Ghana : Combined First and Second Reviews Under the Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria and Rephasing of Disbursements: Staff Report; Staff State

Ghana's growth of 3–4 percent in 2009 was about twice the estimated average for sub-Saharan Africa. Fiscal performance in 2009 was weaker than programmed, giving rise to substantial new domestic expenditure arrears. The Bank of Ghana (BoG) eased monetary conditions as inflationary pressures receded. Progress in reinvigorating structural reforms gained momentum through end-2009. Growth is projected to strengthen to 4–5 percent in 2010. For 2010, the authorities are targeting a budget deficit of 8 percent of GDP.