[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109207-en":3,"doc-seo-109207-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109207,34359740700684,"Finn","https://ap-avatar.wpscdn.com/avatar/1f400023980c374ae676?_k=1777273430885731487",8,"Research & Report","Ghana Public Finance Review - Volume 2 - Detailed Analysis - Executive Summary","Executive Summary outlines Ghana’s public finance trajectory, highlighting how rapid GDP growth driven by debt accumulation and oil production translated into progress against poverty but left the country exposed to external shocks. It details rising fiscal deficits, expanding public debt, weak budgetary institutions, inefficient spending controls, and declining revenue collection. The summary describes the COVID-19 crisis escalation and 2023 IMF-supported ECF measures, emphasizing long-term fiscal reforms, fiscal rules, institutional independence, and stronger domestic revenue mobilization.","Executive Summary  \nPublic Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nG Review   Foundations forhana Pub lic Finance Building the a Resilient and Equitable Fiscal Policy  \nGhana Public Finance Review | Volume 2 / Detailed Analysis  2  \nGhana’s rapid gross domestic product (GDP) growth, fueled by debt accumulation, fostered past progress on poverty reduction but left it highly vulnerable to global shocks such as COVID-19.  \nGhana’s development path, although registering past successes, faces a series of current and future public finance challenges. Ghana succeeded in halving its poverty rate between 1991 and 2016, but recent global crises have reversed progress ( Figure E.1) . Ghana needs to provide more and better jobs and foster inclusive productivity growth, especially through investmentsin human capital. At the same time, the country’s growth path is increasingly vulnerable to climate change and climate-related shocks. Tackling these challenges will require fiscal policy to promote macroeconomic stability, create the right incentives, and generate the necessary public investments.  \nStarting in 2009, Ghana experienced a growth acceleration driven by oil production, leading to a buildup of significant macroeconomic imbalancesand debt accumulation. Between 2008 and 2019, Ghana’s economy grew atan average rate of 6.8 percent per year, outpacing both regional and global growth rates. While this rapid expansion brought significant increases in per capita income, continued progress on poverty reduction, and improvements in social indicators, it was largely fueled by budget overruns and external borrowing. The fiscal deficit, which averaged 4 percent of GDP between 2008 and 2019, was more than double the average of the preceding decade. Despite benefiting from debt relief through the Highly Indebted Poor Countries (HIPC) initiative in the early 2000s, Ghana’s debt began to rise again in the decade to 2019, driven by fast-rising external commercial debt (notably Eurobonds) . By 2019, public debt had reached 60 percent of GDP ( Figure E.2) .  \nExecutive Summary 3  \n\n| Ghana’s achievements in poverty reduction have recently faced setbacks |\n| --- |\n| Figure E.1. Poverty rates, Ghana and Sub-Saharan Africa (SSA) (using US$3.65, 2017 purchasing power parity [PPP]), 1990–2023 |\n\nSource: World Bank. (2023) . Poverty and Inequality Platform for Global poverty lineup numbers. Macro Poverty Outlook (Annual meetings 2023) .  \n\n| Following HIPC debt relief (2002–04), Ghana’s debt burden rose again as the oil boom began and skyrocketed after the COVID-19 shock |\n| --- |\n| Figure E.2 . Central government gross debt (% GDP), 2000–2023 |\n\n100.0  \n90.0  \n80.0  \n70.0  \n60.0  \n50.0  \n40.0  \n30.0  \n20.0  \n10.0  \n0.0  \nSource: International Monetary Fund (IMF) World Economic Outlook (WEO), 2000–2019; Debt Sustainability Analysis (DSA), 2020–2023.  \nNote: 2023 public debt presents a post-domestic debt restructuring/ pre-external debt restructuring scenario.  \nThe lack of fiscal discipline was marked by weak budgetary institutions, high fiscal liabilities from the financial and energy sectors, and insufficient revenue collection. Public spending surged, with total expenditures averaging 19 percent of GDP during 2008–2019. Ineffective spending controls, frequent budget overruns (notably on the wage bill), and inadequate procurement practices contributed to increasing deficits. Fiscal pressures were intensified by an expensive cleanup of the financial sector (costing the equivalent of 8.3 percent of cumulative GDP for 2017 to 2021) and ongoing losses in the energy sector (costing the government an annual average 1.7 percent of GDP since 2019) . The fiscal situation was further weakened by declining tax revenue, as collection from most major taxes declined.  \nA prolonged and expensive fiscal response to COVID-19 and repeated global shocks plunged Ghana into a full-fledged crisis in 2022, f","cbCaieJPklNyjwM9","https://ap.wps.com/l/cbCaieJPklNyjwM9","pdf",407329,5,1,14,"English","en",105,"# Executive Summary\n## Macroeconomic vulnerabilities and debt accumulation\n## Fiscal discipline, institutions, and spending pressures\n## COVID-19 impacts and IMF-supported consolidation\n## Domestic revenue mobilization and tax performance","[{\"question\":\"What factors drove Ghana’s recent growth and why did they create vulnerability?\",\"answer\":\"Growth acceleration from 2009 was fueled by oil production, while deficits and external borrowing accumulated macroeconomic imbalances and debt. The resulting fiscal structure left Ghana highly exposed to global shocks such as COVID-19 and climate-related shocks.\"},{\"question\":\"How did Ghana’s fiscal deficits and public debt evolve from 2008 to 2019?\",\"answer\":\"Between 2008 and 2019 the fiscal deficit averaged about 4% of GDP, more than double the prior decade. Public debt rose again after debt relief, reaching around 60% of GDP by 2019.\"},{\"question\":\"What measures began in 2023 to restore fiscal sustainability?\",\"answer\":\"Ghana entered a three-year IMF Extended Credit Facility (ECF) and initiated decisive fiscal consolidation and comprehensive debt restructuring. The pathway to sustainability is expected to require long-term reforms, including fiscal rules and stronger independence of fiscal institutions such as the fiscal council.\"}]","Ghana Public Finance Review - Volume 2 - Detailed Analysis - Executive Summary | PDF",1784477837,35,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"ghana-public-finance-review-volume-2-detailed-analysis-executive-summary","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/ghana-public-finance-review-volume-2-detailed-analysis-executive-summary/109207/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What factors drove Ghana’s recent growth and why did they create vulnerability?","Question",{"text":77,"@type":78},"Growth acceleration from 2009 was fueled by oil production, while deficits and external borrowing accumulated macroeconomic imbalances and debt. The resulting fiscal structure left Ghana highly exposed to global shocks such as COVID-19 and climate-related shocks.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How did Ghana’s fiscal deficits and public debt evolve from 2008 to 2019?",{"text":82,"@type":78},"Between 2008 and 2019 the fiscal deficit averaged about 4% of GDP, more than double the prior decade. Public debt rose again after debt relief, reaching around 60% of GDP by 2019.",{"name":84,"@type":75,"acceptedAnswer":85},"What measures began in 2023 to restore fiscal sustainability?",{"text":86,"@type":78},"Ghana entered a three-year IMF Extended Credit Facility (ECF) and initiated decisive fiscal consolidation and comprehensive debt restructuring. The pathway to sustainability is expected to require long-term reforms, including fiscal rules and stronger independence of fiscal institutions such as the fiscal council.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":20,"slug":139},19,"General","general"]