confirms   that   the   economy   of   Ghana   is   still   fragile   and   can   be   derailed   by   external   shocks.   Increase   in   the   price   of   oil   in   the   international   market   has   to   some   extent   led   to   increases   in   inflation,  interests  rate  as  well  as  the  depreciation  of  the  cedi.       3.0  Promoting  Sound  Macroeconomic  Policies       Various  fiscal  and  monetary  policies  have  been  undertaken  by  the  government  to  ensure  sound   macroeconomic   policies.   At   the   fiscal   front,   the   government   has   started   the   implementation   of   a  programme  which  has  been  dubbed  “Growth  and  Stability  Compact”.  The  main  objectives  of   the  compact  include:   • Having  a  fiscal  rule  which  will  quantitatively  target  debt-­‐to-­‐GDP  ratio   • A  Unit  at  MOFEP  that  will  support  the  proper  selection  of  project  to  be  included  in  the   public  investment  budget   • Undertaking  a  rigorous  debt  sustainability  analysis  as  part  of  public  debt  management   strategy   • Encouraging  the  private  sector  to  participate  in  key  infrastructure  development  as  part   of  an  accelerated  growth  agenda  and  through  an  enhanced  public-­‐private  partnership.         In  line  with  the  broad  objectives  of  the  Compact,  government  policies  in  2007  and  2008  focused   on:   • Issuance   of   guidelines   for   the   preparation   of   composite   budget   to   MMDA,   Budget   Committees  of  Regional  coordinating  Councils  and  DAs   • Deploy   of   two   additional   modules   –Cash   Management   and   Accounts   Receivable   in   connection   with   the   implementation   of   the   Budget   and   Expenditure   Management   Systems     • Organization  of  workshops  on  National  Accounting  for  MMDAs  across  the  country     70