Fiscal Consolidation to Accelerate Growth and Support Inclusive Development
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
Washington, DC
Resumen
Descripción
Ghana has experienced an extended period
of robust growth since the early 2000s, supported by a
favorable external environment and large investment inflows,
particularly in the extractive industries. In 2011, as the
start of oil production drove a surge in per capita income,
Ghana graduated from low-income to lower-middle-income
status. Despite the key role of the extractive industries,
recent growth has been relatively inclusive, and Ghana
achieved its Millennium Development Goal of halving the
poverty rate by 2015. However, macroeconomic conditions have
deteriorated since 2012, giving rise to substantial domestic
and external imbalances. Although external shocks have
underscored Ghana's vulnerability to global commodity
and financial markets, the recurring nature of its
imbalances reflects deeper structural deficiencies in its
macroeconomic policies and public financial management (PFM)
framework. A heavy focus on commodity exports has
accelerated Ghana's recent growth, but the
country's economic outlook increasingly hinges on a
narrow range of volatile commodity prices.
Palabras clave
MACROECONOMIC POLICY, FISCAL POLICY, PUBLIC FINANCIAL MANAGEMENT, PUBLIC EXPENDITURE, REVENUE MANAGEMENT, TAXATION, PUBLIC WAGES, PAY REFORM, PUBLIC EDUCATION, HEALTH, AGRICULTURAL PRODUCTIVITY