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Africa > Uganda

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Cover IMF Staff Country Reports
Ghana: Selected Issues Paper
International Monetary Fund. African Dept.
This Selected Issues paper discusses growth strategy for Ghana. Ghana has achieved impressive development gains over the last decades, with rising incomes, lower poverty, and better health, education, and gender outcomes. However, growth has recently become less inclusive, with high inequality and slower poverty reduction. In order to address these challenges, the authorities are pursuing a “Ghana beyond Aid” development strategy centered around agricultural modernization and export-led industrialization. Accelerating productivity growth calls for fostering competition, improving the business environment, strengthening human capital, taking advantage of growing regional markets and industrial policies that prioritize sectors that can export and innovate and where Ghana could achieve economies of scale. Consistent and predictable government policies can help increase long-term investment and improve public spending effectiveness. A key lesson from growth accelerations in other countries is that it is crucial to achieve economies of scale. In most cases, rapid economic growth required achieving export success in specific sectors.
Keywords:
ISCR; CR; Ghana; asset; bank; industry; liability; per capita income; public sector; bank intermediation cost; structural change; gas assets; banking system; extractive industry; processing industries in Ghana; value chain; exposure to the commodity cycle; government balance sheet; bank profitability; Financial statements; Public sector; Commercial banks; Business enterprises; Nonperforming loans; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Rwanda: Recent Economic Developments
International Monetary Fund
The government of Rwanda has recognized that economic development in most areas would have to be the responsibility of the private sector (particularly since military and civil service employment would be reduced), but that the public sector could still have a role in promoting economic equality by providing a social safety net, most importantly with a solvent social security system. Before the conflict in 1994, the private sector has accounted for only about 50 percent of employment in the formal sector, excluding the civil service.
Keywords:
ISCR; CR; U.S. dollar; gross domestic product; sales tax; price index; private sector; tax revenue; economic planning; excess reserves; broad money; tertiary sector; income tax; money market; foreign exchange; Agricultural commodities; Tariffs; Civil service; Exports; Commercial banks; Sub-Saharan Africa; Africa
Cover Africa
Africa
Adjustment to the Challenges of Globalization

Abstract

Sub-Saharan Africa needs much faster economic growth and more effective economic, financial, and social policies if it is to make up for lost ground and reduce the number of people living in abject poverty. Edited by Laura Wallace, this volume presents the proceedings of a May 1998 seminar in Paris, organized jointly by the IMF and the Japanese Ministry of Finance, on ways to accelerate Africa's growth in our increasingly globalized world. Senior African and Asian government officials, representatives from multicultural institutions, donors, academics, and private sector participants gathered to discuss how to improve the private investment environment in African countries and take advantage of globalization's benefits while minimizing its risks, and how to strengthen the contribution of government in areas of capacity building, good governance, effective public resource management, and improved quality and composition of government spending.

Keywords:
BOOK; government; liberalization; country; trade reform; private sector view; trade liberalization measure; output market; private sector participation; budget issue; Public employment; Trade liberalization; Commercial banks; Foreign direct investment; Africa; East Asia; West Africa; Asia and Pacific; Global; Trade policy
Cover Quasi-Fiscal Operations of Public Financial Institutions
Quasi-Fiscal Operations of Public Financial Institutions
Mr. George A Mackenzie
and
Mr. Peter Stella

Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Keywords:
OP; QFAs; market; PFIs; central bank; central bank loss; central bank lending; income statement; central bank rescue operations; QFAs of central banks; exchange guarantee; Quasi-fiscal operations; Commercial banks; Loans; Credit; Exchange rates; Eastern Europe; Central Africa; West Africa; Caribbean; net loss; Public sector; Deposit insurance