The DSA presented in this document is based on the standard low-income countries (LIC) DSA framework. See “Debt Sustainability in Low-Income Countries: Further Considerations on an Operational Framework, Policy Implications” http://www.imf.org/external/np/pdr/sustain/2004/091004.htm.
See IMF Country Report No. 11/128 http://www.imf.org/external/pubs/cat/longres.aspx?sk=24912.0
As in the previous DSA, public debt is determined net of government deposits at the banking system, including the Oil Fund held at the Bank of Ghana. The difference between gross and net debt is about 2½ percent of non-oil GDP. Reflecting a lack of reliable data, nonguaranteed debt of state-owned enterprises is excluded, and private sector external debt data are weak.
The standard stress test assumes that the interest rate on new borrowing is two percentage points higher than in the baseline scenario.
In the historical scenario, the variables that are kept at their 2001–10 levels are output growth, inflation (measured by dollar GDP deflator), and the non-interest current account balance and FDI in percent of GDP.