Fiscal Policy Implementation for the first half of the year has been in line with the performance criteria under the International Monetary Fund Economic Credit Facility (ECF)-supported programme, the Monetary Policy Report of the Bank of Ghana has stated.

According to the report, the targets on the primary fiscal balance on a commitment basis, non-accumulation of external debt payment arrears, and newly collateralized debt by central government and public entities were all attained.

Fiscal performance based on the narrow budget shows a deficit of 2.9% of Gross Domestic Product (GDP) for the period January through October 2023, against a target of 5.1% of GDP.

On the domestic macroeconomic environment, the Bank of Ghana observed the broad improvements in the economy, reflecting stable exchange rates, the sustained disinflation process, and increased accumulation of foreign exchange reserves.

These developments, it said, reflect improvements in underlying policies, including fiscal consolidation, zero financing of the budget by the central bank, and relatively favourable external conditions.

In the outlook, it promised the sustainability of the performance by the continued maintenance of tight monetary conditions, sustained fiscal consolidation, and continued reserve accumulation supported through the Gold for Reserves programme