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Download or read book OVERVIEW OF GHANA - ECONOMIC REVIEW AND - OUTLOOK (2013). written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: GHANA ECONOMIC REVIEW AND OUTLOOK: 2013 OVERVIEW OF GHANA ECONOMIC REVIEW AND OUTLOOK (2013) PRESENTATION BY CENTRE FOR POLICY ANALYSIS 1 DEPRECIATION OF THE CEDI 2012 opened up with a fall in the value of the cedi which, as noted by the Governor of the Bank of Ghana in the January Press Statement of the Monetary Policy Committee (MPC), reflected both speculative activity of currency traders and. [...] As the record shows, this was neither sufficient nor sustainable and the BOG has subsequently taken steps to tighten monetary policy and arrest the fall of the cedi 3 COMPLETION OF THE 3-YEAR STABILIZATION PROGRAM AND THE DISBURSEMENT BY THE IMF On July 13, 2012 the Executive Board of the IMF completed the combined sixth and seventh Reviews under the Extended Credit Facility (ECF) Arrangement. [...] 9 COMMITMENT TO FISCAL DISCIPLINE The commitment to the primary balance target of 0.1 percent of non-oil GDP made in the Supplementary Budget, in the context of the endorsement of the government's 2012 economic programme, appears to have convinced financial markets that election year notwithstanding, the fiscal outlook is better than feared. [...] The statement attributed to the Finance Minister that the additional funds from the bond issue would not be used to finance more spending and a wider deficit is a renewal of the pledge to fiscal discipline and a complement to the commitment to a tight monetary policy. [...] This can be seen in the decline in performance of the non-oil tradable sectors - agriculture and manufacturing; the boost in industry - which includes the oil and gas sub-sectors; and the recovery in the services sector.