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									                                  Table: 1 Ghana - Selected Macroeconomic Indicators
                                                                      2001       2002     2003


Real GDP growth (%)                                                     4.2       4.5       5.2
Inflation ( end of period)                                             21.3      15.2      23.6
Exchange rate(+:depreciation/ -: appreciation) against WAMZ ERMII       5.0      13.1       5.2
Money Supply (M2+) growth (% change)                                   48.1      50.0      37.8
Domestic Revenue ( % of GDP)                                           17.2      17.5      20.2
Expenditure (% of GDP)                                                 31.3      26.3      28.2
Fiscal Deficit ( % of GDP)                                            -13.2      -8.3      -7.5
Imports ( % of GDP)                                                   -55.8     -45.5     -43.0
Exports (% of GDP)                                                     35.1      26.2      34.1
Overall BOP ($mil )                                                     8.6    -416.4     558.2
Gross International Reserves ($mil)                                   364.8     640.4   1,425.6
Gross International Reserves (in months of import)                      1.4       2.6       4.9
Total External Debt Outstanding                                     6,376.7   6,585.4   6,900.6
Debt service payment                                                  306.6     204.0     126.1
Nominal GDP ($mil)                                                  5,315.6   5,951.4   7,521.2
Sources: Ghana Authorities & WAMI Staff Projections
  2004      2005           2006
                     Jun          Dec

    5.6       5.9        n.a        6.0
   11.8      14.8       10.5        9.9
    2.2       2.0        3.7        0.4
   25.9      14.3       25.7       20.0
   22.4      23.9       18.6       20.5
   31.9      33.5       27.7       30.9
   -8.1      -7.5       -8.6       -9.0
  -48.4     -54.8      -24.0      -52.9
   30.5      28.7       15.3       32.6
  -10.4      84.4      357.2      695.5
1,732.4   1,894.9    1,961.4    2,287.8
    4.5       4.0        3.6        3.0
6,426.8   6,258.9        n.a    2,413.9
  182.7     215.2       85.5      171.0
8,871.8   9,750.1   10,290.2   12,178.4
                                   Table 2: Ghana- Status of Convergence
Primary Criteria                          Target      2001 2002      2003   2004      2005            2006
                                                                                   June    Dec   June     Dec
Inflation Rate (end period)              Single       21.3   15.2    23.6   11.8     15.7   14.8  10.5
                                            digit                                                            9.9
Fiscal Deficit/GDP (%) excl. grants       ≤ 4%        13.2    8.3     7.5    8.1      4.7    7.5   8.6       9.0
Central Bank Financing of fiscal deficit < 10%         0.0   12.1     0.0    0.0      0.0    0.0   0.0       0.0
Gross External Reserves (Months of Imports*) ≥ 3       1.4    2.6     4.9    4.5      3.4    4.0   3.6       3.0
Criteri(um)a satisfy                                     1      0       2      2        2      2     2         3
(*) Months of imports CIF

Secondary Criteria                        Target     2001    2002   2003    2004      2005              2006
                                                                                   June    Dec     June        Dec
Change in arrears(*)                          ≤0       0.0    0.0     0.0    0.0      0.0    0.0     n.a.       n.a.
Tax revenue/GDP ratio                     > 20%       17.2   17.5    20.2   22.4     21.8   23.9    18.6       20.5
Salary mass/Total tax revenue             ≤ 35%       52.9   57.2    49.6   46.1     44.7   44.8    47.5       49.7
Public Investments from domestic          > 20%       16.4   13.2    17.2   17.3     17.2   16.0    20.3       17.8
receipts
Real interest rate                            >0      -6.8   -2.2   -13.9   -2.3     -6.7   -8.4    -4.1       -3.5
Exchange rate(+:depreciation/ -:         +/- 15%       5.0   13.1     5.2    2.2      2.5    2.0     3.7        0.4
appreciation)
Criteri(um)a satisfy                                     1      1       2      2        2      2       2          2
                                                 TABLE 3: Government Fiscal Operations
                                                           (in billion cedis)
                                                                           2001      2002         2003       2004           2005                  2006
                                                                                                                      June       Dec         Jun       Dec
Total Revenue and Grants                                              9,531.8     10,324.6    16,861.7    #######    ####### 28,256.5      ####### 31,465.2
Total Revenue                                                         6,904.5      8,800.0    13,742.9    #######    ####### 23,156.3      ####### 24,619.6
      Tax Revenue                                                     6,556.8      8,547.6    13,379.6    #######    9,682.4 21,302.2      ####### 23,072.2
           Tax on Income                                              2,123.7      2,795.4     4,091.5    5,344.0    2,759.0    6,615.2    2,765.4    6,913.4
           Internal Levies and taxes on goods and Services              900.5      1,448.4     2,179.9    3,734.5    2,135.8    4,429.3    2,144.5    4,717.9
           Property Tax
           Import Tax                                                 1,268.5      1,626.1     2,367.2    3,002.2    1,670.2    3,479.3    2,080.1    4,160.2
           Export Tax                                                   300.0        368.9       792.4      985.8      195.1      634.5      328.0      656.0
           Value Added Tax                                            1,964.1      2,308.8     3,331.2    4,336.6    2,400.4    4,986.7    2,678.1    5,356.2
           Other Tax Revenues                                             -            -         617.4      458.7      521.9    1,157.2      507.4    1,268.5
      Non Tax Revenue                                                   347.7        252.4       363.3    1,136.3      328.6    1,854.1      257.9    1,547.4
Grants                                                                2,627.3      1,524.6     3,118.8    4,830.7    2,105.7    5,100.2    3,803.1    6,845.6

Total expenditure + Net lending                                      11,923.2     12,835.9    18,688.1    #######    ####### 29,822.9      ####### 34,809.7
      Total Expenditure                                              11,667.7     12,837.9    18,653.1    #######    ####### 29,750.1      ####### 34,809.7
      Current expenditure o/w                                         7,005.7      9,846.8    12,350.0    #######    7,427.2 18,149.4      ####### 22,148.2
            Wages, Salaries and Social Sec. Transfers                 3,471.5      4,885.3     6,632.9    8,226.1    4,330.7  9,538.5      4,987.5 11,471.2
            Goods and services                                          589.7      1,452.4     1,762.9    2,360.3    1,032.9  3,305.9      1,822.9  3,645.7
            Subsidies and Transfers                                       -          449.9       272.5    2,307.2      348.0    412.0      1,758.8  3,517.6
            Other non-specified expenditures                            157.3         60.2        48.2       67.0       51.0  1,419.3          -        -
            Interest payments                                         2,787.2      2,999.0     3,633.5    3,171.9    1,664.6  3,473.8      1,692.2  3,513.6
                   Domestic                                            2,309.5      2,210.0     2,786.9    2,244.5    1,222.2  2,622.5      1,292.9  2,715.0
                   Foreign                                               477.7        789.0       846.6      927.4      442.4    851.3        399.3    798.6
      Investment/ capital Expenditure                                  4,662.0      2,991.1     6,303.1    9,316.6    4,657.6 11,600.7      5,358.2 12,661.6
            Domestically financed                                      1,129.7      1,164.5     2,361.1    3,287.9    1,719.8  3,708.0      2,189.5  4,379.0
            External financed                                          3,532.3      1,651.5     3,075.7    4,159.2    2,168.7  5,946.1      2,219.0  5,991.3
      HIPC financed                                                         0.0       175.1       866.3    1,869.6      769.1  1,946.6        742.2  1,855.5
      MDRI financed
      Net lending                                                        255.5         -2.0       35.0       22.1       30.8       72.8

Primary Balance                                                        1,300.7       614.6     1,764.0      858.0     1,728.7    2,753.2     -947.0    -685.2
Budget deficits/surplus (including grants)
           Commitment basis                                           -2,391.4     -2,511.4    -1,826.4   -1,642.4        1.1   -1,566.4   -1,055.1   -3,344.5
Budget deficits/surplus (Excluding grants)
           Commitment basis                                           -5,018.8     -4,036.0    -4,945.2   -6,473.1   -2,104.6   -6,666.6   -4,858.2 -10,190.1
           Cash basis                                                 -5,532.2     -4,847.5    -5,563.7   -6,744.0   -2,823.3   -7,781.0   -5,129.0

Budget deficits/surplus (Excluding grants, HIPC          and
MDRI expenditures)                                                    -5,018.8     -3,860.9    -4,078.9   -4,603.6   -1,335.5   -4,720.0   -3,908.5   -7,898.9


Financing                                                              2,391.4      2,511.4     1,826.4    1,642.4       -1.1    1,566.4    1,055.1    3,344.5
Domestic                                                                 503.1      2,050.7      -557.9     -565.7     -409.2   -2,073.4   -1,373.6    1,269.9
             Central Bank                                             -1,182.2        791.6      -341.5    3,705.8     -669.3   -1,182.1   -2,211.2   -2,004.5
             Commercial Banks                                            426.3      1,773.6      -779.6    1,430.9    1,430.9    1,875.7      412.3    2,709.7
             Nonbank                                                   1,618.0      1,296.3       905.4   -1,247.3      268.9   -1,879.5    1,781.1    2,137.3
             Domestic Arrears (net change)                              -513.4       -811.5      -618.5     -270.9     -718.7   -1,114.4     -270.8     -541.6
             Divestiture                                                 154.0         10.9       421.4      285.7                 232.7        8.3       10.8
             Other/ Adjustement                                            0.4     -1,010.2      -145.0   -4,469.9     -721.0       -5.8   -1,093.3   -1,041.8
External sources                                                       1,888.3        460.7     2,384.3    2,208.1      408.1    3,639.8    2,428.7    2,074.7
             Drawings (inflows)                                        3,021.7      1,344.7     3,140.7    3,063.4    1,299.6    4,544.6    2,564.9    3,334.4
             Debt relief                                                   0.0      1,242.0     1,802.9    1,064.8      455.9    1,193.5      567.4      851.1
             Amortisation                                             -1,133.4     -2,126.0    -2,559.3   -1,920.1   -1,347.4   -2,098.3     -703.6   -2,110.8
             External Arrears (net change)

Memorandum Items
Overall deficit(commitment basis excl. grant) / GDP (%)                 -13.2         -8.3        -7.5        -8.1       -4.7       -7.5       -8.6      -9.0
Overall deficit(commitment basis incl. grant) / GDP (%)                  -6.3         -5.1        -2.8        -2.1        0.0       -1.8       -1.9      -3.0
Overall deficit(com.excl. Grant, HIPC, MDRI exp) / GDP (%)              -13.2         -7.9        -6.2        -5.8       -3.0       -5.3       -6.9      -7.0
Tax revenue/ GDP at Current Market Prices (%)                            17.2         17.5        20.2        22.4       21.8       23.9       18.6      20.5
Wages and Salaries/Tax revenue (%)                                       52.9         57.2        49.6        46.1       44.7       44.8       47.5      49.7
Central Bank financing/Previous yr.'s tax revenue                         0.0         12.1         0.0        27.7        0.0        0.0        0.0       0.0
Domestic investment expenditure/Total revenue                            16.4         13.2        17.2        17.3       17.2       16.0       20.3      17.8
Nominal GDP Current market prices (Cedis bils)                       38,070.7     48,862.4    66,157.7    79,887.4   44,493.4   88,986.8   56,325.2 112,650.4
Source: Ghana Authorities
                                     Table 4: GHANA - Monetary Survey
                                     (in billions of cedis, end of period)
                                                  2001        2002       2003       2004          2005                      2006
                                                                                             June      Dec          June           Dec
 Net foreign assets                           1,476.3     4,290.3   10,516.7    13,956.1    11,820.4 15,631.4         19,293.3      20,698.4
   Foreign assets                             5,328.0     9,300.1   15,938.3    19,743.8    18,083.2 20,833.1         22,276.3      23,898.7
   Foerign liabilities                        3,851.7     5,009.8    5,421.6     5,787.7     6,262.8   5,201.7         2,983.0       3,200.2

 Net domestic assets                          8,771.5   11,077.7    10,657.0     12,711.2    15,287.6    14,836.4     14,786.0       15,862.9
  Domestic credit                            12,162.8   15,473.6    17,931.4     26,452.5    29,252.3    34,317.0     33,274.5       35,697.9
  Claims on government (net)                  5,988.5    8,553.7     7,432.6     12,569.3    13,363.3    13,262.9     13,019.8       13,968.0
       Total claims on government             6,482.9   36,731.1    12,598.4     18,851.8    17,769.7    21,430.3     21,525.6       23,093.3
           Treasury bills                     2,437.9    2,912.9     1,462.9      2,005.3     2,264.4     1,500.7      2,370.0        2,542.6
           Stocks and bonds                   2,746.6    4,915.8     5,018.2      6,719.4     7,866.1     9,437.7     11,090.9       11,898.7
           Others                             1,298.4   28,902.4     6,117.3     10,127.1     7,639.2    10,491.9      8,064.7        8,652.0
       Government deposits                      494.4   28,177.4     5,165.8      6,282.5     4,406.4     8,167.4      8,505.8        9,125.3
  Claims on rest of economy                   6,174.3    6,919.9    10,498.8     13,883.2    15,889.0    21,054.1     20,254.7       21,729.9
      Claims on public enterprises            1,702.6    1,055.9     2,446.8      4,105.6     3,809.9     3,599.3      3,597.9        3,859.9
      Claims on private sector                4,471.7    5,864.0     8,052.0      9,777.6    12,079.1    17,454.8     16,656.8       17,869.9
  Other items, net (assets +)                -3,391.3   -4,395.9    -7,274.4    -13,741.2   -13,964.7   -19,480.6    -18,488.5      -19,835.0

Money Supply (M2+)                           10,247.8   15,368.0    21,173.7    26,667.3    27,108.0    30,467.8      34,079.3      36,561.4
Money Supply (M2)                             7,873.9   11,814.7    16,597.7    20,986.4    20,947.4    23,869.7      26,942.9       30,405.2
Money Supply (M1)                             5,121.6    8,218.0    11,372.7    14,584.1    13,335.0    15,509.4      16,980.6       19,717.3
      Currency with public                    3,089.8    4,671.6     6,337.7     7,303.4     6,412.5     8,025.9       7,620.4        9,675.4
      Demand deposits                         2,031.8    3,546.4     5,035.0     7,280.7     6,922.5     7,483.5       9,360.2       10,041.9
Quasi money                                   5,126.2    7,150.0     9,801.0    12,083.2    13,773.0    14,958.4      17,098.7       18,344.0
      Time and savings deposits               2,752.3    3,596.7     5,225.0     6,402.3     7,612.4     8,360.3       9,962.3       10,687.9
      Foreign currency deposits               2,373.9    3,553.3     4,576.0     5,680.9     6,160.6     6,598.1       7,136.4        7,656.2

Memorandum items:
 M2+ growth                                    48.1%      50.0%       37.8%       25.9%        20.5%    14.3%           25.7%         20.0%
 M2 growth                                    148.1%      50.0%       40.5%       26.4%        22.7%    13.7%           28.6%         27.4%
 Net claims on government (NCG)              -163.3%      42.8%      -13.1%       69.1%         8.1%     5.5%            3.6%          5.3%
 Net foreign assets                            87.1%     190.6%      145.1%       32.7%        26.2%    12.0%           38.2%         32.4%
 Reserve money growth                                     42.6%       33.4%       18.5%        11.7%    11.2%           19.7%         12.7%
 Currency/M2+ ratio                            30.2%      30.4%       29.9%       27.4%        23.7%    26.3%           22.4%         26.5%
 Velocity (GDP/broad money)                       3.7        3.2         3.1         3.0          3.6      3.7             3.3           3.1
 Money multiplier (M2+/RM)                        5.1        5.0         5.2         4.6          3.5      3.3             4.3           3.6
 Currency-to-deposits ratio                      43%        44%         43%         38%         31%      36%              29%           34%
 GDP at current market prices                38,070.7   48,862.4    66,157.7    79,887.4    88,574.0 97,260.6        112,650.4     112,650.4
Source: Ghana Authorities and WAMI Staff
                            Table 5: GHANA - Accounts of the Central Bank
                                    (in billions of cedis, end of period)
                                             2001         2002        2003 2004          2005                  2006
                                                                                    June      Dec         Jun       Dec
Net Foreign Assets                       534.6     2,256.4    8,531.3   11,070.7    8,970.6 12,995.5     16,570.8 17,777.7
Foreign assets                         2,870.0     5,724.6   12,964.9   15,993.3   13,649.3 17,313.2     18,040.0 19,353.9
Foreign liabilities                    2,335.4     3,468.2    4,433.6    4,922.6    4,678.7   4,317.7     1,469.2   1,576.2

Net Domestic Assets                    3,509.8     3,510.5     -838.7   -1,953.2   -1,002.9   -2,855.9 -7,036.8 -6,349.3
Net Claims on Government               2,075.3     2,866.9    2,525.4    6,231.2    5,561.8    5,049.1   2,837.9   3,044.6
  Total claims                         2,473.0    30,934.1    7,513.8   12,279.8    9,796.2   12,450.8 10,514.6 11,280.4
    Treasury Bills                       317.4     1,036.0      322.8      208.2      178.1      332.3     161.6     173.4
    Stocks and bonds                     857.2       995.7    1,073.7    1,944.5    1,978.9    1,626.6   2,288.3   2,455.0
    Others                             1,298.4    28,902.4    6,117.3   10,127.1    7,639.2   10,491.9   8,064.7   8,652.0
 Government Deposits                     397.7    28,067.2    4,988.4    6,048.6    4,234.4    7,401.7   7,676.7   8,235.8
Claims on Financial Institutions       1,427.8     1,136.1      597.1       38.7      116.2      103.0     111.6     119.7
Claims on Public Institutions             57.7         5.9        6.1      564.4      994.1      116.0     491.6     527.4
Other items (net)                        -51.0      -498.4   -3,967.3   -8,787.4   -7,675.0   -8,124.0 -10,477.9 -10,041.0

Reserve money                          4,044.4     5,766.9    7,692.6    9,117.5    7,967.7   10,139.6    9,534.0 11,428.4
Currency outside banks                 3,089.8     4,671.6    6,337.7    7,303.4    6,412.5    8,025.9    7,620.4  9,675.4
Bank reserves                            931.8     1,055.8    1,258.8    1,697.4    1,488.9    2,003.4    1,843.6  1,677.9
Other deposits                            22.8        39.5       96.1      116.7       66.3      110.3       70.0     75.1
Source: Ghana Authorities
                           Table 6: GHANA - Accounts of the Deposit Money Banks
                                            (In billions of cedis)
                                             2001          2002    2003     2004               2005                   2006
                                                                                         June       Dec          Jun        Dec
Net foreign assets                           941.7      2,033.9    1,985.4    2,885.4    2,849.8    2,635.9     2,722.5    2,920.8
Foreign assets                             2,458.0      3,575.5    2,973.4    3,750.5    4,433.9    3,519.9     4,236.3    4,544.8
Foreign liabilities                        1,516.3      1,541.6      988.0      865.1    1,584.1      884.0     1,513.8    1,624.1
                                                                                                                               -
Net Domestic Assets                        6,193.5      8,623.0   12,754.5   16,361.8   17,779.4   19,695.7    23,666.4 25,390.1
Reserves                                   1,058.3        943.5    2,886.0    2,978.6    2,622.0    2,940.4     3,006.0    3,224.9
Cash                                         195.4        272.8      342.0      370.5      246.3      494.6       332.8      357.0
Deposits with Central Banks                  862.9        670.7    2,544.0    2,608.1    2,375.7    2,445.8     2,673.2    2,867.9
                                                                                                                               -
Central Bank Bills                          -                                                                                  -
                                                                                                                               -
Credit from Central Bank                        10.6       15.3       56.5       56.2     148.4      502.5        430.9      462.3
                                                                                                                               -
Domestic Credit                           10,029.8     12,600.8   15,399.9   19,656.9   22,696.4   29,151.9    29,945.0 32,126.0
  Net Claims on Govt.                      3,913.2      5,686.8    4,907.2    6,338.1    7,801.5    8,213.8    10,181.9 10,923.5
   Total Claims                            4,009.9      5,797.0    5,084.6    6,572.0    7,973.5    8,979.5    11,011.0 11,813.0
         Treasury bills                    2,120.5      1,876.9    1,140.1    1,797.1    2,086.3    1,168.4     2,208.4    2,369.2
         Stocks and bonds                  1,889.4      3,920.1    3,944.5    4,774.9    5,887.2    7,811.1     8,802.6    9,443.7
   Govt.Depot                                 96.7        110.2      177.4      233.9      172.0      765.7       829.1      889.5
                                                                                                                               -
Claims on private sector (incl.PEs)        6,116.6      6,914.0   10,492.7   13,318.8   14,894.9   20,938.1    19,763.1 21,202.5
    Claims on public enterprises           1,644.9      1,050.0    2,440.7    3,541.2    2,815.8    3,483.3     3,106.3    3,332.5
    Credit to private sector               4,471.7      5,864.0    8,052.0    9,777.6   12,079.1   17,454.8    16,656.8 17,869.9
                                                                                                                               -
Other items (net)                     -    4,894.6 -    4,921.3 - 5,531.4 - 6,273.7 - 7,539.0 - 12,396.6      - 9,284.6 - 9,960.8
                                                                                                                               -
Total Deposits                             7,135.2     10,656.9   14,739.9   19,247.2   20,629.2   22,331.6    26,388.9 28,310.9
Demand deposits                            2,009.0      3,506.9    4,938.9    7,164.0    6,856.2    7,373.2     9,290.2    9,966.8
Savings and Time deposits                  2,752.3      3,596.7    5,225.0    6,402.3    7,612.4    8,360.3     9,962.3 10,687.9
Foreign currency deposits                  2,373.9      3,553.3    4,576.0    5,680.9    6,160.6    6,598.1     7,136.4    7,656.2
Source: Ghana Authorities and WAMI Staff
                                 TABLE 7: GHANA - Analytical Balance of Payments
                                             (In millions of Dollars)
                                                       2001        2002    2003         2004           2005                    2006
                                                                                                 Jun          Dec        Jun          Dec


     Merchandise Exports(fob)                       1,867.1    1,559.0    2,562.4    2,704.5    1,447.2       2,802.2    1,859.0       3,966.1
        Traditional                                 1,286.4    1,163.5    1,647.8    1,865.9    1,014.2       1,854.2    1,237.3       2,660.5
        o/w Cocoa                                     382.7      474.4      817.7    1,025.7      560.1         908.4      622.9       1,370.3
                  Gold                                617.8      689.1      830.1      840.2      454.1         945.8      614.4       1,290.2
        Non traditional                               580.7      395.5      914.5      838.6      433.0         948.0      621.7       1,305.6

     Merchandise Imports (fob)                      -2,968.5   -2,707.0   -3,232.8   -4,297.3   -2,442.7   -5,345.4     -2,926.0      -6,437.2
      Oil                                             -516.8     -510.0     -562.9     -775.0     -455.8   -1,127.5       -654.8      -1,440.5
      Non-Oil                                       -2,451.7   -2,197.0   -2,669.9   -3,522.3   -1,986.9   -4,217.9     -2,271.2      -4,996.7

     Trade balance                                  -1,101.4   -1,148.0    -670.5    -1,592.8    -995.5    -2,543.1     -1,067.0      -2,471.1

     Services (Net)                                  -182.1     -240.3     -426.4     -554.0     -168.3        -385.1     -367.5        -735.0
          Factor services                            -107.8     -174.3     -191.6     -265.6      -62.1        -336.4     -373.6        -747.3
          Non-factor services                         -74.3      -66.0     -156.7      -90.6                    138.4       66.4         132.8
          Income (Net)                                                      -78.2     -197.8     -106.2        -187.1      -60.3        -120.6
     Private transfers                                709.7      680.0    1,017.2    1,287.1      667.7       1,549.8      902.6       1,985.7
     Official transfers                               249.3      220.2      382.0      543.9      245.6         566.9      553.9       1,218.6

A.   Current Account Balance
         Excluding official transfers                -573.8     -708.3      -79.7     -859.7     -496.1    -1,378.5       -531.9      -1,220.4
         Including official transfers                -324.5     -488.1      302.3     -315.8     -250.5      -811.5         22.0          -1.8

B.   Capital & Financial Account Balance              392.2      -38.6      340.3      201.6       -19.3        834.5      381.9         744.0
     Official capital                                  84.6     -115.2       85.7       52.5                    141.1      211.9         369.9
          Inflows/disbursements                       341.6      194.3      369.8      402.3                    501.3      269.3         484.7
          Amortisation due                           -257.0     -309.5     -284.1     -349.8                   -360.2      -57.4        -114.8
     Other Capital flows (net)                        307.6       76.6      254.6      149.1       -19.3        693.3      397.7         875.0
          Direct and portfolio investment              89.3       58.9      136.8      139.3        50.1        145.0      218.0         327.0
C.        Private borrowing (net)                      48.0       46.7       63.2      192.7       -69.4        414.3      179.7         377.5
          Short term capital                          170.3      -29.1       54.7     -182.9                    134.1     -227.7        -500.9

D.   Errors and Ommisions                              -59.1     110.4       -84.4     103.8       -13.1        61.4       -46.7         -46.7
     Total of A through D

E.   Overall Balance                                    8.6     -416.4      558.2       -10.4    -282.9         84.4      357.2         695.5

F.   Financing                                          -8.6     416.4     -558.2       10.4      282.9         -84.4     -357.2        -695.5

     Net International reserves                      -209.6     -157.8     -657.7     -185.6      154.0        -309.3     -357.2        -392.9
          Use of Fund Credit                            1.3       54.0       67.4        7.1        0.0          25.3        0.0           0.0
               Disbursements                           65.6       68.0       72.3       38.8                     76.9        0.0           0.0
               Repayments                             -64.4      -14.0       -5.0      -31.7                    -51.5        0.0           0.0
          Other Reserves Changes                     -214.6     -211.8     -767.1      212.7      164.1        -308.6     -453.9        -601.3
          Other (including holdings of SDR)             3.7        0.0       42.0       20.1       12.8          12.5        0.7           0.7
          Exceptional Financing/debt relief           201.0      118.0       99.4      196.0      128.8         225.0        0.0           0.0
                                                       -8.6      -39.8     -558.3      435.9      305.7         -45.9     -453.3        -600.7
     Memorandum Items
     Imports of goods (cif)                         3,202.1    2,917.0    3,486.6    4,632.9    2,602.9       5,752.0    3,256.7       4,559.4
     Gross International Reserves ($ million)
         End of Period (US $ millions)                364.8      640.4    1,425.6    1,732.4    1,469.1       1,894.9    1,961.4       2,287.8
         In months of import cover                      1.4        2.6        4.9        4.5        3.4           4.0        3.6           3.0
     End of Period exchange rate (Cedi/$)           7,255.2    8,351.9    8,805.5    9,051.3    9,074.9       9,030.8    9,191.0       9,150.0
     Average exchange rate (Cedi/$)                 7,162.1    8,210.2    8,796.1    9,004.6    9,204.4       9,126.8    9,338.4       9,250.0
     Capital account balance                                      -0.6        4.5        2.3       -0.2           8.6        3.1           6.1
     Current A/C bal. (Excl. Off. transfers)/GDP      -10.8      -11.9       -1.1       -9.7      -10.2         -14.1       -8.7         -10.0
     Current A/C bal. (Incl. Off. transfers)/GDP       -6.1       -8.2        4.0       -3.6       -5.1          -8.3        0.4           0.0
     Overall Balance/GDP                                0.2       -7.0        7.4       -0.1       -5.8           0.9        5.9           5.7
     Nominal GDP ($ million)                        5,315.6    5,951.4    7,521.2    8,871.8    9,750.1       9,750.1   12,178.4      12,178.4
     Source: BoG & WAMI Staff
                                                                                                                                                 06
                                                                                                                                                       9250
                                                                                                                                                 112,650.40

                                                                                                                                                  12,178.42
                                    Table 8: Output and Prices
                                         (In billions of cedi)
                                                   2001          2002       2003       2004       2005       2006
Domestic Output
GDP at Constant 1993 Prices (Cedis billion) 5,357.1         5,600.8       5,894.8    6,223.5    6,588.7    6,985.5
Real GDP Growth                                      4.2           4.5        5.2        5.6        5.9        6.0
GDP at Market Prices (billions)                38,070.7    48,862.4      66,157.7   79,887.4   97,260.6 112,650.4
  Agriculture                                  13,416.8    17,174.3      24,177.5   30,319.5   36,427.0   42,366.4
  Industrial                                    9,599.9    12,350.2      16,678.4   19,745.7   24,437.1   28,417.3
    Manufacturing                               3,427.5     4,410.9       5,938.0    6,983.8    8,418.3    9,753.4
    Construction                                3,346.9     4,315.5       5,865.8    7,029.9    8,877.4   10,431.7
  Services                                     11,101.1    14,274.9      19,230.0   22,909.9   28,122.7   32,416.9
GDP at factor cost                             34,117.8    43,799.4      60,085.9   72,975.1   88,986.8 103,200.6
  (Sector share in GDP at factor cost)
  Agriculture GDP %                                39.3           39.2       40.2       41.5       40.9       41.1
  Industrial GDP %                                 28.1           28.2       27.8       27.1       27.5       27.5
     o/w Manufacturing %                           10.0           10.1        9.9        9.6        9.5        9.5
    Construction                                     9.8           9.9        9.8        9.6       10.0       10.1
  Services                                         32.5           32.6       32.0       31.4       31.6       31.4
Prices
Consumer Price Index (1997 =100)                  226.7          261.2     322.7      360.7      414.2      455.2
Annual Average Inflation Rate                      32.9           14.8       26.7       12.6       15.1       12.0
End Period Inflation Rate                          21.3           15.2       23.6       11.8       14.8        9.9
Source: Ghana Statistical Service
                             Table 9: GHANA - Composition of External Debt
                                        (in millions of US dollars)
CATEGORY                                        2001        2002    2003       2004         2005             2006
                                                                                       June      Dec
Total External Debt Outstanding              6,376.7   6,585.4   6,900.6     6,426.8   6,131.6   6,258.9   2,413.9
SOURCE
(i) Bilateral                                1,617.9   1,631.0   1,686.4       423.8     461.9     443.4    373.5
(ii) Multilateral                            4,277.0   4,442.2   4,716.5     5,325.6   5,431.1   5,490.0    744.2
MATURITY/TENOR
(i) Short term                                 300.0     360.0     474.8       330.0     143.3     550.0     650.0
(ii) Medium term                               469.1     528.3     730.8       722.8     695.1     647.1     646.2
(iii) Long term                              5,600.5   5,697.0   6,829.0     5,315.1   5,436.3   5,505.3   1,117.7
CREDITOR
(i) London Club                                481.8     512.2     474.8       330.0     143.3     550.0     650.0
(ii) Paris Club                              1,617.9   1,631.0   1,675.6       275.7     238.3     219.0     224.1
(iii) Other                                  4,277.0   4,442.2   4,750.3     5,821.1   5,750.0   5,490.0   1,539.8
MEMORANDUM ITEMS
(i) Debt Service Payments                      306.6    204.0     126.1       182.7      69.4      215.2    171.0
       Capital Repayment                       235.3    152.5      90.7       121.0      46.9      150.0    121.3
       Interest Payment                         71.3     51.5      35.5        61.7      22.5       65.2     49.7
(ii) Debt Service Payments as a % Export        12.8      7.8       4.4         5.5       8.9        7.5      5.6
Source: Country Authorities
        TABLE 10: GHANA - Exchange Rate Developments
                  Official                 Forex Bureau
            Average End period           Average     End
            LCU/$        Lcu/$            LCU/$     Lcu/$
     2001 7,162.07 7,255.23               7,245.52 7,322.73
     2002 8,210.23 8,351.91               8,460.12 8,681.82
     2003 8,796.14 8,805.50               9,125.76 9,097.73
     2004 9,004.63 9,051.26               9,263.35 9,222.73
     2005
     2002
       Q1 7,437.12 7,690.29               7,510.31 7,700.00
       Q2 7,830.47 8,043.37               7,837.38 7,902.28
       Q3 8,137.26 8,187.90               8,124.94 8,268.18
       Q4 8,300.88 8,438.82               8,460.12 8,681.82
     2003
      Jan 8,491.79 8,536.53               8,681.72 8,695.46
      Feb 8,541.00 8,559.86               8,708.73 8,722.73
      Mar 8,588.32 5,600.29               8,691.05 8,693.19
      Apr 8,658.31 8,690.15              86,970.34 8,622.73
      May 8,673.58 8,684.25               8,708.66 8,740.91
      Jun 8,691.30 8,700.36               8,764.35 8,829.55
       Jul 8,708.46 8,721.89              8,841.88 8,802.28
      Aug 8,717.70 8,735.59               8,776.15 8,818.18
     Sept 8,722.46 8,732.28               8,871.11 8,830.91
      Oct 8,738.74 8,753.86               8,877.17 8,925.91
      Nov 8,776.81 8,780.05               8,129.42 9,102.28
      Dec 8,831.83 8,852.32               9,126.76 9,097.73
     2004
      Jan 8,860.21 8,834.73               9,315.91 9,405.91
     Feb 8,899.42 8,891.69                9,372.70 9,305.91
      Mar 8,976.90 9,018.29               9,234.85 9,235.46
      Apr 9,006.69 9,048.98               9,207.43 9,207.73
      May 9,028.19 9,029.45               9,233.69 9,283.18
      Jun 9,034.15 9,046.54               9,312.84 9,335.00
       Jul 9,036.18 9,041.83              9,297.44 9,230.91
      Aug 9,041.70 9,045.70               9,223.74 9,200.91
      Sep 9,042.14 9,051.76               9,204.23 9,196.37
      Oct 9,042.14 9,049.36               9,223.38 9,294.10
      Nov 9,043.15 9,054.73               9,315.46 9,315.46
      Dec 9,045.19 9,051.26               9,267.68 9,222.73
     2005
      Jan 9,054.70 9,049.59               9,263.11 9,179.55
      Feb 9,055.55 9,057.95               9,369.86 9,267.73
      Mar 9,067.66 9,075.45               9,221.52 9,179.09
      Apr 9,072.85 9,080.94               9,207.16 9,206.82
      May 9,072.29 9,066.06               9,192.33 9,212.73
    June 9,076.10 9,074.91                9,204.40 9,203.64
     July 9,074.72 9,077.28               9,179.61 9,173.64
      Aug 9,073.01 9,086.42               9,140.32 9,131.82
     Sept 9,053.27 9,086.47               9,154.11 9,197.27
      Oct 9,077.70 9,083.62               9,241.02 9,293.18
      Nov 9,085.23 9,099.39               9,416.36 9,411.82
      Dec 9,109.60 9,030.82               9,368.85 9,324.09
     2006
      Jan 9,120.16 9,128.57               9,308.80 9,265.45
      Feb 9,118.79 9,119.13               9,294.35 9,315.91
      Mar 9,129.84 9,138.81               9,273.81 9,278.18
      Apr 9,138.64 9,141.02               9,267.85 9,265.91
      May 9,148.43 9,154.01               9,279.85 9,296.82
      Jun 9,175.62 9,191.02               9,338.35 9,359.09
Source : Bank of Ghana
                               TABLE 11: GHANA - Selected Interest Rates
                                           2001       2002      2003     2004          2005            2006
                                                                                June          Dec       Jun
1.CENTRAL BANK
 a. Treasury Bill Discount Rate(91days)     27.65    24.66     18.09    16.38    15.84         11.43    9.75
b. BoG 28-Day Discount Rate                                             16.28    16.04         12.33   10.30
c. Prime rate                                        24.50     21.50    18.50    16.50         15.50   14.50

2 COMMERCIAL BANKS
 A. Borrowing Rates. (%)
   i. Demand deposits                       13.50     8.00      9.50     7.50     7.50          7.13    7.13
  ii. Savings Deposits                      14.50    13.00      9.75     9.50     9.00          6.38    6.38
 iii. Time Deposits
       1 month                              20.25    17.50     13.25    10.25     9.25          6.13    6.13
       3 months                             23.25    18.00     14.25    13.25    10.50          7.75    7.75
       6 months                             21.25    19.00     15.00    13.00    10.50          9.50    9.50
      12 months                             20.00    20.00     15.50    11.25    11.25          9.50    9.50

 iv. Certificate of Deposits                18.00    14.75     15.00    12.25    11.75          7.00    7.00
  v. Bearer Bonds
  vi Call Money                             17.25    15.00     10.75     9.25     8.00          6.00    6.00
 vii. Any other                             17.00    11.50     12.50     7.50     7.50          7.50    7.50

B. Lending Rates. (%)
  i. Agricultural, Forestry & Fishing       44.00    38.50     32.75    28.75    28.75         26.00   26.00
 ii. Export Trade                           44.00    38.50     32.75    28.75    28.75         26.00   26.00
iii. Manufacturing                          44.00    38.50     32.75    28.75    28.75         26.00   26.00
  iv. Mining & Quarrying                    44.00    38.50     32.75    28.75    28.75         26.00   26.00
 v. Construction                            44.00    38.50     32.75    28.75    28.75         26.00   26.00
 vi. Other Sector                           42.50    38.50     35.25    28.75    25.00         26.00   26.00
C. Base Rate                                                            25.00    24.00         21.45   21.25
Source: Central Bank
                                        TABLE 12: GHANA - Domestic Debt Position
                                    (in millions of local currency units, end of period)
                                             2001          2002          2003          2004           2005                  2006
                                                                                                 June       Dec              Jun
Total Domestic Debt Outstanding             10,194.7      13,909.4      13,591.2      16,897.2   18,581.0  17,592.7     21,827.0

By Maturity
    Short Term (one year or less)
      Treasury Bills (91 days)               3,690.3       4,761.0       4,112.4       3,382.4    4,249.3     1,276.8    1,516.4
      Treasury Bills (182) days)             2,314.6       2,546.0       2,674.5       2,691.4    2,176.7     1,940.1    1,359.6
      Treasury Bill (1 year)                   188.9         898.8       1,265.2       1,029.8      859.3     2,082.0    3,714.6

    Medium/Long Term (Over 1                 4,000.9       5,703.6       5,539.1       9,793.6   11,295.8    12,293.8
    year)                                                                                                               15,236.4

By Holder
    Central Bank                             2,729.8       3,395.9       2,680.7       5,957.4   5969.919     6,304.2    6,784.3
    Deposit money banks                      4,009.8       5,797.0       5,251.3       6,727.2   8116.747     9,074.6   11,041.6
    Other                                    3,455.1       4,716.6       5,659.3       4,212.6   4494.284     2,213.9    4,001.1
    Total                                   10,194.7      13,909.4      13,591.2      16,897.2    18,581.0   17,592.7   21,827.0
Source: Bank of Ghana
                         TABLE 13: GHANA - Consumer Price Index

                          Indexes                             Inflation Rate
                                             Annual         Annual         Annual       Annual
                                           End- Period    End- Period    End period    average-
           Combined        Food Non-Food      Food         Non-Food       Combined     Combined
  Weight     100.0%       51.9%    48.1%
     2001     226.80      185.17  264.63                                        21.3       32.9
     2002     261.20      225.82  292.75                                        15.2       14.8
     2003     322.70      274.45  374.48                                        23.6       26.7
     2004
      Jan     326.18      287.37  376.73                                        22.4       27.7
      Feb     334.48      293.98  383.89                                        11.0       25.4
      Mar     340.40      293.98  385.50                                        10.5       23.6
      Apr     347.64      305.34  389.82                                        11.2       21.9
      May     351.85      311.92  390.60                                        11.2       20.3
      Jun     356.95      318.02  394.11                                        11.9       18.8
       Jul    360.89      321.84  398.05                                        12.4       17.4
      Aug     361.51         322  399.25                                        12.9       16.3
      Sep     358.77      316.71  400.05                                        12.6       15.2
      Oct     356.75      312.92  400.53                                        12.4       14.3
      Nov     358.00       314.3  401.55                                        12.3       13.5
      Dec     360.71      317.13  403.95                                        11.8       12.6
     2005
      Jan     364.03      320.98  406.38           11.7            7.9          11.6       11.9
      Feb     381.41      330.29  434.01           12.4           13.1          14.0       12.1
      Mar     397.27      344.82  450.94           17.3           17.0          16.7       12.6
      Apr     405.22       356.2  453.64           16.7           16.4          16.6       13.1
      May     409.31       361.9  455.32           16.0           16.6          16.3       13.5
      Jun     413.16      367.38  456.87           15.5           15.9          15.7       13.9
       Jul    414.51      368.95  457.78           14.6           15.0          14.9       14.1
      Aug     414.93      369.16  458.57           14.6           14.9          14.8       14.2
      Sep     412.51      364.94  458.56           15.2           14.6          15.0       14.4
      Oct     411.86      362.86  459.89           16.0           14.8          15.4       14.6
      Nov      412.8      363.55  461.11           15.7           14.8          15.3       14.9
      Dec     414.23      364.57  483.05           15.0           19.6          14.8       15.1
     2006
      Jan     417.01      367.75  465.14           14.6           14.5          14.6       15.3
      Feb     427.37      375.47  478.63           13.7           10.3          12.1       15.1
      Mar     436.47      384.26  487.72           11.4            8.2           9.9       14.5
      Apr     443.54      392.33  493.09           10.1            8.7           9.5       13.9
      May      451.1      399.16  501.18           10.3           10.1          10.2       13.4
      Jun     456.56      404.41  506.69           10.1           10.9          10.5       12.9
Source: Ghana Statistical Service

								
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