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Oil discovery and macroeconomic management: The recent Ghanaian experience

Mahamudu Bawumia and Håvard Halland

No wp-2017-185, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The paper goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana's dominant two-party system.

Keywords: Ghana; Macroeconomic policy; Oil; Fiscal consolidation (search for similar items in EconPapers)
Date: 2017
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