Ghana: Selected Issues Paper

International Monetary Fund

No 2019/368, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper discusses growth strategy for Ghana. Ghana has achieved impressive development gains over the last decades, with rising incomes, lower poverty, and better health, education, and gender outcomes. However, growth has recently become less inclusive, with high inequality and slower poverty reduction. In order to address these challenges, the authorities are pursuing a “Ghana beyond Aid” development strategy centered around agricultural modernization and export-led industrialization. Accelerating productivity growth calls for fostering competition, improving the business environment, strengthening human capital, taking advantage of growing regional markets and industrial policies that prioritize sectors that can export and innovate and where Ghana could achieve economies of scale. Consistent and predictable government policies can help increase long-term investment and improve public spending effectiveness. A key lesson from growth accelerations in other countries is that it is crucial to achieve economies of scale. In most cases, rapid economic growth required achieving export success in specific sectors.

Keywords: ISCR; CR; Ghana; asset; bank; industry; liability; per capita income; public sector; bank intermediation cost; structural change; gas assets; banking system; extractive industry; processing industries in Ghana; value chain; exposure to the commodity cycle; government balance sheet; bank profitability; Financial statements; Public sector; Commercial banks; Business enterprises; Nonperforming loans; Sub-Saharan Africa; Africa (search for similar items in EconPapers)
Pages: 53
Date: 2019-12-18
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