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Vol 50 No 2

Published 23rd January 2009


Ghana

Economic facts and fantasies

Loyalists of the outgoing National Patriotic Party (NPP) government reacted angrily to World Bank Country Director Ishac Diwan's dire warnings about Ghana's economy. Estimating the government's budget deficit at 14% of gross domestic product and the trade deficit higher still, Diwan wrote to new President John Atta Mills: 'Tackling the twin deficits is an urgent priority, both to avoid the occurrence of a socially painful financial crisis, and also, to lay the ground for a period of accelerated growth when oil revenues start flowing, most probably around 2011.'

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