Public debt management programme for the 2019 financial year was successfully executed despite challenges from global and the domestic economy.
On the global front, the fiscal policy stance shifted to deal with the slow-down in the global economy, anticipated downside risks, ensuring financial stability, and to funding the Sustainable Development Goals (SDGs) to attain the SDG targets set for 2030.
On the domestic front, the Government of Ghana, in 2019, succeeded in maintaining macroeconomic stability and the growth momentum as evidenced by the strong
performance of key macroeconomic indicators.
The year under review witnessed: a decline in the headline inflation rate to its lowest level recorded during the Fourth Republic; a positive primary balance for the third consecutive year; marked improvements in the balance of payments (BoP) position; and an upgrade in Ghana’s sovereign ratings by the three (3) sovereign credit rating agencies- S&P, Moody’s, and Fitch.
On the downside, exchange rate volatility, the financial sector bailout that restored sanity in the nation’s financial markets, and an unanticipated mid-year energy sector bailout adversely impacted the public debt portfolio.
This was compounded by negative sentiments arising from uncertainties as Ghana prepared to exit the 3-year IMF-ECF programme.
