Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience

This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt,...

Full description

Bibliographic Details
Main Authors:	Bawumia, Mahamudu, Halland, Havard
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	MACROECONOMIC POLICY OIL REVENUE FISCAL CONSOLIDATION PUBLIC INVESTMENT GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/388941507034520272/Oil-discovery-and-macroeconomic-management-the-recent-Ghanaian-experience http://hdl.handle.net/10986/28454

id	okr-10986-28454
recordtype	oai_dc
spelling	okr-10986-284542021-06-08T14:42:45Z Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience Bawumia, Mahamudu Halland, Havard MACROECONOMIC POLICY OIL REVENUE FISCAL CONSOLIDATION PUBLIC INVESTMENT GOVERNANCE This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The paper goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana's dominant two-party system. Finally, the paper discusses what Ghana could have done differently to avoid the various damaging effects associated with the oil discovery. It does not aim to provide specific fiscal policy recommendations for Ghana, but rather to give an empirical account of Ghana's experience that may be useful for other countries that discover oil. 2017-10-05T17:08:20Z 2017-10-05T17:08:20Z 2017-10 Working Paper http://documents.worldbank.org/curated/en/388941507034520272/Oil-discovery-and-macroeconomic-management-the-recent-Ghanaian-experience http://hdl.handle.net/10986/28454 English en_US Policy Research Working Paper;No. 8209 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper Africa Ghana
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	MACROECONOMIC POLICY OIL REVENUE FISCAL CONSOLIDATION PUBLIC INVESTMENT GOVERNANCE
spellingShingle	MACROECONOMIC POLICY OIL REVENUE FISCAL CONSOLIDATION PUBLIC INVESTMENT GOVERNANCE Bawumia, Mahamudu Halland, Havard Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
geographic_facet	Africa Ghana
relation	Policy Research Working Paper;No. 8209
description	This paper analyses the evolution of fiscal and monetary variables in Ghana, from the discovery of oil in 2007 through to 2014. It documents the deterioration of fiscal and monetary discipline over this period, which resulted in a rebound of debt, a deterioration of the external balance, and a decrease in public investment. The paper goes on to analyse the potential causes of this deterioration, including the political economy context, and the fiscal and monetary institutional framework. The suggested causes include the politics of Ghana's dominant two-party system. Finally, the paper discusses what Ghana could have done differently to avoid the various damaging effects associated with the oil discovery. It does not aim to provide specific fiscal policy recommendations for Ghana, but rather to give an empirical account of Ghana's experience that may be useful for other countries that discover oil.
format	Working Paper
author	Bawumia, Mahamudu Halland, Havard
author_facet	Bawumia, Mahamudu Halland, Havard
author_sort	Bawumia, Mahamudu
title	Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
title_short	Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
title_full	Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
title_fullStr	Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
title_full_unstemmed	Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience
title_sort	oil discovery and macroeconomic management : the recent ghanaian experience
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/388941507034520272/Oil-discovery-and-macroeconomic-management-the-recent-Ghanaian-experience http://hdl.handle.net/10986/28454
_version_	1764466954577379328

Oil Discovery and Macroeconomic Management : The Recent Ghanaian Experience

Similar Items