and favourable agricultural production resulted in improved macro economic situation.
Exports increased from USD 7,964.70 million in 2010 to USD12.785.4 million in 2011.
Imports, however, also increased from USD10,769.8 million in 2010 to USD15,968.3
million in 2011. Gross Domestic Product (GDP) more than doubled, from GHC23 billion
in 2007 to GHC59 billion in 2011. The country has also recorded single digit inflation for
almost 18 months running. First the first time the country also met all the four primary
convergence criteria under the West African Monetary Zone (WAMZ) programme.
The gains made in public finance management is challenged by the huge wage bill
following the implementation of the Single Spine Salary Policy which has seen
remuneration to public sector workers increased from GHC 2 billion to GHC 5 billion.
This is not only impacting efficient budget execution and macroeconomic stability, it is
also affecting delivery of quality public expenditure in such vital services as education
and health.
4.0
Corporate Governance
“Doing business” in Ghana has become easier as the country’s overall Doing Business
(2011) rank has improved to 67 from 77 in 2010. Among the sub-Saharan countries,
Ghana’s rank is 5th in “Ease of Doing Business”. The country has made positive strides in
improving the business environment by reducing the time and cost for registering
business, registering property and enforcing contracts. Access to credit continues to be
the biggest challenge to medium, small, and micro enterprises. There were, however,
increased agitations on the labour front as a result of the implementation of the Single
Spine Salary policy.
5.0
Socio-Economic Development
The increased wage bill has had adverse impact in the delivery of basic services. The
gains made in increased access to education (as a result of the school feeding programme
and the capitation grant) and health (as a result of the National Health Insurance Scheme)
has been accompanied by deteriorating learning outcomes (as witnessed in the poor
BECE scores) and poor health delivery services.
Sixth Annual APRM Progress Report: January – December 2011
xvii