July 31, 2015

Ghana – The 2015 Mid-Year Budget Review

Fiscal Alert 1: Ghana – The 2015 Mid-Year Budget Review On July 12, 2015, the government tabled in Parliament for discussion and approval a mid-year review of the 2015 Budget and supplementary estimates for the 2015 financial year. Prior to that, on June 30, 2015, the IMF had issued its first review press statement on Ghana’s Extended Credit Facility (ECF) program. This brief reviews the mid-year budget and assesses the basis for the government’s revision of the 2015 Budget. Click here to read the full report
August 30, 2015

Ghana – Impact of the Falling Crude Oil Prices

Fiscal Alert 2: Ghana – Impact of the Falling Crude Oil Prices This paper looks at the impact of the recent falling crude oil prices on Ghana’s economy. Oil production affects Ghana’s economic growth while revenues from oil exports and costs of oil imports affect the government budget and macroeconomic performance. Oil thus plays a complex role in Ghana and therefore a careful look at the implications of commodity’s price swing on the economy is very necessary. Click here to read the full report
November 30, 2015

Public Debt and Sustainability: Whither Ghana?

Fiscal Alert 3: Public Debt and Sustainability: Whither Ghana? Ghana’s public debt stock has risen substantially since it enjoyed HIPC/MDRI debt relief in 2005-2006. The highly expansionary scal position in 2006-2008, nanced by external borrowing, triggered a very rapid deterioration in the country’s debt sustainability. This trend was amplied by the resulting balance of payments pressures and currency depreciation, which led to a revaluation of foreign currency-denominated claims relative to domestic GDP. Click here to read the full report
December 14, 2015

Ghana: Implications of the Rising Interest Costs to Government

Fiscal Alert 4 : Ghana: Implications of the Rising Interest Costs to Government One important feature of fiscal management in Ghana in the last few years has been the rapid rise in government borrowing, not just a rise in real debt but also a rise in debt/GDP ratio, pushing the country into a debt trap. With the country posting double-digit fiscal deficits in three consecutive years since 2012 and financed through increased indebtedness, the government is now confronted with a huge and increasing interest payment burden.  This paper looks at the trends in interest costs to the government, causes, and what needs to be done to ensure efficient […]
December 18, 2015

Fiscal Incentives to Eligible Renewable Energy Companies

Fiscal Alert 5: Fiscal Incentives to Eligible Renewable Energy Companies The global energy system based on hydrocarbons is undergoing a foundational shift. Global demand for electricity is expected to rise by more than 80 percent from 2010 to 2040, driven by increases in population and GDP. Approximately 20 percent of global electricity generation now comes from renewable energy sources. Renewables accounted for over half of total net additions to electricity generating capacity worldwide in 2012. Energy generation from renewables is expected to increase by almost three times its 2010 level in 2035, with the share in energy generation mix increasing to 31 percent (KPMG, 2013). Click here to read the […]
August 6, 2017

The State of the Economy and the 2017 Budget Performance

Fiscal Alert 6: The State of the Economy and the 2017 Budget Performance In line with the new Public Financial Management Act (Act 921), the Minister for Finance is required to present a mid-year review of the 2017 Budget Statement to Parliament before the close of July. Ahead of this presentation, the IFS has undertaken a review of the state of the economy and the performance of the budget. The IFS notes that the prospects for the economy in the remaining half of 2017 look promising. However, based on current challenges and risks confronting the budget implementation, more needs to […]