Consequently, the economy experienced negative growth in 2012 and 2013, and the ratios of the amounts outstanding of both gross and net government debt to nominal GDP rose, even though the governments continued with fiscal austerity. Through such experience, in 2013, the governments in the euro area started to shift their policy to where the pace of fiscal austerity was slowed.
To respond to changing domestic conditions and developments in central banking and monetary policy globally, the Bank of Ghana Act 2002, Act 612, which was passed to bestow operational independence on the central bank, was amended in 2016 to further reinforce and re-focus its policies and mandate on price and financial stability.