4.1
Standards
and
Codes
Ghana
is
adhering
to
the
following
standards,
codes
and
conventions:
• International
Financial
Reporting
Standards
(IFRS)
• Generally
Accepted
Accounting
Practice
(GAAP)
• International
Standards
in
Auditing
• Good
Practices
on
Fiscal
Transparency
•
Guidelines
on
Public
Debt
management
• Best
Practices
for
Budget
Transparency
Ghana
is
yet
to
develop
a
unified
Corporate
Governance
Framework.
This
is
currently
being
undertaken
by
the
Private
Enterprise
Foundation.
4.2
Macroeconomic
Development
Economic
growth
since
2000
has
been
encouraging
and
averaged
about
5.5
percent
per
annum.
This
indicates
a
considerable
improvement
compared
to
the
past
two
decades
where
growth
rates
have
been
less
that
5
percent
per
annum.
Real
GDP
growth
increased
marginally
from
about
6.2
in
2006
to
about
6.3
percent
in
2007
and
is
expected
to
increase
to
7
percent
in
2008.
These
has
been
achieved
in
the
face
of
continuing
crude
oil
price
hikes
and
the
energy
crises
the
faced
the
country
in
the
recent
passed
two
years.
Discussions
with
policy
makers
suggest
that,
this
success
can
be
attributed
largely
to
prudent
fiscal
and
monetary
measures.
Economic
policy
managers
believe
that
this
prudent
management
will
continue
and
the
discovery
of
oil
in
Ghana
would
boost
macroeconomic
performance
Real
growth
of
the
agricultural
sector
in
2007
fell
short
of
targets
by
1.9
percentage
points
largely
due
to
poor
rainfall
in
the
previous
years.
This
could
partially
explain
the
missed
growth
in
overall
GDP
in
2007.
Growth
in
the
industrial
and
service
sectors
has
also
consistently
increased
over
the
period.
Specifically,
the
industrial
and
service
sectors
recorded
a
growth
of
65