Ghana

The ECF-supported program was completed successfully in March. Since then, the authorities have maintained macroeconomic stability, building on the achievements of the last years. Growth remains strong and inflation is well within the target band. However, while the fiscal stance has improved in recent years, it continues to put pressure on the external position and has not completely offset the impact of contingent liabilities on public debt, which continues to rise. Given Ghana’s history of budget cycles, the 2020 election will be a key test of the authorities’ continued commitment to fiscal discipline. Ghana is now under Post-Program Monitoring.