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Ghana - First Macroeconomic Stability for Competitiveness and Growth Development Policy Financing Program Project (Inglês)

This program document proposes a Macroeconomic Stability for Competitiveness and Growth (MSCG1) Development Policy Financing (DPF) Program operation. The MSCG1 is first in a series of three DPF operations and combines an IDA Credit of 106.7 million (US$150 million equivalent) and a Policy-Based Guarantee (PBG) in the amount of up to the equivalent of US$400 million to cover a securities issuance of up to US$1.0 billion by the Republic of Ghana. The operation will build upon the achievements of the previous series of Development Policy Operations (DPO), completed in 2012, with closure of the Eighth Poverty Reduction Support Grant (PRSG-8). The operation complements the macroeconomic stabilization program undertaken by the government and supported by the IMF. The program went to the IMF Board on April 03, 2015 and the success of the program is crucial to reinforcing macroeconomic resilience, sustaining broad-based growth and ensuring that institutional reforms endure. These objectives are also supported by a number of programs currently being implemented by the World Bank and Ghana’s other development partners. Maintaining a stable macroeconomic framework will be vital to Ghana’s development strategy, but recent events have demonstrated the economy’s vulnerability to both external and domestic shocks. Moreover, fiscal discipline may become increasingly difficult to sustain, as spending pressures are likely to intensify during the run-up to the 2016 elections. In addition, the current power crisis has increased the cost of production for firms and the continuation of the energy-rationing regime could undermine medium-term growth. Finally, special interests that benefit from the public sector’s status quo may resist efforts to level the playing field in government contracting and other critical areas, which will require policymakers to maintain a steadfast commitment to the structural reform agenda.


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    Ghana - First Macroeconomic Stability for Competitiveness and Growth Development Policy Financing Program Project

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    medium term debt management strategy;Environmental and Social Risk Rating;stabilization program;producer price index;fiscal deficit;short term interest rate;Grievance Redress Service;oil and gas industry;cost of energy production;high real interest rate;Exposure to External Shocks;civil service reform plan;public sector wage bill;public sector wage premium;Infrastructure Finance;domestic debt;public debt stock;risk of debt;cost of production;short term liquidity;total debt stock;public sector employment;international capital market;national poverty rate;extreme poverty line;combination of factor;expected present value;reduction in poverty;Development Policy Financing;public sector union;cost of living;Country Program Coordinator;Junior Professional Associate;measure of inequality;distribution of return;Oil &Gas;water price increase;terms of trade;foreign institutional investor;government's reform program;public sector debt;public domestic debt;Public Financial Management;presumptive income tax;short term debt;fiscal deficit target;medium term growth;formal sector employment;debt management capacity;amount of debt;net financial transactions;wages and salary;access to information;gas processing plant;government reform agenda;domestic capital market;total current expenditures;summary of risks;number of workers;liquefied petroleum gas;supply of credit;return to education;expansionary fiscal policy;private sector counterpart;current account deficit;global financial market;elimination of subsidy;crude oil price;net public debt;commodity price volatility;cost of finance;foreign direct investment;Public Spending;fiscal consolidation;financial cost;existing debt;Macroeconomic Management;liquidity risk;external financing;risk premium;ghanaian cedi;refinancing risk;net proceeds;yield curve;rural area;oil import;international reserve;liquidity constraint;budget law;financial asset;debt sustainability;debt level;market condition;cost condition;policy uncertainty;diesel prices;consumption blocks;performance criteria;fuel product;securities issuance;energy specialist;supply side;government's strategy;ghost worker;future debt;energy rationing;financing requirement;public expenditure;external borrowing;short-term debt;governance reform;domestic shock;nominal wage;fiscal discipline;inflationary pressure;oil production;macroeconomic shock;fiscal outcome;Tax Exemption;net acquisition;financial statement;debt portfolio;domestic security;long-term finance;external imbalance;debt datum;market borrowing;interbank market;gold price;goods export;debt service;export price;comparator country;long-term borrowing;inflationary impact;supply disruption;currency depreciation;eurobond market;public finance;sample selection;diesel generator;financial instrument;tax revenue;reducing uncertainty;call option;tax policy;fiscal imbalance;gdp deflator;fiscal responsibility;budget legislation;government worker;revenue administration;monetary policy;macroeconomic reform;program review;transaction cost;debt buyback;funding program;interest cost;bond issuance;financing terms;census data;rising debt;trade tax;social contribution;fiscal operation;electricity cost;social transfer;input substitution;Public Utilities;baseline scenario;power supply;data availability;macroeconomic volatility;risk perception;high spread;rising cost;fiscal account;european commission;international standard;performance framework;load shedding;urban population;geographic area;savannah region;metropolitan area;unemployment rate;capital inflow;Capital Inflows;democratic institution;financial linkages;price rise;government contract;electricity price;fiscal stability;total stock;language program;statutory payments;financial planning;budget execution;tariff increase;fiscal prudence;special interest;budgetary control;domestic arrears;poverty headcount;consumption basket;government's vision;food basket;poverty incidence;rural population;cash basis;potential abuse;coastal region;standard deviation



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