Ghana - First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility--Staff Report; Staff Statement; Press Release on the Executive Board Discussion; And Statement by the Executive Director for Ghana (Electronic book text)

1. Ghana completed a Poverty Reduction and Growth Facility (PRGF) arrangement in October 2006. Under the PRGF, it achieved strong growth, single-digit inflation, major debt reduction,1 and a decline in the poverty rate from 39 percent (1998-99) to 28 percent (2005-06); other social welfare indicators also improved. Fiscal stability was elusive, however, with the deficit rising sharply by end-2006.