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Underlying Principle: Commitment to achieving the GPRS II objectives and MDGs

Underlying Principle: Commitment to achieving the GPRS II objectives and MDGs. Objectives of the GPRS II. Goal – per capita income of $1000 by 2015. Objectives/Priorities of the GPRS II. Continued macroeconomic stability (overlap with another UP) Accelerated private sector-led growth

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Underlying Principle: Commitment to achieving the GPRS II objectives and MDGs

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  1. Underlying Principle:Commitment to achieving the GPRS II objectives and MDGs

  2. Objectives of the GPRS II • Goal – per capita income of $1000 by 2015

  3. Objectives/Priorities of the GPRS II • Continued macroeconomic stability (overlap with another UP) • Accelerated private sector-led growth • Vigorous human resource development (overlap with APR discussion) • Good governance and civic responsibility (overlap with another UP)

  4. Continued macroeconomic stability Overall Progress: Progressing • Growth : 3.5% growth (4.7% in APR), below original target of 8% (revised to 5.9%) • Inflation : Rose from 19.8% in January 2009 to a peak of 20.7% in July, falling to 15.9% in December 2009, and to 13.2% in March 2010. • Fiscal Deficit : Brought down from 14.5% of GDP in 2008 to 9.7% in 2009, just missing the IMF-ECF target of 9.4%. Down from 20.1 to 11.0 % of GDP including arrears. • Debt sustainability remains ‘moderate’ but risk of debt-distress is increasing; pressure on debt is an inevitable consequence of high fiscal deficit • External Sector : Foreign reserves around 3 months of import cover by December ($3.2bn), just meeting the target • Financial Sector : Stood up well in the face of global financial crisis. Non-performing loans reached 16.2% of gross loans in December 2009, from 7.7% in December 2008 • Structural Measures : Some progress on establishing Ghana Revenue Authority but still a lot to do with Business environment, Public wage bill, Oil and Gas, Energy subsidies, Statutory earmarked funds.

  5. Private Sector-Led Growth • Overall progress: Slow • Key indicators related to private sector competitiveness particularly around interest rates, access to credit, cost of doing business indicators, competitiveness of environment for doing business relative to other countries  and firm level competence have not been met. • Private sector growth has not transformed the economy, as two commodity exports (gold and cocoa) still drive growth. Non-traditional exports have increased in the last 5 years, but stagnated in 2009. • The rise in incomes can be partially correlated with private sector investments (domestic and foreign) which contributed to growth. However, significant geographical disparities remain in the distribution of wealth and limited investments and private sector development can be seen in poorer regions such as the three Northern Regions

  6. Human Resource DevelopmentOverall progress - progressing

  7. Human Resource DevelopmentOverall progress - progressing

  8. Good Governance and Civic Responsibility Overall progress: Progressing • Major civil society groups now included in dialogue • National Governance Roundtable organized • Gaps include: • low overall investment in governance institutions which in turn compromises respect for human rights and democratic principles; • significant tolerance for corruption in society, the lack of ethics and integrity; • lack of public confidence in governance institutions; • lack of access to justice and public safety; • challenges to managing accountability & transparency; • plural system of governance; • politicization and non-inclusive nature of decision-making processes; • need for democratic and civic education; and • support for the constitutional review process.

  9. Looking Forward . . . . • Urgent need for a new GPRS or MTDF document • Continued allocation and release of funds to social services is required to reverse the declines in recent years.

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