar monetary arrangement, the Central African Economic and Monetary Community (CAEMC). The CAEMC countries are Cameroon, the Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon. Within eaeh subzone, monetary arrangements are managed by a separate central bank: the Central Bank of West African States (BCEAO) for the WAEMU and the Bank of Central African States (BEAC) for the CAEMC. The two subzones share a common currency, the CFA franc, which stands for the Communauté financiere africaine in the BCEAO area and for the Coopération financiere en Afrique in the BEAC area.

Mr. Joachim Harnack, Mr. Sérgio Pereira. Leite, Ms. Stefania Fabrizio, Ms. Luisa Zanforlin, Mr. Girma Begashaw, and Mr. Anthony J. Pellechio

Abstract

In 1992 Ghana held its first elections in over a decade, taking a decisive step in the return to democratic rule. Although many countries in Africa moved to democracy in the 1990s, Ghana had reached that point only after a virtual meltdown in the early 1980s. What has been all the more laudable in Ghana’s case is therefore the steady progress since the return to democratic rule in enhancing a democratic environment.

Rattan J. Bhatia

Abstract

Until 1984, the West African Monetary Union (WAMU) consisted of six West African countries—Benin, Burkina Faso, Ivory Coast, Niger, Senegal, and Togo. (Mali withdrew from the Union in 1961 and rejoined in 1984; it is therefore excluded from this analysis, which deals with a period when it was not a member.) For nearly two decades these countries have had a freely circulating common currency issued by the Central Bank of West African States, the Banque: Centrale des Etats de l’Afrique de l’Ouest (BCEAO), which was formally established in 1962. The BCEAO implements the same monetary policy for the entire WAMU area, and its statutes cannot be unilaterally altered by a member government, although they can be amended by unanimous agreement. The currency, the CFA franc, is pegged to the French franc at an exchange rate of CFAF 50 = F 1 that has remained unchanged since 1948. France, which is represented on the Bank’s Board of Directors, ensures unlimited convertibility of the CFA franc into French francs through an operations account at the French Treasury, which holds the foreign exchange reserves of all the member countries and which handles the BCEAO’s foreign exchange transactions.

Mr. Olivier P. Benon, Ms. Katherine Baer, and Mr. Juan Toro R.

Abstract

This section summarizes country responses to the LTU survey in several areas, ranging from a country’s main reason for establishing the LTU to the LTU’s organization and functions. The discussion of different aspects of LTUs across countries also highlights IMF guidelines and policy recommendations, where relevant.