Ghana: Accelerating Growth to Halve Poverty

Ghana is currently one of the best-performing economies in
Africa. By improving policies and institutions, and investing in
infrastructure and basic services, Ghana has brought down poverty
levels from 52 percent in 1992 to 35 percent in 2003. It is likely
to surpass the Millennium Development Goal of halving poverty
by 2015. Economic growth has averaged 4.5 percent from 1983
through 2000, but accelerated to 5.8 percent in 2004 and 6 percent
in 2005 in response to the government’s program of reforms. Ghanaians’
access to electricity is the highest in Sub-Saharan Africa
outside South Africa. All of this augurs well for Ghana to achieve
middle-income country status by 2015.

COUNTRY ACHIEVEMENTS:
1)
GDP growth has been around 6 percent in
2004, 2005, and 2006—signifi cantly higher
than averages over the past decade. The
domestic debt-to-GDP ratio fell from 23.7
percent at the end of 2002 to 10.8 percent by
the end of 2005.

2)The government has strengthened public
fi nancial management through improved
regulation, as well as more timely audits.
Reporting on budget execution has become
more frequent and of higher quality. Stronger
fi scal management has contributed to
lower interest rates, thus lowering the
government’s interest costs and increasing
the availability and affordability of credit to
the private sector.

Health.:
3) Ghana’s overall medium-term health strategy
exceeded its targets in increasing outpatient
visits and pre-natal services. Ante-natal
care visits now cover 98 percent of pregnant
women. Also, over the last few years Ghana
has registered increases in the use of mosquito
nets and in births attended by a health
professional.