Abstract
2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Ghana
Fund Relations
(As of October 30, 2019)
I. Membership Status: Joined: September 20, 1957
| II. General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 738.00 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | ||
| 645.62 | 87.48 | |
| Reserve Tranche Position | 92.46 | 12.53 |
| II. General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 738.00 | 100.00 |
| IMF’s Holdings of Currency (Holdings Rate) | ||
| 645.62 | 87.48 | |
| Reserve Tranche Position | 92.46 | 12.53 |
| III. SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 353.87 | 100.00 |
| Holdings | 12.08 | 3.41 |
| III. SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 353.87 | 100.00 |
| Holdings | 12.08 | 3.41 |
| IV. Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| ECF Arrangements | 805.61 | 109.16 |
| IV. Outstanding Purchases and Loans: | SDR Million | %Quota |
|---|---|---|
| ECF Arrangements | 805.61 | 109.16 |
V. Latest Financial Arrangements:
Formerly PRGF.
VI. Overdue Obligations and Projected Payments to Fund 2/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 20.07 | 64.11 | 83.21 | 90.25 | 92.99 |
| Charges/Interest | 0.78 | 2.91 | 2.91 | 2.91 | 2.91 |
| Total | 20.84 | 67.02 | 86.12 | 93.16 | 95.90 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 20.07 | 64.11 | 83.21 | 90.25 | 92.99 |
| Charges/Interest | 0.78 | 2.91 | 2.91 | 2.91 | 2.91 |
| Total | 20.84 | 67.02 | 86.12 | 93.16 | 95.90 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative:
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced Framework | ||||
|---|---|---|---|---|
| I. Commitment of HIPC assistance | ||||
| Decision point date | Feb 2002 | |||
| Assistance committed | ||||
| by all creditors (US$ Million) 1/ | 2,186.00 | |||
| Of which: IMF assistance (US$ million) | 112.10 | |||
| (SDR equivalent in millions) | 90.05 | |||
| Completion point date | Jul 2004 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 90.05 | |||
| Interim assistance | 25.06 | |||
| Completion point balance | 64.99 | |||
| Additional disbursement of interest income 2/ | 4.25 | |||
| Total disbursements | 94.30 | |||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced Framework | ||||
|---|---|---|---|---|
| I. Commitment of HIPC assistance | ||||
| Decision point date | Feb 2002 | |||
| Assistance committed | ||||
| by all creditors (US$ Million) 1/ | 2,186.00 | |||
| Of which: IMF assistance (US$ million) | 112.10 | |||
| (SDR equivalent in millions) | 90.05 | |||
| Completion point date | Jul 2004 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 90.05 | |||
| Interim assistance | 25.06 | |||
| Completion point balance | 64.99 | |||
| Additional disbursement of interest income 2/ | 4.25 | |||
| Total disbursements | 94.30 | |||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| I. MDRI-eligible debt (SDR Million)1/ | 265.39 | |
| Financed by: MDRI Trust | 220.04 | |
| Remaining HIPC resources | 45.35 | |
| II. Debt Relief by Facility (SDR Million) | ||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 265.39 | 265.39 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| I. MDRI-eligible debt (SDR Million)1/ | 265.39 | |
| Financed by: MDRI Trust | 220.04 | |
| Remaining HIPC resources | 45.35 | |
| II. Debt Relief by Facility (SDR Million) | ||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 265.39 | 265.39 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
IX. Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
Safeguards Assessment
The latest Safeguards Monitoring Report (March 2018) concluded that progress in addressing the recommendations of the 2015 safeguards assessment has been mixed. The Bank of Ghana (BoG) has implemented some recommendations, specifically, it has ensured continuation of quality external audits, improved disclosures in its financial statements, and established procedures to monitor credit to government. However, several of the 2018 recommendations are still outstanding. The BoG’s legal framework has not been strengthened to prohibit monetary financing of the government and safeguard the BoG’s autonomy. Further, the ELA framework is not being complied with and the BoG has a significant exposure to uncollateralized loans, including to banks later placed under receivership.
Exchange Rate Arrangement
On February 2, 1994, Ghana accepted obligations under Article VIII, Sections 2(a), 3, and 4, of the Fund’s Articles of Agreement. The de jure exchange rate arrangement is “floating”. The de facto exchange rate arrangement was “managed float”, and was reclassified to “other managed” effective from April 5, 2019 onwards. Ghana currently maintains one exchange restriction and a multiple currency practice (MCP) subject to Fund approval. The exchange restriction arises from the limitation/prohibition on purchasing and transferring foreign exchange for import transactions by importers who have not submitted to the commercial bank customs entry forms for any past foreign exchange transactions related to imports, and which are unrelated to the underlying transaction. An MCP also arises, because the BoG requires the use of its internal rate (i.e., the previous day’s weighted average interbank exchange rate) for government transactions and the surrender of foreign exchange proceeds from cocoa exports funded through the cocoa syndicated loan without having a mechanism in place to ensure that, at the time of the transaction, this exchange rate does not differ from the rate prevailing in the market rate (i.e., the interbank exchange rate) and the rates used by banks in their transactions with their customers by more than 2 percent. At the end of October 2019, the average exchange rate for transactions in the interbank market was GH¢ 5.4925 per U.S. dollar.
Article IV Consultation
The 2017 Article IV consultation discussions were held in Accra during April 3–13, 2017. The staff report (Country Report No. 17/262) was discussed by the Executive Board on August 30, 2017 and is posted on the IMF website.
FSAP Participation
Ghana participated in the FSAP in 2011, and a Financial System Stability Assessment (FSSA) was issued to the Executive Board in 2011. An FSAP update was presented to the Board in May 2011.
Resident Representative
The Fund has had a Resident Representative office in Accra since June 1985. The current resident representative, Mr. Albert Touna Mama, assumed the post in September 2018.
Technical Assistance
Technical Assistance (TA) since January 2017
Technical Assistance (TA) since January 2017
| Subject | Department | Year |
|---|---|---|
| Assessment of revenue administration | FAD | 2019 |
| IT/Cyber security risk management framework | MCM | 2019 |
| Delivery of Integrity Training for Customs | AW2 | 2019 |
| AML/CFT Supervision for DNFBPS and NPOs | LEG | 2019 |
| Reviewing and Refining the Structure and Efficiency of Chart of Accounts | AW2 | 2019 |
| Bank Supervision & Regulation | MCM | 2019 |
| Progressing Basel II/III | AW2 | 2019 |
| Strengthening the Strategic Approach to Planning and Costing the | ||
| Medium-Term Expenditure Budget | ||
| Progressing Basel II/III | AW2 | 2019 |
| Design of Risk Management Strategy, Supporting Framework and Risk Profiles | AW2 | 2019 |
| Strengthen GRA Strategic Planning Capacity | AW2 | 2019 |
| Mining tax reform | FAD | 2019 |
| Development of Controls for ECOWAS Customs Integrity Framework | AW2 | 2019 |
| Development of Post Clearance Audit SOPs and Guidelines | AW2 | 2019 |
| National accounts – Rebasing of GDP and development of quarterly GDP by expenditures approach | AW2 | 2019 |
| Price Statistics (EDDI2) | STA | 2019 |
| PPP/PFRAM/Fiscal Risk Management – Seminar | FAD | 2019 |
| Review and Reorganization of the Functions of the CAG | AW2 | 2019 |
| Strengthen excise duties management capacity | AW2 | 2019 |
| Improve risk processes, compliance management | FAD | 2019 |
| Diagnostic Mission on BoG’s Forecasting and Policy Analysis System | AW2 | 2019 |
| Mining fiscal regime design and modelling | FAD | 2019 |
| Liquidity Management Framework | MCM | 2019 |
| Integrity Strategy and Implementation of Action Plan | AW2 | 2019 |
| Fiscal Risks | FAD | 2019 |
| Petroleum Fiscal Modelling | FAD | 2019 |
| PCA Training and Mentoring Support | AW2 | 2019 |
| Supporting the MoFEA in Applying a Prioritizing Framework to Existing Capital Projects | AW2 | 2019 |
| Review of AML/CFT TA Report | LEG | 2019 |
| Follow-up to finalize Compliance Improvement Plan and guide Data Matching Team | AW2 | 2019 |
| TA Evaluation | MCM | 2019 |
| Seminar on PIMA | FAD | 2019 |
| Workshop on Public Investment Management | FAD | 2019 |
| Enhancing Offsite Follow up Review | AW2 | 2019 |
| Improve risk processes, compliance management etc. | FAD | 2019 |
| Supporting the MoFEA in Preparing, Appraising and Prioritizing Capital Projects | AW2 | 2019 |
| Provision of Mentoring Support to Intelligence and Investigation Units (Phase 2) | AW2 | 2019 |
| Mining Fiscal Regime Design and Modelling | FAD | 2019 |
| National Accounts | AW2 | 2019 |
| Developing a risk-based approach to AML/CFT supervision | LEG | 2019 |
| Follow-up Basel II/III Implementation (visit 1) | MCM | 2019 |
| VAT Compliance and Data Matching Follow-up | AW2 | 2019 |
| Mining Fiscal Regime Design and Modelling | FAD | 2018 |
| Monetary Policy Implementation & Operations | MCM | 2018 |
| IFRS 9 Model Validation | AW2 | 2018 |
| Consumer Price Index | AW2 | 2018 |
| Fiscal Commitment and Contingent Liabilities of PPP Projects assessed & budgeted for in FY2019 | AW2 | 2018 |
| Workshop on PFMI Organization and Operational Risk Management | AFE | 2018 |
| VAT Compliance and Data matching | AW2 | 2018 |
| Provision of Mentoring Support to Intelligence and Investigation Units (Phase 1) | AW2 | 2018 |
| Deepening the Domestic Market: Wrap-up Mission | MCM | 2018 |
| Mergers and Acquisition Processes | AW2 | 2018 |
| Fiscal Risk Management, Including Oversight of SOEs | AW2 | 2018 |
| Managing and Reporting Fiscal Risks | FAD | 2018 |
| Developing Standard Criteria for Pre-screening Publicly Funded Projects | FAD | 2018 |
| Pillar 2 ICAAP Workshop | MCM | 2018 |
| Train staff on Excise audits | AW2 | 2018 |
| IFRS 9 Model Validation | AW2 | 2018 |
| Petroleum revenue forecasting and to commence analysis of the mining sector fiscal regime | FAD | 2018 |
| AML/CFT Risk-Based Supervision | LEG | 2018 |
| Consumer Prices/Producer Price (EDDI2) | STA | 2018 |
| Bank Restructuring | MCM | 2018 |
| National Accounts | AW2 | 2018 |
| Continue momentum on restructuring of MoFEA | AW2 | 2018 |
| Natural Resource Revenue Forecasting | FAD | 2018 |
| Integrity Workshop (Diagnostic Study) | AW2 | 2018 |
| Bank Restructuring and Resolution | MCM | 2018 |
| Medium Term Debt Strategy | MCM | 2018 |
| Assessment of Project Implementation and Progress | MCM | 2018 |
| Professional Attachment on Financial Market Infrastructures and Payments at Bank of Tanzania | AW2 | 2018 |
| Capacity Building on Market and Liquidity Risk | AW2 | 2018 |
| Consumer Prices/Producer Price (EDDI2) | STA | 2018 |
| National Accounts | AW2 | 2018 |
| Review Excise Manual and Structure | AW2 | 2018 |
| TRIPS Functionality Review for GRA | AW2 | 2018 |
| Excise Manual and Structure Review | AW2 | 2018 |
| LTO Compliance Improvement | AW2 | 2017 |
| VAT Compliance Review and Improvement Program | AW2 | 2017 |
| Post TADAT Strategy Setting and Design | FAD | 2017 |
| Policy Options for 2018 budget | FAD | 2017 |
| Training on Consolidated Supervision | AW2 | 2017 |
| CPSS-IOSCO Principal for Financial Market | AFE | 2017 |
| Excise Manual and Structure Review | AW2 | 2017 |
| Deepening the Domestic Market (Peripatetic 4 of 5) | MCM | 2017 |
| IFRS Accounting Standards | AW2 | 2017 |
| Liquidity Forecasting and Foreign Exchange Operations | AW2 | 2017 |
| Ghana: S&L Annexes | LEG | 2017 |
| PFM Regulations | FAD | 2017 |
| Customs ADM/FAD Ghana Workshop on Customs Procedures and Control in Ports | AFW | 2017 |
| Strengthening Fiscal Data Integrity and Financial Reporting | AW2 | 2017 |
| Advancing the Reorganization of the Ministry of Finance (Business Process Reengineering) | FAD | 2017 |
| Support the GRA Compliance Audit Program | AW2 | 2017 |
| National Accounts | AW2 | 2017 |
| Bank Restructuring and Resolution (Follow-Up) | MCM | 2017 |
| Advancing the Reorganization of the Ministry of Finance | AW2 | 2017 |
| Natural Resource Revenue Forecasting | FAD | 2017 |
| Enhancing Risk Focused Supervision | AW2 | 2017 |
| IFRS Training | AW2 | 2017 |
| Bank Restructuring and Resolution | MCM | 2017 |
| TAD AT | FAD | 2017 |
| AML/CFT TA on Risk-Based Supervision | LEG | 2017 |
| Deepening the Domestic Market | MCM | 2017 |
| IFRS Training | AW2 | 2017 |
| Excise Procedure Manual | AW2 | 2017 |
| Advancing TSA and Cash Management | AW2 | 2017 |
| Debt and contingent liability management | FAD | 2017 |
| TADAT Training | AW2 | 2017 |
| Monetary and Financial Statistics (EDDI2) | STA | 2017 |
| National Accounts | AW2 | 2017 |
| Developing liquidity forecasting and the payment system oversight function of BoG | AW2 | 2017 |
Technical Assistance (TA) since January 2017
| Subject | Department | Year |
|---|---|---|
| Assessment of revenue administration | FAD | 2019 |
| IT/Cyber security risk management framework | MCM | 2019 |
| Delivery of Integrity Training for Customs | AW2 | 2019 |
| AML/CFT Supervision for DNFBPS and NPOs | LEG | 2019 |
| Reviewing and Refining the Structure and Efficiency of Chart of Accounts | AW2 | 2019 |
| Bank Supervision & Regulation | MCM | 2019 |
| Progressing Basel II/III | AW2 | 2019 |
| Strengthening the Strategic Approach to Planning and Costing the | ||
| Medium-Term Expenditure Budget | ||
| Progressing Basel II/III | AW2 | 2019 |
| Design of Risk Management Strategy, Supporting Framework and Risk Profiles | AW2 | 2019 |
| Strengthen GRA Strategic Planning Capacity | AW2 | 2019 |
| Mining tax reform | FAD | 2019 |
| Development of Controls for ECOWAS Customs Integrity Framework | AW2 | 2019 |
| Development of Post Clearance Audit SOPs and Guidelines | AW2 | 2019 |
| National accounts – Rebasing of GDP and development of quarterly GDP by expenditures approach | AW2 | 2019 |
| Price Statistics (EDDI2) | STA | 2019 |
| PPP/PFRAM/Fiscal Risk Management – Seminar | FAD | 2019 |
| Review and Reorganization of the Functions of the CAG | AW2 | 2019 |
| Strengthen excise duties management capacity | AW2 | 2019 |
| Improve risk processes, compliance management | FAD | 2019 |
| Diagnostic Mission on BoG’s Forecasting and Policy Analysis System | AW2 | 2019 |
| Mining fiscal regime design and modelling | FAD | 2019 |
| Liquidity Management Framework | MCM | 2019 |
| Integrity Strategy and Implementation of Action Plan | AW2 | 2019 |
| Fiscal Risks | FAD | 2019 |
| Petroleum Fiscal Modelling | FAD | 2019 |
| PCA Training and Mentoring Support | AW2 | 2019 |
| Supporting the MoFEA in Applying a Prioritizing Framework to Existing Capital Projects | AW2 | 2019 |
| Review of AML/CFT TA Report | LEG | 2019 |
| Follow-up to finalize Compliance Improvement Plan and guide Data Matching Team | AW2 | 2019 |
| TA Evaluation | MCM | 2019 |
| Seminar on PIMA | FAD | 2019 |
| Workshop on Public Investment Management | FAD | 2019 |
| Enhancing Offsite Follow up Review | AW2 | 2019 |
| Improve risk processes, compliance management etc. | FAD | 2019 |
| Supporting the MoFEA in Preparing, Appraising and Prioritizing Capital Projects | AW2 | 2019 |
| Provision of Mentoring Support to Intelligence and Investigation Units (Phase 2) | AW2 | 2019 |
| Mining Fiscal Regime Design and Modelling | FAD | 2019 |
| National Accounts | AW2 | 2019 |
| Developing a risk-based approach to AML/CFT supervision | LEG | 2019 |
| Follow-up Basel II/III Implementation (visit 1) | MCM | 2019 |
| VAT Compliance and Data Matching Follow-up | AW2 | 2019 |
| Mining Fiscal Regime Design and Modelling | FAD | 2018 |
| Monetary Policy Implementation & Operations | MCM | 2018 |
| IFRS 9 Model Validation | AW2 | 2018 |
| Consumer Price Index | AW2 | 2018 |
| Fiscal Commitment and Contingent Liabilities of PPP Projects assessed & budgeted for in FY2019 | AW2 | 2018 |
| Workshop on PFMI Organization and Operational Risk Management | AFE | 2018 |
| VAT Compliance and Data matching | AW2 | 2018 |
| Provision of Mentoring Support to Intelligence and Investigation Units (Phase 1) | AW2 | 2018 |
| Deepening the Domestic Market: Wrap-up Mission | MCM | 2018 |
| Mergers and Acquisition Processes | AW2 | 2018 |
| Fiscal Risk Management, Including Oversight of SOEs | AW2 | 2018 |
| Managing and Reporting Fiscal Risks | FAD | 2018 |
| Developing Standard Criteria for Pre-screening Publicly Funded Projects | FAD | 2018 |
| Pillar 2 ICAAP Workshop | MCM | 2018 |
| Train staff on Excise audits | AW2 | 2018 |
| IFRS 9 Model Validation | AW2 | 2018 |
| Petroleum revenue forecasting and to commence analysis of the mining sector fiscal regime | FAD | 2018 |
| AML/CFT Risk-Based Supervision | LEG | 2018 |
| Consumer Prices/Producer Price (EDDI2) | STA | 2018 |
| Bank Restructuring | MCM | 2018 |
| National Accounts | AW2 | 2018 |
| Continue momentum on restructuring of MoFEA | AW2 | 2018 |
| Natural Resource Revenue Forecasting | FAD | 2018 |
| Integrity Workshop (Diagnostic Study) | AW2 | 2018 |
| Bank Restructuring and Resolution | MCM | 2018 |
| Medium Term Debt Strategy | MCM | 2018 |
| Assessment of Project Implementation and Progress | MCM | 2018 |
| Professional Attachment on Financial Market Infrastructures and Payments at Bank of Tanzania | AW2 | 2018 |
| Capacity Building on Market and Liquidity Risk | AW2 | 2018 |
| Consumer Prices/Producer Price (EDDI2) | STA | 2018 |
| National Accounts | AW2 | 2018 |
| Review Excise Manual and Structure | AW2 | 2018 |
| TRIPS Functionality Review for GRA | AW2 | 2018 |
| Excise Manual and Structure Review | AW2 | 2018 |
| LTO Compliance Improvement | AW2 | 2017 |
| VAT Compliance Review and Improvement Program | AW2 | 2017 |
| Post TADAT Strategy Setting and Design | FAD | 2017 |
| Policy Options for 2018 budget | FAD | 2017 |
| Training on Consolidated Supervision | AW2 | 2017 |
| CPSS-IOSCO Principal for Financial Market | AFE | 2017 |
| Excise Manual and Structure Review | AW2 | 2017 |
| Deepening the Domestic Market (Peripatetic 4 of 5) | MCM | 2017 |
| IFRS Accounting Standards | AW2 | 2017 |
| Liquidity Forecasting and Foreign Exchange Operations | AW2 | 2017 |
| Ghana: S&L Annexes | LEG | 2017 |
| PFM Regulations | FAD | 2017 |
| Customs ADM/FAD Ghana Workshop on Customs Procedures and Control in Ports | AFW | 2017 |
| Strengthening Fiscal Data Integrity and Financial Reporting | AW2 | 2017 |
| Advancing the Reorganization of the Ministry of Finance (Business Process Reengineering) | FAD | 2017 |
| Support the GRA Compliance Audit Program | AW2 | 2017 |
| National Accounts | AW2 | 2017 |
| Bank Restructuring and Resolution (Follow-Up) | MCM | 2017 |
| Advancing the Reorganization of the Ministry of Finance | AW2 | 2017 |
| Natural Resource Revenue Forecasting | FAD | 2017 |
| Enhancing Risk Focused Supervision | AW2 | 2017 |
| IFRS Training | AW2 | 2017 |
| Bank Restructuring and Resolution | MCM | 2017 |
| TAD AT | FAD | 2017 |
| AML/CFT TA on Risk-Based Supervision | LEG | 2017 |
| Deepening the Domestic Market | MCM | 2017 |
| IFRS Training | AW2 | 2017 |
| Excise Procedure Manual | AW2 | 2017 |
| Advancing TSA and Cash Management | AW2 | 2017 |
| Debt and contingent liability management | FAD | 2017 |
| TADAT Training | AW2 | 2017 |
| Monetary and Financial Statistics (EDDI2) | STA | 2017 |
| National Accounts | AW2 | 2017 |
| Developing liquidity forecasting and the payment system oversight function of BoG | AW2 | 2017 |
Joint World Bank-IMF Work Program, 2019–20
World Bank: https://www.worldbank.org/en/country/ghana
| Products | Provisional timing | Expected delivery date |
|---|---|---|
| Ghana Development Policy Financing | February 2020 | December 2020 |
| Public Financial Management Reform Project | Ongoing | December 2020 |
| Ghana Economic Management Strengthening Project | March 2020 | March 2020 |
| Financial sector supervision | Ongoing | December 2020 |
| Ghana Development Finance Project | March/April 2020 | June 2020 |
| Technical Assistance to Implementation of the Energy Sector Recovery Plan (ESRP) | Ongoing | December 2023 |
| Technical Assistance to establishment of ACFTA Secretariat | First mission in December 2019 | December 2020 |
| Ghana Component of Harmonizing and Improving Statistics in West Africa | First mission in November 2019 | March 2020 |
| Subject | Department | Provisional timing |
| Identification and Management of Fiscal Risks Arising from PPP Projects | AW2 | April 2020 |
| Enhancing Offsite Follow-up Review | AW2 | March 2020 |
| Review of Ghana Real Time Gross Settlement System based on CPSS-IOSCO PFMI | AW2 | March 2020 |
| Enhancing IFRS Practices | AW2 | March 2020 |
| Strengthen VAT Compliance and data matching capacity | AW2 | February 2020 |
| Price statistics – Rebasing of Price index numbers | AW2 | February 2020 |
| Follow-up Mission on Final Assessment of the SECO Bank Supervision Project | MCM | January 2020 |
| National accounts – Development of quarterly GDP by expenditures approach | AW2 | January 2020 |
| Developing a Budget Performance Monitoring Framework for Ghana | AW2 | January 2020 |
| EI Risk Based Compliance Strategy 2 of 2 | FAD | January 2020 |
| Development of MoUs with other Customs and Border Agencies | AW2 | December 2019 |
| AML/CFT Missions | LEG | December 2019 |
| Government Finance Statistics | STA | November 2019 |
| Strengthen Strategic Planning Capacity | AW2 | November 2019 |
| Enhancing Offsite Follow-up Review | AW2 | November 2019 |
| Bank Resolution Regimes | LEG | November 2019 |
| Improving Forecasting and Policy Analysis System | AW2 | November 2019 |
| Review of Primary Dealer and Bookbuilding Auction Systems | MCM | November 2019 |
| Improving Forecasting and Policy Analysis System | AW2 | November 2019 |
| SOE Fiscal Risks | FAD | November 2019 |
| Subject | Institution | Delivery date |
| Regular updates on the status of the Post-Program Monitoring (PPM) and Article IV missions, as well as macroeconomic projections. | World Bank request to IMF | Continuous |
| Regular updates on Bank’s financing to Ghana, and other activities, including in the energy and financial sectors, and public financial management. | IMF request to World Bank | Continuous |
| Joint Bank-Fund Debt Sustainability Analysis (Update) | Joint IMF-World Bank product | December 2019 |
| Products | Provisional timing | Expected delivery date |
|---|---|---|
| Ghana Development Policy Financing | February 2020 | December 2020 |
| Public Financial Management Reform Project | Ongoing | December 2020 |
| Ghana Economic Management Strengthening Project | March 2020 | March 2020 |
| Financial sector supervision | Ongoing | December 2020 |
| Ghana Development Finance Project | March/April 2020 | June 2020 |
| Technical Assistance to Implementation of the Energy Sector Recovery Plan (ESRP) | Ongoing | December 2023 |
| Technical Assistance to establishment of ACFTA Secretariat | First mission in December 2019 | December 2020 |
| Ghana Component of Harmonizing and Improving Statistics in West Africa | First mission in November 2019 | March 2020 |
| Subject | Department | Provisional timing |
| Identification and Management of Fiscal Risks Arising from PPP Projects | AW2 | April 2020 |
| Enhancing Offsite Follow-up Review | AW2 | March 2020 |
| Review of Ghana Real Time Gross Settlement System based on CPSS-IOSCO PFMI | AW2 | March 2020 |
| Enhancing IFRS Practices | AW2 | March 2020 |
| Strengthen VAT Compliance and data matching capacity | AW2 | February 2020 |
| Price statistics – Rebasing of Price index numbers | AW2 | February 2020 |
| Follow-up Mission on Final Assessment of the SECO Bank Supervision Project | MCM | January 2020 |
| National accounts – Development of quarterly GDP by expenditures approach | AW2 | January 2020 |
| Developing a Budget Performance Monitoring Framework for Ghana | AW2 | January 2020 |
| EI Risk Based Compliance Strategy 2 of 2 | FAD | January 2020 |
| Development of MoUs with other Customs and Border Agencies | AW2 | December 2019 |
| AML/CFT Missions | LEG | December 2019 |
| Government Finance Statistics | STA | November 2019 |
| Strengthen Strategic Planning Capacity | AW2 | November 2019 |
| Enhancing Offsite Follow-up Review | AW2 | November 2019 |
| Bank Resolution Regimes | LEG | November 2019 |
| Improving Forecasting and Policy Analysis System | AW2 | November 2019 |
| Review of Primary Dealer and Bookbuilding Auction Systems | MCM | November 2019 |
| Improving Forecasting and Policy Analysis System | AW2 | November 2019 |
| SOE Fiscal Risks | FAD | November 2019 |
| Subject | Institution | Delivery date |
| Regular updates on the status of the Post-Program Monitoring (PPM) and Article IV missions, as well as macroeconomic projections. | World Bank request to IMF | Continuous |
| Regular updates on Bank’s financing to Ghana, and other activities, including in the energy and financial sectors, and public financial management. | IMF request to World Bank | Continuous |
| Joint Bank-Fund Debt Sustainability Analysis (Update) | Joint IMF-World Bank product | December 2019 |
Statistical Issues
As of October 30, 2019
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for standard surveillance, though some shortcomings remain in the quality and timeliness of certain data. To monitor vulnerabilities, effective surveillance warrants a timelier provision of critical high-frequency data. There are notable deficiencies in the dissemination of statistical information to the public, particularly with fiscal data which have been released with delays. |
| National Accounts: Ghana compiles annual and quarterly estimates of GDP by production at current and constant (2013) prices following a recent rebase of national accounts which was disseminated in September 2018. The Ghana Statistical Service (GSS) also publishes annual GDP on the expenditure basis at current and constant (2013) prices, with the latest data for 2018. The compilation of the annual national accounts needs to be further strengthened, including by improving the methodology and source data. |
| Price Statistics: The CPI was rebased in September 2019 using 2016–17 household expenditures and taking 2018 as the base year. The GSS also plans to update the PPI weights to 2014 from 2003, to better reflect current output. Ghana participates in the Prices Module of the Enhanced Data Dissemination Initiative Phase 2 (EDDI2) supported by DFID. |
| Labor statistics: The scarcity of labor statistics is a cause for concern, although the 2015 Labor Force Survey provides interesting information. However, wage and employment statistics are almost nonexistent. The Ministry of Employment has received technical assistance from the United Nations Development Program and the International Labor Organization in the design and compilation of labor statistics. |
| Government Finance Statistics (GFS): The quality and timeliness of government finance statistics needs to be improved. Monthly government accounts are published with significant delays. The fiscal discrepancy remains significant, complicating assessment of the budget deficit. Monthly fiscal reports prepared by the Ministry of Finance need to improve their internal consistency on coverage of entities, treatment of fiscal operations above or below the line, and use of cash basis, transaction timing and use of data sources.. To address these shortcomings, the government formed a joint Ministry of Finance-Bank of Ghana working group which is expected to reach understandings on a consistent data coverage and sources of data. The implementation of the Treasury Single Account and almost completed rollout of the Ghana Integrated Financial Management Information System (GIFMIS) would help improve fiscal reporting. IMF TA missions have suggested initial solutions to alleviate current data quality problems. The budget and fiscal reporting only covers the budgetary central government (Consolidated Fund), with significant activities at the regional and district level and through the statutory funds remaining outside government finance statistics. The operations of statutory funds, such as the SSNIT (currently regarded as a public financial corporation by the authorities), the Ghana Education Trust Fund (GETF) and the District Assemblies Common Fund (DACF), are not yet covered in the fiscal accounts. Although most local government expenses are directly met from budgetary accounts, the revenue of local governments and related spending, and transactions financed from the DACF are not yet covered. Extending the coverage of fiscal data to general government is strongly encouraged. |
| Monetary Statistics: While the Bank of Ghana (BoG) has made significant progress on implementing the recommendations on monetary and financial statistics, continued efforts are needed to expand the institutional coverage and improve the timeliness of the data reporting. A March 2017 monetary and financial statistics mission assisted in expanding the compilation framework to include rural banks, savings and loans companies, and credit unions in the coverage of the standardized report form (SRF) 2SR for other depository corporations and to compile SRF 4SR for other financial corporations, covering leasing companies, finance houses, and mortgage finance companies. |
| Financial Sector Surveillance: BoG reports the 12 core financial soundness indicators (FSIs) and 7 of the 13 encouraged FSIs for deposit takers on a quarterly basis with a lag of one quarter for posting on the IMF’s FSI website. |
| Balance of Payments Statistics: The Balance of Payments Office (BPO) of the Research Department of the BoG is responsible for the compilation and dissemination of balance of payments and International Investment Position (IIP) data for Ghana. Ghana participates in the external sector module of EDDI and has benefited extensively from technical assistance in developing and undertaking enterprise surveys of cross-border financial flows and stocks (Foreign Assets and Liabilities Survey (FALS)), with a view to improve the quality of balance of payments statistics and IIP statistics. However, there are still some challenges with the timeliness of the data. Next steps include the implementation of a small timely sample quarterly survey of cross-border capital. Despite the progress achieved in improving the data sources and compilation techniques, substantial work is still needed to strengthen existing, and develop new, data sources to improve the accuracy and reliability of the current and capital, and financial account. The International Transactions Reporting System (ITRS) should be made a reliable data source to the extent possible and be used at its full potential and as a cost-efficient way to receive information for the current, capital, and financial account. ITRS reporting is being revised to ensure that it serves as: (i) a broad indicator of BOP current, capital, and financial account transactions; and (ii) a data source for transactions of which direct reporting is not feasible. |
| External and Domestic Debt Statistics: The responsibility for external debt recording and payment is divided among three agencies. The Ministry of Finance and Economic Planning (MOFEP), through its Aid and Debt Management Unit (ADMU), maintains the external debt database. It is responsible for recording debt payment obligations, issuing payment requests, and tracking HIPC debt relief. The Controller and Accountant General Department (CAGD) confirms the legality of the payment and authorizes the release of public funds. It is responsible for accounting for debt payments and rendering reports to parliament. The BoG as the payment agent for the government verifies payments made to ADMU and CAGD. To enable systematic comparison of the budget, the balance of payments and the BoG cash-flow data, the authorities should clearly identify the government subsectors for which data are reported and prepare a clear classification of financing, outstanding debt, and guarantees issued. |
| Trade Statistics: Currently, the GSS is not publishing timely monthly trade statistics, although the data are available from the Customs, Excise, and Preventive Service (CEPS). Staff has recommended that the GSS collaborate with the CEPS to process customs data within six weeks and with the Ministry of Trade and Industry (MOT) and the BoG to identify and reduce discrepancies in trade statistics and to ensure that imports into bonded warehouses are not double-counted. Data collection procedures of the CEPS need to be improved, and there is also room for improving trade volume data collected by the CEPS through customs invoices, which would help the GSS to extract meaningful import and export unit values. Fund staff has recommended that the GSS produce export unit values for major export commodities, such as gold and cocoa. A high coverage of the country’s export bundle can be obtained from just three major exports—cocoa, gold, and oil. |
| II. Data Standards and Quality |
| Ghana participates in the General Data Dissemination System (GDDS) since July 20, 2005. Its metadata and improvement plan were last updated on September 25, 2014. Its data ROSC was published on July 7, 2004. Ghana disseminates 14 of the 15 data categories under the GDDS. Ghana is currently in the Baseline of the e-GDDS because the authorities do not publish a National Summary Data Page (NSDP). An e-GDDS mission to Accra in October 2016 assisted in completing all preparations for the implementation of the e-GDDS and publication of an online NSDP. Ghana is encouraged to finalize this work by publishing an online NSDP. |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision is broadly adequate for standard surveillance, though some shortcomings remain in the quality and timeliness of certain data. To monitor vulnerabilities, effective surveillance warrants a timelier provision of critical high-frequency data. There are notable deficiencies in the dissemination of statistical information to the public, particularly with fiscal data which have been released with delays. |
| National Accounts: Ghana compiles annual and quarterly estimates of GDP by production at current and constant (2013) prices following a recent rebase of national accounts which was disseminated in September 2018. The Ghana Statistical Service (GSS) also publishes annual GDP on the expenditure basis at current and constant (2013) prices, with the latest data for 2018. The compilation of the annual national accounts needs to be further strengthened, including by improving the methodology and source data. |
| Price Statistics: The CPI was rebased in September 2019 using 2016–17 household expenditures and taking 2018 as the base year. The GSS also plans to update the PPI weights to 2014 from 2003, to better reflect current output. Ghana participates in the Prices Module of the Enhanced Data Dissemination Initiative Phase 2 (EDDI2) supported by DFID. |
| Labor statistics: The scarcity of labor statistics is a cause for concern, although the 2015 Labor Force Survey provides interesting information. However, wage and employment statistics are almost nonexistent. The Ministry of Employment has received technical assistance from the United Nations Development Program and the International Labor Organization in the design and compilation of labor statistics. |
| Government Finance Statistics (GFS): The quality and timeliness of government finance statistics needs to be improved. Monthly government accounts are published with significant delays. The fiscal discrepancy remains significant, complicating assessment of the budget deficit. Monthly fiscal reports prepared by the Ministry of Finance need to improve their internal consistency on coverage of entities, treatment of fiscal operations above or below the line, and use of cash basis, transaction timing and use of data sources.. To address these shortcomings, the government formed a joint Ministry of Finance-Bank of Ghana working group which is expected to reach understandings on a consistent data coverage and sources of data. The implementation of the Treasury Single Account and almost completed rollout of the Ghana Integrated Financial Management Information System (GIFMIS) would help improve fiscal reporting. IMF TA missions have suggested initial solutions to alleviate current data quality problems. The budget and fiscal reporting only covers the budgetary central government (Consolidated Fund), with significant activities at the regional and district level and through the statutory funds remaining outside government finance statistics. The operations of statutory funds, such as the SSNIT (currently regarded as a public financial corporation by the authorities), the Ghana Education Trust Fund (GETF) and the District Assemblies Common Fund (DACF), are not yet covered in the fiscal accounts. Although most local government expenses are directly met from budgetary accounts, the revenue of local governments and related spending, and transactions financed from the DACF are not yet covered. Extending the coverage of fiscal data to general government is strongly encouraged. |
| Monetary Statistics: While the Bank of Ghana (BoG) has made significant progress on implementing the recommendations on monetary and financial statistics, continued efforts are needed to expand the institutional coverage and improve the timeliness of the data reporting. A March 2017 monetary and financial statistics mission assisted in expanding the compilation framework to include rural banks, savings and loans companies, and credit unions in the coverage of the standardized report form (SRF) 2SR for other depository corporations and to compile SRF 4SR for other financial corporations, covering leasing companies, finance houses, and mortgage finance companies. |
| Financial Sector Surveillance: BoG reports the 12 core financial soundness indicators (FSIs) and 7 of the 13 encouraged FSIs for deposit takers on a quarterly basis with a lag of one quarter for posting on the IMF’s FSI website. |
| Balance of Payments Statistics: The Balance of Payments Office (BPO) of the Research Department of the BoG is responsible for the compilation and dissemination of balance of payments and International Investment Position (IIP) data for Ghana. Ghana participates in the external sector module of EDDI and has benefited extensively from technical assistance in developing and undertaking enterprise surveys of cross-border financial flows and stocks (Foreign Assets and Liabilities Survey (FALS)), with a view to improve the quality of balance of payments statistics and IIP statistics. However, there are still some challenges with the timeliness of the data. Next steps include the implementation of a small timely sample quarterly survey of cross-border capital. Despite the progress achieved in improving the data sources and compilation techniques, substantial work is still needed to strengthen existing, and develop new, data sources to improve the accuracy and reliability of the current and capital, and financial account. The International Transactions Reporting System (ITRS) should be made a reliable data source to the extent possible and be used at its full potential and as a cost-efficient way to receive information for the current, capital, and financial account. ITRS reporting is being revised to ensure that it serves as: (i) a broad indicator of BOP current, capital, and financial account transactions; and (ii) a data source for transactions of which direct reporting is not feasible. |
| External and Domestic Debt Statistics: The responsibility for external debt recording and payment is divided among three agencies. The Ministry of Finance and Economic Planning (MOFEP), through its Aid and Debt Management Unit (ADMU), maintains the external debt database. It is responsible for recording debt payment obligations, issuing payment requests, and tracking HIPC debt relief. The Controller and Accountant General Department (CAGD) confirms the legality of the payment and authorizes the release of public funds. It is responsible for accounting for debt payments and rendering reports to parliament. The BoG as the payment agent for the government verifies payments made to ADMU and CAGD. To enable systematic comparison of the budget, the balance of payments and the BoG cash-flow data, the authorities should clearly identify the government subsectors for which data are reported and prepare a clear classification of financing, outstanding debt, and guarantees issued. |
| Trade Statistics: Currently, the GSS is not publishing timely monthly trade statistics, although the data are available from the Customs, Excise, and Preventive Service (CEPS). Staff has recommended that the GSS collaborate with the CEPS to process customs data within six weeks and with the Ministry of Trade and Industry (MOT) and the BoG to identify and reduce discrepancies in trade statistics and to ensure that imports into bonded warehouses are not double-counted. Data collection procedures of the CEPS need to be improved, and there is also room for improving trade volume data collected by the CEPS through customs invoices, which would help the GSS to extract meaningful import and export unit values. Fund staff has recommended that the GSS produce export unit values for major export commodities, such as gold and cocoa. A high coverage of the country’s export bundle can be obtained from just three major exports—cocoa, gold, and oil. |
| II. Data Standards and Quality |
| Ghana participates in the General Data Dissemination System (GDDS) since July 20, 2005. Its metadata and improvement plan were last updated on September 25, 2014. Its data ROSC was published on July 7, 2004. Ghana disseminates 14 of the 15 data categories under the GDDS. Ghana is currently in the Baseline of the e-GDDS because the authorities do not publish a National Summary Data Page (NSDP). An e-GDDS mission to Accra in October 2016 assisted in completing all preparations for the implementation of the e-GDDS and publication of an online NSDP. Ghana is encouraged to finalize this work by publishing an online NSDP. |
Ghana: Table of Common Indicators Required for Surveillance
(As of October 30, 2019)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Includes external gross financial assets and liability positions vis-à-vis non residents.
Ghana: Table of Common Indicators Required for Surveillance
(As of October 30, 2019)
| Latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Sep 2019 | Sep 2019 | D | M | NA |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Sep 2019 | Sep 2019 | M | M | Q |
| Reserve/Base Money | Aug 2019 | Oct 2019 | M | M | I |
| Broad Money | Aug 2019 | Oct 2019 | M | M | I |
| Central Bank Balance Sheet | Aug 2019 | Oct 2019 | M | M | I |
| Consolidated Balance Sheet of the Banking System | Jun 2019 | Oct 2019 | M | M | I |
| Interest Rates2 | Sep 2019 | Oct 2019 | M | M | I |
| Consumer Price Index | Sep 2019 | Oct 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General | |||||
| Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Aug 2019 | Oct 2019 | M | M | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Aug 2019 | Oct 2019 | M | Q | I |
| External Current Account Balance | Jun 2019 | Oct 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Jun 2019 | Oct 2019 | Q | Q | Q |
| GDP/GNP | 2018 | Sep 2019 | Q/A | Q/A | Q/A |
| Gross External Debt | Jun 2019 | Oct 2019 | M | I | A |
| International Investment Position7 | 2018 | Oct 2019 | NA | NA | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Includes external gross financial assets and liability positions vis-à-vis non residents.
Ghana: Table of Common Indicators Required for Surveillance
(As of October 30, 2019)
| Latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Sep 2019 | Sep 2019 | D | M | NA |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Sep 2019 | Sep 2019 | M | M | Q |
| Reserve/Base Money | Aug 2019 | Oct 2019 | M | M | I |
| Broad Money | Aug 2019 | Oct 2019 | M | M | I |
| Central Bank Balance Sheet | Aug 2019 | Oct 2019 | M | M | I |
| Consolidated Balance Sheet of the Banking System | Jun 2019 | Oct 2019 | M | M | I |
| Interest Rates2 | Sep 2019 | Oct 2019 | M | M | I |
| Consumer Price Index | Sep 2019 | Oct 2019 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3 – General | |||||
| Government4 | NA | NA | NA | NA | NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | Aug 2019 | Oct 2019 | M | M | I |
| Stocks of Central Government and Central Government-Guaranteed Debt5 | Aug 2019 | Oct 2019 | M | Q | I |
| External Current Account Balance | Jun 2019 | Oct 2019 | Q | Q | Q |
| Exports and Imports of Goods and Services | Jun 2019 | Oct 2019 | Q | Q | Q |
| GDP/GNP | 2018 | Sep 2019 | Q/A | Q/A | Q/A |
| Gross External Debt | Jun 2019 | Oct 2019 | M | I | A |
| International Investment Position7 | 2018 | Oct 2019 | NA | NA | NA |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Includes external gross financial assets and liability positions vis-à-vis non residents.