Jorge Iván Canales Kriljenko, and Andrei Kirilenko. Karl Haber-meier, Bernard Laurens, Inci Ötker-Robe. Capital Controls: Country Experiences with Their Use and Liberalization, by Akira Ariyoshi. Ritha Khemani, Calvin McDonald, and Marijn Verhoeven. Social Issues in IMF-Supported Programs, by Sanjeev Gupta, Louis Dicks-Mireaux. Macroprudential Indicators of Financial System Soundness, by a staff team led by Owen Evans, Alfredo M. Exchange Rate Regimes in an Increasingly Integrated World Economy, by Michael Mussa, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andy Berg. Fiscal and Macroeconomic Impact of Privatization, by Jeffrey Davis, Rolando Ossowski, Thomas Richardson, and Steven Barnett. The Eastern Caribbean Currency Union–Institutions, Performance, and Policy Issues, by Frits van Beek, José Roberto Rosales, Mayra Zermeño, Ruby Randall, and Jorge Shepherd. Trade and Trade Policies in Eastern and Southern Africa, by a staff team led by Arvind Subramanian, with Enrique Gelbard, Richard Harmsen, Katrin Elborgh-Woytek, and Piroska Nagy. Deposit Insurance: Actual and Good Practices, by Gillian G.H. Setting Up Treasuries in the Baltics, Russia, and Other Countries of the Former Soviet Union: An Assessment of IMF Technical Assistance, by Barry H. Ghana: Economic Development in a Democratic Environment, by Sérgio Pereira Leite, Anthony Pellechio, Luisa Zanforlin, Girma Begashaw, Stefania Fabrizio, and Joachim Hamack. Recent Occasional Papers of the International Monetary Fundġ99. The depreciation may then have helped make the foreign exchange market more active and the nominal exchange rate more representative of market conditions. The terms-of-trade shock forced the Bank of Ghana to focus more clearly on maintaining adequate foreign reserves. The Bank of Ghana is suspected to have used administrative means and moral suasion to influence the exchange rate, resisting the cedi's depreciation. The evidence for 1995–98 is quite strong. Based on a set of price and unit labor cost indicators, Ghana's competitiveness improved in the early 1990s through 1994. The high-profile political process that launched constitutional democracy in the 1990s and generated Ghana-Vision 2020 placed poverty reduction at the center of economic policy. More generally, it sets the stage for a discussion of Ghana's main achievements and failures since 1992 in raising the standard of living of its population and reducing poverty. This chapter explores the key relationships between participatory democracy and successful economic development and reviews the early steps of participatory decision making in Ghana.
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