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Functions - Economic Research and Forecasting Division


  • To undertake macroeconomic policy analysis  and coordinate the preparation of the medium-term macroeconomic framework; 
  • Undertake fiscal policy analysis and coordinate the preparation of medium term fiscal framework;
  • To conduct research on relevant macroeconomic issues affecting the economy;
  • Undertake policy analysis on global/regional developments and outlook to support macroeconomic policy management;
  • To provide reliable forecasts on key economic variables; 
  • Coordinate macroeconomic multilateral surveillance missions of international and regional bodies such as the  IMF, ECOWAS, WAMA, and WAMI;  
  • To produce relevant reports on the economy;
  • To provide robust fiscal risks analysis; and
  • To provide macro-fiscal policy advise to support effective macroeconomic management.


  • Medium Term Fiscal Framework;
  • Monthly fiscal data;
  • Monthly briefs on fiscal performance;
  • Annual and Monthly Fiscal Newsletters;
  • Inputs on Macroeconomic Performance/Outlook into Fiscal Strategy Document, Budget Guidelines, Budget Statement, and Mid-Year Review;
  • Quarterly, semi-annual, and annual reports on the performance of the economy;
  • Policy briefs on topical economic issues;
  • Research publications and working papers on relevant topics on the economy;
  • Data on key socio-economic indicators;
  • Relevant macroeconomic models;
  • Report on fiscal risks;
  • Forecast evaluation reports; and
  • Weekly Snapshots of Global Developments;



There are three units in the ERFD, namely:
1.    Fiscal Policy Unit (FPU);
2.    Macroeconomic Research Unit (MRU); and 
3.    International Economic Policy Unit (IEPU) 



The Fiscal Policy Unit undertakes fiscal policy analysis and monitors/evaluates the impact of fiscal policies within the macro-fiscal framework to ensure adherence to fiscal targets. The Unit recommends remedial measures when the need arises to ensure that fiscal targets are on track. It also prepares relevant fiscal reports and inputs into the annual Budget, Fiscal Strategy Document, Mid-Year Review, and Cabinet papers on the fiscal issues. In addition, the Unit supports the preparation of papers for ministerial press briefings on macroeconomic issues. 

The Unit in collaboration with the MRU and other divisions/departments of the Ministry prepares the medium term fiscal framework for the economy. It also collects fiscal data from the relevant Divisions and Institutions and compiles the monthly fiscal data and Government finance statistics for publication. The Unit coordinates the preparation of the Fiscal Strategy Document (FSD) with the Macroeconomic Research Unit (MRU). With support from other units and divisions, the FPU also coordinates the activities in relation to the Economic Policy Coordinating Committee (EPCC) and the IMF-GoG engagements. 



The Macroeconomic Research Unit (MRU) is mainly responsible for undertaking macroeconomic policy analysis and the production of research on current and topical issues to inform debate and macroeconomic policy decision-making. 

With the support of other units and divisions in the Ministry and external stakeholders such as BOG, GSS, NDPC, the Unit coordinates the conduct of macroeconomic research activities, the development of relevant macroeconomic models, and development of the medium term macroeconomic framework for the Ministry. The Unit is also responsible for the development and management of comprehensive database on socio-economic variables and occasionally conducts mini-surveys for policy analysis and advice. The MRU collaborates with the FPU to coordinate the preparation of the quarterly, semi-annual and annual macroeconomic performance reports. The Unit is also responsible for coordinating the preparation of other publications such as policy briefs and working papers.  



The IEPU is responsible for policy analysis on global/regional developments and outlook and their implications on the Ghanaian economy to support macroeconomic policy management. 

The Unit also undertakes policy analysis and advises the Ministry on economic integration issues in consultation with the Ghana Revenue Authority (GRA), Ministry of Foreign Affairs and Regional Integration (MFARI) and the Ministry of Trade and Industry (MoTI). More specifically, the IEPU analyses the ECOWAS integration programmes and coordinates multilateral surveillance activities of the ECOWAS/WAMI/WAMA in the Ministry. As part of this function, the Unit hosts the Ghana National Coordination Committee (Ghana NCC) which is chaired by the Director of ERFD under which the ECOWAS multilateral surveillance is conducted. In addition, the IEPU monitors Ghana’s performance on the ECOWAS primary and secondary convergence criteria. The Unit also provides inputs to the ECOWAS regional economic database.