This paper is based on internal staff reports and research papers prepared in connection with consultations between the IMF and Ghana during 1989-91 and includes information available through June 1991. The authors would like to acknowledge the support of officials of Ghana in the preparation of the paper. They are also indebted to Evangelos A. Calamitsis and Reinold H. van Til for their valuable comments, Ian McDonald and David Driscoll for editorial advice, and Elisabeth Baker for secretarial assistance. The authors bear sole responsibility for any factual errors.The opinions expressed in the paper are those of the authors and should not be construed as representing the views of the Government of Ghana, Executive Directors of the IMF, or other members of the IMF staff.
This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment-which is essential for sustained growth in a market economy-can be established through a rules-based system which ensures freedom of entry into the market, access to information, and sanctity of contracts. Since creating a secure economic environment involves profound, far-reaching social change, it has historically been a complex and lengthy process in most societies. However, basing policy prescriptions on this benchmark helps avoid possible conflicts between different social and moral values.
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