Ghana and the IMF: Policy shifts, economic bailouts and macroeconomic outcomes

Suale Karimu

Journal of Policy Modeling, 2024, vol. 46, issue 6, 1146-1164

Abstract: Ghana has a long history of engagement with the IMF. Successive governments of Ghana have sought economic bailouts from the IMF due to worsening domestic macroeconomic stability. This paper examines Ghana’s historical engagement with the IMF and the associated macroeconomic outcomes, and offers lessons for economic restructuring and growth beyond the bailouts. The paper explores the common patterns of the key macroeconomic variables and possible latent causal effects. The results reveal intermittent and short-term effects of the IMF programs. The bailouts often have a short-term impact on macroeconomic stability and growth, but the effects are unsustainable in the long term, especially after the IMF program ends.

Keywords: IMF bailouts; Macroeconomic stability; Economic restructuring; Ghana; Dynamic factor models (search for similar items in EconPapers)
JEL-codes: E65 H12 H60 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jpolmo:v:46:y:2024:i:6:p:1146-1164

DOI: 10.1016/j.jpolmod.2024.07.006

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