IMF Staff Country Reports

IMF Staff Country Reports
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Publisher:
International Monetary Fund
ISSN:
1934-7685
IMF Country Reports cover economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
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Ghana : Staff Report for the 2014 Article IV Consultation

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Ghana : Staff Report for the 2014 Article IV Consultation
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Volume/Issue:
2014/129
Series:
IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
May 2014
DOI:
http://dx.doi.org/10.5089/9781616355609.002
ISBN:
9781616355609
ISSN:
1934-7685
Page:
73
This 2014 Article IV Consultation highlights the emergence of large fiscal and external imbalances since 2012, which has created significant challenges for Ghana. A swift return to macroeconomic stability in 2013 was thwarted by weaker external and domestic conditions. Reflecting lower gold and cocoa exports, the current account deficit exceeded 12 percent of GDP. Although recently revised estimates point to an only moderate slowdown in growth to about 7 percent, the fiscal deficit target of 9 percent of GDP was missed by about 1 percentage point. Ghana' short-term economic outlook is subject to significant risks, and growth is projected to slow to 4¾ percent in 2014.
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