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Implications of Quasi-Fiscal Activities in Ghana

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Author Info

  • Mali Chivakul
  • Robert C. York

Abstract

This paper assesses the scope and coverage of quasi-fiscal activities (QFAs) in Ghana. We find that while QFAs have been reduced recently, they remain significant. The extensive nature of these activities has several macroeconomic and structural policy implications. An extended measure of public sector operations, including QFAs, presents a clearer picture of Ghana''s fiscal stance and fiscal adjustment from one for the central government alone; QFAs have led to serious distortions in energy and water consumption; and they have distorted the investment decisions of both public enterprises and the private sector.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/24.

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Length: 47
Date of creation: 01 Jan 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/24

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Keywords: Fiscal management; Fiscal reforms; Energy; central bank; fiscal activities; quasi-fiscal activities; fiscal operations; public debt; domestic debt; debt sustainability; debt relief; external debt; capital expenditure; fiscal position; debt sustainability analysis; fiscal policy; fiscal deficit; fiscal losses; fiscal stance; fiscal adjustment; public sector debt; fiscal transparency; fiscal indicators; tax revenue; long-term debt; external borrowing; quasi-fiscal activity; debt reduction; government expenditures; fiscal developments; debt service; accumulation of arrears; fiscal consolidation; external loans; budget constraints; fiscal affairs department; government revenue; fiscal affairs; fiscal activity; payment arrears; central banks; current account surplus; publicly-guaranteed; debt; government loans; foreign borrowing; fiscal reporting; current account; external debt sustainability; domestic borrowing; national budget; fiscal policies; fiscal situation; public enterprise debt; fiscal consolidation efforts; fiscal implications; debt burden; bilateral donors; fiscal sustainability; multilateral debt; fiscal institutions; expansionary fiscal; debt relief initiative; ratio of debt; multilateral debt relief; fiscal balance; fiscal coverage; expansionary fiscal policies; capital expenditures; quasi-fiscal deficit; debt dynamics; external public debt; public sector borrowing; debt restructuring;

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References

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  1. Peter Stella, 1997. "Do Central Banks Need Capital?," IMF Working Papers 97/83, International Monetary Fund.
  2. Claudia Helene Dziobek & John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund.
  3. Freinkman, Lev & Gyulumyan, Gohar & Kyurumyan, Artak, 2002. "Quasi-fiscal activities, hidden government subsidies, and fiscal adjustment in Armenia," MPRA Paper 10064, University Library of Munich, Germany.
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Cited by:
  1. Anton Eberhard & Vivien Foster & Cecilia BriceƱo-Garmendia & Fatimata Ouedraogo & Daniel Camos & Maria Shkaratan, 2008. "Underpowered : The State of the Power Sector in Sub-Saharan Africa," World Bank Other Operational Studies 7833, The World Bank.
  2. Briceno-Garmendia, Cecilia & Shkaratan, Maria, 2011. "Power tariffs : caught between cost recovery and affordability," Policy Research Working Paper Series 5904, The World Bank.

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