The volatility in world commodity prices, as well as individual country characteristics, continued to impact negatively on global economic output within the period under review.
Consistent with the America’s central bank assurance to only increase the key interest rate after a strong economic performance, the Federal Reserve maintained its key interest rate throughout the first half of the year.
Low inflation and moderate economic growth continued to bedevil the euro region despite the asset purchase program and the expansionary monetary policy stance initiated by the European Central Bank (ECB).
Ghana’s risk of high dependence on earnings from traditional exports to shore up reserves with the Central Bank was accentuated this year as the domestic currency persistently depreciated throughout the first half of the year.
Coupled with the unending power crisis, high government borrowing and sustained high interest rates, the tight monetary policy stance administered under the IMF program failed to curb the growth in general price levels