Ghana is not a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS). Ghana, however, does participate in the IMF's less stringent General Data Dissemination System (GDDS). In 2007, the IMF judged that Ghana's provision of data is adequate for the purpose of surveillance, but that improvements were needed in both quality and timeliness. In addition, improvements were required in public accessibility to data and in the information provided to the IMF for publication. One significant improvement noted by the 2007 IMF report was the publication on the Bank of Ghana's website of its Monetary Policy Committee Statement and other statistical releases.

General Overview

Ghana is not a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS). Ghana, however, does participate in the IMF's less stringent General Data Dissemination System (GDDS), to which it first posted data in July 2005. According to the IMF's 2007 Article IV Consultations report, the data Ghana provides to the Fund is "broadly adequate for surveillance purposes, but the quality and timeliness of the data needs to be improved" (p. 55). The report also noted that data dissemination to the public was inadequate. However, according to the 2007 report, some improvements had already been achieved. In particular, the Bank of Ghana (BoG) has begun publishing the Monetary Policy Committee Statement and certain statistical releases on its website. It also publishes a monthly monetary series covering the years 2001 through 2006. Unfortunately, the IMF 2007 report also noted that significant reporting lags continue. For instance, the most recent international transactions data submitted for inclusion in the "International Finance Statistics" date to 1998, and for national accounts, the most recent year is 1997. Data submitted for inclusion in the Government Finance Statistics Yearbook are from the year 2004 and are limited to the central governments budget cash, revenue, and expense transactions. In addition, the report notes that release of census and survey data by the Ghana Statistical Service (GSS) is subject to long delays. Finally, according to the 2007 IMF report, since its first metadata posting to the GDDS in 2005, Ghana has made no subsequent updates.

According to the GDDS website, Ghana has extensive short-, medium-, and long-term plans for improvement, many of which will require technical assistance, and some of which will also require outside funding help. The BoG plans to improve the performance of commercial banks in classifying, valorizing, and sectorizing their accounts, and to bring them into line with the Monetary and Financial Statistics Manual (MFSM); to collaborate with the Ministry of Finance and Economic Planning (MFEP) to develop a more consistent system of classification to be used in reporting government accounts held in commercial banks; and to expand the coverage of monetary statistics to include discount house accounts. Over the medium term, Ghana plans to develop new survey instruments and balance sheets in line with MFSM methodologies for use by the financial sector and its subsectors, to evaluate the MFSM data collection methodologies for its broader applicability to the BoG's needs, and to investigate the possibility of compiling a survey of the financial sector. Additional plans would require technical assistance. For instance, over the short term, the BoG hopes to revise its "Guide for Reporting Institutions" to more closely align with both the standardized reporting form and the data categorization and valuation recommended by the MFSM. Over the medium term, the bank also intends to expand the use of the standardized reporting form by other deposit-taking institutions, and evaluate the potential of including these institutions' data in its monetary statistics coverage.

Compilation and dissemination of Balance of Payments data is also subject to significant plans for improvement. Short-term plans include the creation of a working group drawing its members from the BoG, GSS, the Ministry of Finance, and other relevant agencies to improve the coordination of data compilation and reporting, broaden the use of survey instruments to collect a broader range of data, and apply methodological changes to the time series data it reports, medium-term plans include completing its methodological transition into compliance with the Balance of Payments Manual (5th edition, or BPM5), the current international standard; include coverage of Ghana's investment position; and continue staff training in the use of the BPM5 methodology.

In terms of its reporting of international reserves and exchange rates, the BoG plans to improve the timeliness of its publication of data and provide the Treasury with a bridge table that will bring data processing and compilation into line with IMF standards. Finally, it plans to employ market rates for conversion purposes. In an effort to enhance assurances of data integrity and increase public access to data, the BoG plans to publish the prime rate and the Ghana Stock Exchange (GSE) "All Share" index in its "Statistical Bulletin," It also plans to improve timeliness in the release of all its data, to provide advance release calendars as well as explanations of changes in methodology, and release revised data.

The MFEP has also provided an extensive list of planned improvements to the GDDS website. These include more frequent dissemination of government operations' monthly fiscal data, developing a new classification system that accords with the Government Finance Statistics Manual of 2001, extending the use of the automated Budget and Public Expenditure Management System (BPEMS), and continued work toward the eventual adoption of accrual based accounting practices. Most of these plans will require technical assistance. With regard to data on central government debt, the MFEP has a wide array of improvements planned, including continued staff training and the ongoing development of a debt database, improvements in the timeliness of data collection and reporting, expansion of coverage and the incorporation of greater detail and more adequate categorization of creditors, and cooperating in the computerization of the BoG to improve data processing and management of external debt. Most of these plans are being undertaken with technical assistance. With regard to providing assurances of data integrity and ensuring greater public availability, the MFEP plans to provide monthly and quarterly fiscal data bulletins in print form and on its website. It is expected that the expansion of the BPEMS to all ministries will greatly improve fiscal data availability, permitting daily, weekly, monthly, and quarterly monitoring of data.

The GDDS website also outlines plans for improvement by the GSS. These range from a project designed to develop and refine price indices to the adoption of the System of National Accounts. The GSS plans to update its survey benchmarks and develop better methods of generating quarterly GDP estimates. It also plans to expand its professional and technical staff and acquire more equipment to enable more extensive electronic data processing. As noted by the 2007 IMF Article IV report, there are as yet no available labor statistics, and the GSS has plans to address this shortcoming by developing (with technical assistance) a comprehensive National Establishment Registry that will facilitate the conduct of labor-related surveys and plans to work with the Social Security and National Investment Trust to gather employment and wage data. It also plans to revive and expand its discontinued Employment and Earnings Survey. Coverage of trade data is slated for improvement as well, and involves increased staff training, the adoption of improved methodologies, and making data available on a GSS website. It also plans to coordinate with contributing agencies in order to improve the timeliness of the data published in the "Ghana Quarterly Digest of Statistics" and "Ghana External Trade Statistics." Similar improvements are planned for the compilation and dissemination of population, health, education, and poverty data. To enhance the assurance of statistical integrity and increase public accessibility, methodological improvements are being developed with technical assistance, new questionnaires are being developed and applied, and the publication of its Quarterly Digest of Statistics will resume as soon as funds are available to make this possible. It also plans to publish a wide array of statistics on its website. At present, however, a visit to the GSS website discloses that the information provided thereon is quite limited and less than up-to-date.

Finally, the Ghana Stock Exchange plans to complete the computerization of its operations, relax listing requirements in order to increase the number of listed companies, and move from 3 trading days per week to 5.

The Principles

Comprehensive economic and financial data, disseminated on a timely basis.

NC

As can be seen on the IMF's SDDS and GDDS websites, Ghana is not a subscriber to the SDDS, but participates in the GDDS and posted its first metadata in July of 2005. Since that initial posting, however, Ghana has provided no new data. According to the IMF's 2007 Article IV Consultations report, Ghana provides adequate data for surveillance purposes, but remains deficient in the areas of both quality and timeliness.

Ready and equal access to official statistics.

NC

As can be seen on the IMF's SDDS and GDDS websites, Ghana is not a subscriber to the SDDS, but participates in the GDDS and posted its first metadata in July of 2005. Since that initial posting, however, Ghana has provided no new data. According to the IMF's 2007 Article IV Consultations report, Ghana provides adequate data for surveillance purposes, but remains deficient in the areas of both quality and timeliness. The 2007 IMF report noted continued deficiencies in the public dissemination of statistical data, and in the data provided to the Fund for publication. The report did single out the Bank of Ghana's recent publication of its Monetary Policy Committee Statement and other statistical releases, however.

Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

NC

As can be seen on the IMF's SDDS and GDDS websites, Ghana is not a subscriber to the SDDS, but participates in the GDDS and posted its first metadata in July of 2005. Since that initial posting, however, Ghana has provided no new data. According to the IMF's 2007 Article IV Consultations report, Ghana provides adequate data for surveillance purposes, but remains deficient in the areas of both quality and timeliness.

A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

NC

As can be seen on the IMF's SDDS and GDDS websites, Ghana is not a subscriber to the SDDS, but participates in the GDDS and posted its first metadata in July of 2005. Since that initial posting, however, Ghana has provided no new data. According to the IMF's 2007 Article IV Consultations report, Ghana provides adequate data for surveillance purposes, but remains deficient in the areas of both quality and timeliness.