Ghana

These are the last two reviews of Ghana’s Extended Credit Facility arrangement, approved by the Executive Board on April 3, 2015. The ECF-supported program was extended by one year on August 30, 2017, to end on April 2, 2019. Ghana’s macroeconomic performance has significantly improved in the last two years under the ECF-supported program. Growth was robust in the first three quarters of 2018, on the back of oil production. Inflation has continued to decline, to 9 percent in January 2019, within the Bank of Ghana’s band around the inflation target. The fiscal position (excluding financial sector-related costs) has continued to improve in 2018, despite persistent revenue collection challenges; and the current account deficit was lower than anticipated. The Bank of Ghana resolved nine insolvent banks over a period of 18 months, in line with its commitment to clean up the banking sector; and structural reforms to strengthen public financial management and oversight of the state-owned enterprises have continued.