Ghana: Background Information on Output and Investment Performance

International Monetary Fund

No 1995/078, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines some factors that may have accounted for the investment and growth performance of Ghana during the past two decades, with special emphasis on the economic recovery program (ERP) period. The paper highlights that Ghana’s growth performance responded well to the liberalization of the exchange and trade regime and the elimination of price controls. Sustained implementation of stabilization policies without reversals was also strongly supportive of growth. However, inflation remained relatively high—at about 25–30 percent—and unpredictable, dampening the incentives for the private sector to save and invest.

Keywords: ISCR; CR; capital expenditure; fiscal policy; public enterprise; banking system; consumer price index; ERP period; growth performance; adjustment record; inflation rate; output gap; living standard; gross investment; reform strategy; per capita income; market forces; poverty line; Private investment; Inflation; Public sector; Income; Agricultural sector; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 99
Date: 1995-08-17
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