Africa > Ghana

You are looking at 1 - 10 of 28 items for :

  • Type: Journal Issue x
  • Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems x
Clear All Modify Search
Ms. Kazuko Shirono, Esha Chhabra, Ms. Bidisha Das, Ms. Yingjie Fan, and Mr. Hector Carcel Villanova
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
Brandon Buell, Reda Cherif, Carissa Chen, Jiawen Tang, and Nils Wendt
The COVID-19 pandemic underscores the critical need for detailed, timely information on its evolving economic impacts, particularly for Sub-Saharan Africa (SSA) where data availability and lack of generalizable nowcasting methodologies limit efforts for coordinated policy responses. This paper presents a suite of high frequency and granular country-level indicator tools that can be used to nowcast GDP and track changes in economic activity for countries in SSA. We make two main contributions: (1) demonstration of the predictive power of alternative data variables such as Google search trends and mobile payments, and (2) implementation of two types of modelling methodologies, machine learning and parametric factor models, that have flexibility to incorporate mixed-frequency data variables. We present nowcast results for 2019Q4 and 2020Q1 GDP for Kenya, Nigeria, South Africa, Uganda, and Ghana, and argue that our factor model methodology can be generalized to nowcast and forecast GDP for other SSA countries with limited data availability and shorter timeframes.
Ms. Alina Carare, Carlos de Resende, Mr. Andrew Levin, and Chelsea Zhang
In recent years, many Low-Income Countries (LICs) have implemented substantial reforms to their monetary policy frameworks, but existing economic research has not provided a clear rationale to guide those efforts. In this paper we analyze the role of monetary policy frameworks in the propagation of aggregate shocks, using a large panel dataset of 79 LICs over the period 1990-2015 as well as event study analysis for a group of 28 sub-Saharan African LICs. We find highly significant differences in the propagation of external shocks between the LICs that target monetary aggregates or inflation compared to those that maintain rigid nominal exchange rates as a nominal anchor. We also find that the large surprise devaluation of the Central African Franc (CFA) in January 1994 had highly significant effects on the GDP growth of 10 CFA countries compared to 18 similar countries that were outside the CFA zone. Our empirical analysis provides strong support for the role of monetary policy frameworks in facilitating macroeconomic stability in LICs—a conclusion that is particularly relevant as LICs now face a multitude of similar shocks associated with the global COVID-19 pandemic.
International Monetary Fund
The Sixth and Seventh Reviews under the three-year arrangement of the Extended Credit Facility observed that te Ghanaian economy performed well in 2011, but risks to macroeconomic stability have risen recently. Even though debt management capacity and policies have been strengthened, progress has been slow in investment planning. The authorities, to maintain growth, have adopted policies to respond, and program objectives have been set within reach. The authorities have requested for a waiver of nonobservance of performance criteria and an extension of the arrangement.
Mr. Arto Kovanen
This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1
International Monetary Fund

Abstract

The Annual Report 2005 to the Board of Governors reviews the IMF's activities and policies during the financial year (May 1, 2004, through April 30, 2005). The main sections cover country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund's role in low-income countries; financial operations and policies; technical assistance and training; governance and management of the IMF; and cooperation, communication and outreach. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, relations with other international organizations, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board's membership.

International Monetary Fund

Abstract

El Informe Anual 2005 a la Junta de Gobernadores pasa revista a las actividades y políticas del FMI durante el ejercicio (1 de mayo de 2004 al 30 de abril de 2005). Las principales secciones abordan la supervisión a escala nacional, regional y mundial; el fortalecimiento de la supervisión y la prevención de crisis; el respaldo del FMI mediante programas y la resolución de crisis; el papel del FMI en los países de bajo ingreso; las operaciones y políticas financieras; la asistencia técnica y capacitación; la estructura de gobierno y la gestión del FMI, y las actividades de cooperación, comunicación y divulgación. Además de los estados financieros completos correspondientes al ejercicio, los apéndices incluyen información sobre las reservas internacionales; las operaciones y transacciones financieras; las principales decisiones de política; las relaciones con otros organismos internacionales; los comunicados de prensa de los comités asesores; la nómina de Directores Ejecutivos y su poder de voto, y los cambios en la composición del Directorio Ejecutivo.

International Monetary Fund

Abstract

Le rapport annuel 2005 au Conseil des gouverneurs examine les activités et les politiques du FMI au cours de l'exercice écoulé (du 1er mai 2004 au 30 avril 2005). Les principales sections couvrent la surveillance par pays, par région, et au niveau mondial ; le renforcement de la surveillance et de la prévention des crises ; l'appui du FMI aux programmes et aux activités de résolution de crise ; le rôle du FMI dans les pays à faible revenu ; les opérations et politiques financières ; l'assistance technique et la formation ; la gouvernance et la gestion du FMI ; ainsi que les activités de coopération, de communication et de sensibilisation. Outre les états financiers complets pour l'exercice écoulé, les annexes couvrent les réserves internationales, les opérations et transactions financières, les principales décisions de politique, les relations avec les autres organisations internationales, les communiqués de presse des comités consultatifs, les administrateurs et le nombre de voix qui leur sont attribuées, et les changements dans la composition du conseil d'administration.