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International Monetary Fund

Background Since 2000, economic performance in Ghana has improved, with the economy growing at its fastest pace in more than a decade. In 2004, real GDP growth reached 5.8 percent, driven by agriculture—in particular, record cocoa production—and a strong pickup in the services and construction sectors—helped by increased bank credit and private inward remittances. The strong growth has helped reduce the poverty rate, which is now estimated at about 35 percent of the population. Inflation declined by half to 11.8 percent at the end of 2004, although it