The World Bank has published Vice President Dr. Mahamudu Bawumia’s academic paper on Ghana’s oil.
The paper titled - Oil Discovery and Macroeconomic Management: The Recent Ghanaian Experience was prepared about two (2) years ago.
It provides an analyses on the evolution of fiscal and monetary variables in Ghana, from the discovery of crude oil in 2007 till 2014. In addition, the paper documents the deterioration of fiscal and monetary discipline over the period, which led to rebound of debt, deterioration of the external balance as well as, a decrease in public investment
It also analyzed the potential causes of these general deterioration such as, the political economy of the country as well as the fiscal and monetary institutional framework at the time.
The World Bank published the paper in collaboration with United Nations University’s World Institute for Development Economic Research (UNU-WiDER).