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August 18, 2022
IFS’ Assessment of the Government of Ghana’s Fiscal Consolidation Efforts in the Face of the Rapidly Deteriorating Macroeconomic Environment
Finance Minister Ken Ofori-Atta presented the mid-year review of the 2022 budget statement to Parliament on Monday, July 25, 2022. As expected, the review contained revisions to the 2022 macroeconomic forecasts, in light of economic developments since the 2022 budget was announced in November last year. More importantly, it revised the 2022 fiscal projections to take account of budgetary outcomes in the first half of the year, aimed at putting Ghana on a fiscal consolidation path, as a means of addressing the rising macroeconomic instability the country is currently witnessing. Having registered large fiscal deficits in the past decade, which […]
January 26, 2022
Ghana has been facing a very difficult fiscal situation for quite some time. Since 2012, the country has run large fiscal deficits, which have led to rapid debt build-up. The ratio of public debt to GDP, which stood at 29.1% in 2011, climbed swiftly to 55.6% in 2016. This led to a sharp increase in interest expenditure from 13.2% of total revenue and grants in 2011 to 35.8% in 2016.
February 10, 2021
Ghana’s Large Public Sector Compensation Bill- Agitations, Policies, Implications, Causes and Recommendations [Occasional Paper No. 22]
The government of Ghana has long complained about the growth of the public sector compensation bill. It has therefore adopted different policy measures over the years to address this phenomenon. However, these policies have not had a lasting impact on the compensation bill growth. Data therefore reveal that the size of the country’s compensation bill as a ratio of total revenue/expenditure has reached alarming proportions in recent years, despite having seen strong declines in the 1980s. We ﬁnd that the compensation bill is currently posing serious ﬁscal and macroeconomic difﬁculties for the country. Although a few studies have been carried […]
August 6, 2020
Since the outbreak of COVID-19 in Ghana in March 2020, economic policymaking has been dominated by measures to address the many impacts of the pandemic. In particular, fiscal policy has been deployed on a massive scale to shore up the public health response to COVID-19 and also lessen its effects on the economy. According to the government, taking strong efforts now to tackle the COVID-19 shock will pay off eventually by accelerating the country’s recovery from this unprecedented crisis. In addition to policies introduced since March, the government recently announced the Ghana CARES Obaatan Pa Program, a GHȻ100 billion development […]
November 22, 2019
On 13th November 2019, Finance Minister Ken Ofori-Atta presented the budget statement and economic policy of the government for the 2020 financial year. The statement contained a review of the macroeconomic performance in the first three quarters of 2019 as well as projected fiscal outturns for the whole year. It also outlined the macroeconomic policy direction and targets for 2020 and the medium term. Click here to read the full report.