加纳公共财政评论：为弹性和公平的财政政策奠定基础第1卷概述（英）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Ghana's economic growth has been significantly impacted by debt accumulation, making it vulnerable to global shocks [28] - The need for stronger domestic revenue mobilization is emphasized to create fiscal space [51] - Public expenditure has been growing rapidly, burdened by interest payments on debt, and lacks spending efficiency [64] - Ineffective public financial management has undermined the effectiveness of fiscal policy [77] - The public sector wage bill is large and unpredictable, failing to meet the civil service needs [19] - Human development spending must increase with a stronger pro-poor allocation across sectors [22] - Agriculture, vital for rural livelihoods and export earnings, requires more efficient government support [26] - Policy recommendations suggest a shift from short-term crisis responses to long-term structural reforms [30] Summary by Sections Overview - Ghana's GDP growth has been fueled by debt accumulation, leading to increased vulnerability to global economic shocks [28] - The country has faced setbacks in poverty reduction and inclusive growth due to recent global crises [28] Domestic Revenue Mobilization - Ghana's domestic revenue mobilization has declined, with revenues as a share of GDP falling from 15.7% in 2017 to 13% in 2021 [51] - The report highlights the need for reforms in personal income taxes and indirect taxes to enhance revenue [51][56] Public Expenditure - Public spending in Ghana nearly doubled from 2010 to 2022, with a significant portion allocated to public sector wages and interest payments [64] - High interest payments have crowded out capital expenditures, limiting infrastructure investment [68] Public Financial Management - Major challenges in public financial management include delays in budget preparation and ineffective expenditure controls [77] - The lack of integration among various IT systems hampers efficient budget management and data accuracy [88] Human Development and Agriculture - Increased human development spending is necessary, with a focus on pro-poor allocations [22] - The agriculture sector requires better-targeted government support to enhance productivity and livelihoods [26] Policy Recommendations - The report advocates for a transition from short-term crisis management to long-term structural reforms to ensure fiscal sustainability [30]