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Ghana's macroeconomic story is well documented. From the period
immediately after independence, when Ghana was seen as the black
star of Africa, there has been a gradual deterioration in the economy
leading to a near collapse in the early 1980s. The turnaround came
with the adoption of the World Bank/IMF Structural Adjustment Programme
(ERP/SAP). Although many authors have criticized the ERP/SAP, there
is no doubt that the reforms contributed to improvements in the
macroeconomic environment. More recent years have seen significant
improvement in terms of both stability and resilience against adverse
external shocks. In spite of these improvements, the economy is
still reliant on few export commodities, highly foreign aid dependent,
and its oil imports constitute a significant proportion of the country's
import bill. The implication is that, the structure of the economy
remains fragile. Some of the key challenges that confront the economy
today are the following:
• Accelerating economic growth from the current levels of about
5.8%.
• Diversifying exports to increase the country's resilience
against adverse external shocks
• Reducing the level of dependency on aid
• Maintaining the degree of stability in the phase of the relatively
high oil prices on the world market.
The macroeconomic forum of the EGN will discuss current research
in these areas with a view to informing policy debate, as well as
influencing macroeconomic policy in Ghana.
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