The year 1998 witnessed the adoption by Government of far-reaching economic policy initiatives aimed at restoring macro-economic stability.
These measures injected considerable resilience into the economy, enabling it to successfully withstand both the drought-related energy crisis during the first half of the year and the adverse contagion effect of the Asian financial crisis.
In the event, overall real growth of the economy remained reasonably strong; the inflation rate fell significantly; the budgetary outturn was broadly on track; interest rates on treasury bills and other borrowing moderate; the exchange rate of the cedi stabilised against the major international currencies; and the external reserves of the Bank of Ghana increased.
