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					Ghana: Selected Macroeconomic Indicators
                                                       2001     2002      2003      2004        2005       2006       2007

Real GDP growth (%)                                      4.2       4.5       5.2       5.6        5.9        6.2        6.3
Inflation ( end of period)                              21.3      15.2      23.6      11.8       13.9       10.9       12.8
Exchange rate(+:depreciation/ -: appreciation)           5.0      13.2       4.7       2.2        0.9        1.1        4.8
Money Supply (M2+) growth (% change)                    48.1      50.0      37.8      25.9       14.3       38.8       35.9
Tax Revenue (% of GDP)                                  17.2      17.5      20.2      22.4       21.9       21.4       22.1
Domestic Revenue ( % of GDP)                            18.1      18.0      20.8      23.8       23.8       22.3       24.3
Expenditure (% of GDP)                                  31.3      26.3      28.2      31.9       30.7       33.7       39.9
Fiscal Deficit (exclud grants)/GDP( %)                 -13.2      -8.3      -7.5      -8.1       -6.9      -11.3      -15.6
Fiscal Deficit (includ grants)/GDP( %)                  -6.3      -5.1      -2.8      -2.1       -1.6       -5.9       -8.5
Imports ( % of GDP)                                    -55.9     -43.9     -42.5     -48.4      -49.9      -53.9      -55.0
Exports (% of GDP)                                      35.2      32.7      33.7      30.5       26.1       29.8       28.4
Overall BOP ($mil )                                      8.6      39.8     558.2     -10.5       84.4      415.1      413.1
Gross International Reserves ($mil)                    364.8     640.4   1,425.6   1,732.4    1,894.9    2,266.7    2,836.6
Gross International Reserves (in months of import)       1.4       2.7       5.0       4.6        4.0        3.8        3.9
Total External Debt Outstanding ($mil)               6,325.6   6,491.3   8,023.7   6,777.9    6,887.8    2,172.9    3,590.4
Stock of Domestic Debt in Percent of GDP                26.8      28.5      20.5      21.2       18.8       25.2       26.5
Debt service payment($mil)                             306.6     204.0     126.1     194.9      215.2      166.8      192.6
Debt service Ratio (% of Exports)                       16.4      10.1       4.9       7.2        7.7        4.5        4.6
Nominal GDP ($mil)                                   5,309.1   6,159.9   7,606.5   8,871.8   10,718.5   12,712.8   14,524.6
   Sources: Ghana Authorities & WAMI Staff
Ghana: Status of Convergence
Primary Criteria                                              Target           2001     2002    2003     2004    2005    2006    2007

Inflation Rate (end period)                                    Single digit    21.3     15.2    23.6     11.8    13.9    10.9    12.8
Fiscal Deficit/GDP (%) excl. grants                            ≤ 4%            13.2      8.3     7.5      8.1     6.9    11.5    14.7
                                                               < 10%
Central Bank Financing of fiscal deficit as % of previous year’s tax revenue    0.0     12.1     0.0      0.0     0.0     0.0    14.8
Gross External Reserves (Months of Imports*)                   ≥3               1.4      2.7     5.0      4.6     4.0     3.8     3.9
Criteria satisfied                                                                1        0       2        2       2       2       2
(*) Months of imports CIF

Ghana: Status of Convergence
Secondary Criteria                                            Target           2001     2002    2003     2004    2005    2006    2007


Change in arrears(*)                                       ≤0                    n.a.    n.a.     n.a.    n.a.    n.a.    n.a.    n.a.
Tax revenue/GDP ratio                                      > 20%                17.2    17.5     20.2    22.4    21.9    21.4    22.1
Salary mass/Total tax revenue                              ≤ 35%                52.9    57.2     49.6    46.1    44.8    44.9    46.0
Public Investments from domestic receipts                  > 20%                16.4    13.2     17.2    17.3    16.0    22.2    26.4
Real interest rate                                         >0                  -11.8    -5.7    -14.1    -2.3    -7.5    -6.2    -8.2
                                                            ERMII
Exchange rate(+:depreciation/ -: appreciation) against WAMZ+/- 15%               5.0    13.2      4.7     2.2     3.1     4.1     8.8
Criteria satisfied                                                                 1       1        2       2       2       3       3
2008

18.1
18.6
38.7
 2.2
   0




2008


 n.a.
25.4
45.5
32.6
-9.1
27.1
   2
                                  GHANA : Government Fiscal Operations
                                     (in millions of Ghana cedis)
                                                     2001      2002                      2003           2004        2005           2006       2007       2008

Total Revenue and Grants                           953.2                1,032.5       1,686.2        2,382.9     2,825.6        3,191.8    4,277.5    5,623.2
Total Revenue                                      690.4                  880.0       1,374.3        1,899.8     2,315.6        2,556.9    3,420.3    4,802.4
   Tax Revenue                                     655.7                  854.8       1,338.0        1,786.2     2,130.2        2,464.6    3,081.9    4,368.5
       Tax on Income                               212.4                  279.5         409.2          534.4       661.5          718.3      940.4   1,253.21
       Internal Levies and taxes on goods and Services
                                                    90.1                  144.8         218.0          373.5       442.9          477.7      473.1     444.91
       Property Tax                                  -                      -             -              -           -              -
       Import Tax                                  126.9                  162.6         236.7          300.2       347.9          417.0     543.1      679.37
       Export Tax                                   30.0                   36.9          79.2           98.6        63.5          124.9      33.5       40.00
       Value Added Tax                             196.4                  230.9         333.1          433.7       498.7          588.5     834.2    1,087.96
       Other Tax Revenues                            -                      -            61.7           45.9       115.7          138.3     257.7       69.02
       National Health Insurance Levy (NHIL)         -                      -             -              -           -              -      318.32      318.32
       Import Exemptions                             -                      -             -              -           -              -      475.68      475.68
   Non Tax Revenue                                  34.8                   25.2          36.3          113.6       185.4           92.3     338.3      433.93
Grants                                             262.7                  152.5         311.9          483.1       510.0          634.9     857.2      820.77

Total expenditure + Net lending                          1,192.3        1,283.6       1,868.8        2,547.1     2,982.3        3,873.5    5,471.7    8,012.3
   Total Expenditure                                     1,166.8        1,283.8       1,865.3        2,544.9     2,975.0        3,873.5    5,470.8    8,012.3
   Current expenditure o/w                                 700.6          984.7       1,235.0        1,613.3     1,814.9        2,473.5    3,453.6    5,252.3
       Wages and Salaries                                  347.1          488.5         663.3          822.6       953.8        1,107.0    1,418.8   1,987.64
       Goods and services                                   59.0          145.2         176.3          236.0       330.6          404.9      565.0     648.49
       Subsidies and Transfers                               -             45.0          27.3          230.7         41.2         568.3      837.3   1,469.38
       Other non-specified expenditures                     15.7            6.0           4.8            6.7       141.9            -        192.5      467.6
       Interest payments                                   278.7          299.9         363.4          317.2       347.4          393.4      440.0      679.2
           Domestic                                        231.0          221.0         278.7          224.5       262.3          303.1      322.2       481.9
           Foreign                                          47.8           78.9          84.7           92.7         85.1          90.3      117.8       197.3
   Investment/ capital Expenditure                         466.2          299.1         630.3          931.7      1,160.1       1,400.0    2,017.2     2,760.0
       Domestically financed                               113.0          116.5         236.1          328.8       370.8          568.3      903.8      1564.8
       External financed                                   353.2          165.2         307.6          415.9       594.6          527.9      726.4       916.4
   HIPC financed                                             -             17.5          86.6          187.0       194.7          179.2      203.2       185.2
   MDRI financed                                             -              -             -              -            -           124.6      183.8        93.6
   Net lending                                              25.6 -          0.2           3.5            2.2          7.3           -          0.9         0.0

Primary Balance                                            130.1           61.5        176.4           85.8        275.3 - 395.3 -          885.0     -1,614.4
Budget     deficits/surplus    (including
grants)
       Commitment basis                              -     239.1 -        251.1 -      182.6 -        164.2 -      156.6 - 681.7 - 1,194.2            -2,389.2
          Arrears and VAT refunds                                                                                        - 55.4 - 100.0
       Cash basis                                   -      290.5 -       332.3 -       244.5 -         191.3 -     268.1 - 737.1 - 1,294.2            -2,389.2
       Divesture Receipts                                                                                                     0.6     115.2             -291.0
       Discrepancy                                                                                                       - 131.1       45.9             -125.4
       Cash, including divesture                                                                                          - 867.6 - 1,133.2           -2,805.5
Budget deficits/surplus (Excluding
grants)
       Commitment basis                             -      501.9 -       403.6 -       494.5 - 647.3 - 666.7 - 1,316.6 - 2,051.5                      -3,209.9
       Cash basis                                   -      553.2 -       484.7 -       556.4 - 674.4 - 778.1 - 1,357.8 - 2,051.5                      -2,393.8

Budget deficits/surplus (Excluding
grants, HIPC and MDRI expenditures)
                                                    -      501.9 -        386.1 -      407.9 - 460.4 -             472.0 - 1,012.8 - 1,664.5          -2,931.1


Financing                                                  239.1          251.1        182.6          164.2       156.6          681.7     1,133.2    2,389.2
Domestic                                                    50.3          205.1   -     55.8     -     56.6     - 207.3          364.0       882.6    2,140.9
   Banking System                                   -       75.6          256.5   -    112.1          513.7        68.8          162.0 -     325.0    1,293.8
       Central Bank                                 -      118.2           79.2   -     34.2          370.6     - 118.7     -     19.9 -     170.6    1,193.0
       Commercial Banks                                     42.6          177.4   -     78.0          143.1       187.5          181.8 -     154.3      100.8
   Nonbank                                                 161.8          129.6         90.5     -    124.7     - 188.0          424.7       503.8      245.2
   Others                                           -       35.9   -      181.1   -     34.2     -    445.5     - 88.2      -    222.6       169.5      601.9
       Domestic Arrears (net change)                -       51.3   -       81.2   -     61.9     -     27.1     - 111.4     -     41.2                  816.1
       Divestiture                                          15.4            1.1         42.1           28.6        23.3            0.6                   -7.3
       Net Savings **/                                       -              -            -              -           -       -      7.1        -
       Draw down on Sovereign Bond                           -              -            -              -           -                       168.5
       Discrepancy                                           0.0   -      101.0   -     14.5     -    447.0     -   0.0     - 174.8           1.0    -206.921
External sources                                           188.8           46.1        238.4          220.8       364.0       317.7         250.6       248.3
       Drawings (inflows)                                  302.2          134.5        314.1          306.3       454.5       460.1         480.0       668.2
       Debt relief                                           -            124.2        180.3          106.5       119.4        92.7          91.8        77.5
       Amortisation                                 -      113.3   -      212.6   -    255.9     -    192.0     - 209.8     - 235.1 -       321.2      -497.4
       External Arrears (net change)

Memorandum Items
                                                     (%)
Overall deficit(commitment basis excl. grant) / GDP -13.2       -8.3                      -7.5           -8.1        -6.9          -11.5    -14.7       -18.6
                                                      -6.3
Overall deficit(commitment basis incl. grant) / GDP (%)         -5.1                      -2.8           -2.1        -1.6           -5.9     -8.5       -13.9
Overall deficit(cash basis incl. grant)/GDP                                                                                         -7.6     -8.1       -17.0
                                                    GDP
Overall deficit(com.excl. Grant, HIPC, MDRI exp) / -13.2 (%)    -7.9                     -6.2           -5.8         -4.9           -8.8    -11.9        27.9
Domestic Revenue (% of GDP)                           18.1      18.0                     20.8           23.8         23.8           22.3     24.5        25.4
Tax revenue/ GDP at Current Market Prices (%)         17.2      17.5                     20.2           22.4         21.9           21.4     22.1        45.5
Wages and Salaries/Tax revenue (%)                    52.9      57.2                     49.6           46.1         44.8           44.9     46.0        38.7
Central Bank financing/Previous yr.'s tax revenue      0.0      12.1                      0.0           27.7          0.0            0.0     -6.9        38.7
Domestic investment expenditure/Total revenue         16.4      13.2                     17.2           17.3         16.0           22.2     26.4        32.6
Nominal GDP Current market prices (Cedis bils) 3,807.1       4,886.2                  6,615.8        7,988.7      9,726.1       11,490.3 13,974.5    17,211.8
Source: Ghana Authorities and WAMI Staff
*/ DMBs Financing of Government includes the 1,100 million cedis Tema Oil Refinery (TOR) liabilities taken over by Government
**/ Net Savings is due to inflation-indexed bonds
***/ Half-Year GDP is taken at 0.5 of projected end 2008 GDP
                                                    GHANA: Monetary Survey
                                           (in millions of Ghana cedis, end of period)
                                                      2001       2002       2003        2004       2005       2006       2007        2008

  Net foreign assets                                 147.6      429.0     1,051.7    1,395.6     1,563.1    2,184.8    2,556.8     2,182.2
   Foreign assets                                    532.8      930.0     1,593.8    1,974.4     2,083.3    2,598.2    3,380.1    3,425.52
   Foerign liabilities                               385.2      501.0       542.2      578.8       520.2      413.4      823.3    1,243.29

  Net domestic assets                                877.2     1,107.8    1,065.7     1,271.1     1,483.6 2,045.5 3,210.6 5,878.97
   Domestic credit                                 1,216.3     1,547.4    1,793.1     2,645.2     3,120.0 4,016.6 5,309.4 8,314.46
   Claims on government (net)                        598.9       855.4      743.3     1,256.9     1,325.7 1,487.7 1,162.7 2,397.60
        Total claims on government                   648.3     3,673.1    1,259.8     1,885.2     2,142.5 2,582.8 3,507.6 4,795.00
             Treasury bills                          243.8       291.3      146.3       200.5       150.1    191.4    192.0    825.70
             Stocks and bonds                        274.7       491.6      501.8       671.9       943.3 1,108.3 1,281.3 1,647.50
             Others                                  129.8     2,890.2      611.7     1,012.7     1,049.2 1,283.2 2,034.2 2,321.80
        Government deposits                           49.4     2,817.7      516.6       628.3       816.8 1,095.1 2,344.9 2,397.40
   Claims on rest of economy                         617.4       692.0    1,049.9     1,388.3     1,794.2 2,528.9 4,146.6 5,916.86
        Claims on public enterprises                 170.3       105.6      244.7       410.6       348.8    464.9    851.0 1,082.46
        Claims on private sector                     447.2       586.4      805.2       977.8     1,445.5 2,064.0 3,295.7 4,834.40
   Other items, net (assets +)                      -339.1      -439.6     -727.4    -1,374.1    -1,636.3 -1,971.1 -2,098.8 -2,435.49

Money Supply (M2+)                                 1,024.8     1,536.8    2,117.4    2,666.7     3,046.8    4,230.3    5,767.4    8,061.20
Money Supply (M2)                                    787.4     1,181.5    1,659.8    2,098.6     2,387.0    3,327.8    4,774.5    6,244.40
Money Supply (M1)                                    512.2       821.8    1,137.3    1,458.4     1,550.9    2,094.8    2,947.9    3,801.70
      Currency with public                           309.0       467.2      633.8      730.3       802.6    1,019.6    1,318.4    1,663.90
      Demand deposits                                203.2       354.6      503.5      728.1       748.4    1,075.2    1,629.5    2,137.80
Quasi money                                          512.6       715.0      980.1    1,208.3     1,495.8    2,135.4    2,819.5    4,259.50
      Time and savings deposits                      275.2       359.7      522.5      640.2       836.0    1,233.0    1,826.6    2,442.70
      Foreign currency deposits                      237.4       355.3      457.6      568.1       659.8      902.4      992.9    1,816.80

Memorandum items:
  M2+ growth                                           48.1        50.0       37.8        25.9       14.3       38.8       36.3        40.2
   M2 growth                                          148.1        50.0       40.5        26.4       13.7       39.4       43.5        31.2
   Net claims on government (NCG)                    -163.3        42.8      -13.1        69.1        5.5       12.2      -21.8       117.2
   Net foreign assets                                  87.1       190.6      145.1        32.7       12.0       39.8       17.0       -13.7
  Reserve money growth                                            -85.7       33.4        18.5       11.2       32.3       30.6        27.1
  Currency/M2+ ratio                                    30.2       30.4       29.9        27.4       26.3       24.1       22.9        20.6
  Velocity (GDP/broad money)                             3.7        3.2        3.1         3.0        3.2        2.7        2.4         2.1
  Money multiplier (M2+/RM)                              0.3        2.7        2.8         2.9        3.0        3.2        3.3         3.6
   GDP at current market prices                      3,807.1    4,886.2    6,615.8     7,988.7    9,726.1   11,490.3   13,974.5    17,211.8
Source: Ghana Authorities and WAMI Staff
                         GHANA: Accounts of the Central Bank
                         (in millions of Ghana cedis, end of period)
                                          2001        2002       2003     2004      2005      2006       2007      2008

Net Foreign Assets                          53.5    225.6      853.1    1,107.1   1,299.6    1,891.7   2,494.5   1,927.3
Foreign assets                             287.0    572.5    1,296.5    1,599.3   1,731.3   2,102.0    2,748.4   2,446.7
Foreign liabilities                        233.5    346.8      443.4      492.3     431.8     210.2      253.9     519.4

Net Domestic Assets                        351.0     351.1     -83.9     -195.3    -285.6   -550.4       -749.9    297.4
Net Claims on Government                   207.5     286.7     252.5      623.1     504.4    484.6        313.9 1,448.0
  Total claims                             247.3   3,093.4     751.4    1,228.0   1,244.6 1,522.0       2,357.3 3,496.0
    Treasury Bills                          31.7     103.6      32.3       20.8      33.2     28.6         76.7    247.9
    Stocks and bonds                        85.7      99.6     107.4      194.5     162.2    210.2        246.3    926.3
    Others                                 129.8   2,890.2     611.7    1,012.7   1,049.2 1,283.2       2,034.2 2,321.8
 Government Deposits                        39.8   2,806.7     498.8      604.9     740.2 1,037.4       2,043.4 2,048.0
Claims on Financial Institutions           142.8     113.6      59.7        3.9      10.3      3.4          0.7     61.8
Claims on Public Institutions                5.8       0.6       0.6       56.4       0.4      0.4          0.2      0.1
Other items (net)                           -5.1     -49.8    -396.7     -878.7    -800.8 -1,038.8     -1,064.7 -1,212.5

Reserve money                          4,044.4      576.7      769.3     911.8    1,014.0    1,341.3   1,751.3   2,224.7
Currency outside banks                   309.0      467.2      633.8     730.3     802.6    1,019.6    1,318.4   1,663.9
Bank reserves                             93.2      105.6      125.9     169.7     200.3      300.6      424.9     515.8
Other deposits                             2.3        4.0        9.6      11.7       11.0       21.1       8.0      45.0
Source: Ghana Authorities and WAMI Staff
                    GHANA:- Accounts of the Deposit Money Banks
                           (In millions of Ghana cedis)
                                   2001       2002      2003   2004                  2005      2006       2007

Net foreign assets                          94.2      203.4     198.5     288.5     263.6     293.1      62.3
Foreign assets                             245.8      357.6     297.3     375.1     352.0     496.2     631.7
Foreign liabilities                        151.6      154.2      98.8      86.5      88.4     203.2     569.4

Net Domestic Assets                        619.4      862.3    1,275.5   1,636.2   1,678.4   2,920.9   4,371.7
Reserves                                   105.8       94.4      288.6     297.9       2.9     456.9     786.1
Cash                                        19.5       27.3       34.2      37.1       4.9      71.2     168.4
Deposits with Central Banks                 86.3       67.1      254.4     260.8      24.5     385.8     617.7
Credit from Central Bank                     1.1        1.5        5.7       5.6      50.3      42.4      52.7

Domestic Credit                       1,003.0        1,260.1   1,540.0   1,965.7   2,615.1   3,531.6   4,995.3
 Net Claims on Govt.                    391.3          568.7     490.7     633.8     821.3   1,003.1     848.8
   Total Claims                         401.0          579.7     508.5     657.2     898.0   1,060.8   1,150.3
         Treasury bills                 212.1          187.7     114.0     179.7    116.9     162.7      115.3
         Stocks and bonds               188.9          392.0     394.5     477.5    781.1     898.1    1,035.0
   Govt.Depot                             9.7           11.0      17.7      23.4      76.7      57.7     301.5

Claims on private sector (incl.PEs) 611.7             691.4    1,049.3   1,331.9   1,793.8   2,528.5   4,146.5
    Claims on public enterprises    164.5             105.0      244.1     354.1     348.3     464.5     850.8
    Credit to private sector        447.2             586.4      805.2     977.8   1,445.5   2,064.0   3,295.7

Other items (net)                 -        489.5 -    492.1 - 553.1 - 627.4 -       939.7 - 1,067.6 - 1,409.7

Total Deposits                             713.5     1,065.7   1,474.0   1,924.7   2,233.2   3,189.6   4,441.0
Demand deposits                            200.9       350.7     493.9     716.4     737.3   1,054.2   1,621.5
Savings and Time deposits                  275.2       359.7     522.5     640.2     836.0   1,233.0   1,826.6
Foreign currency deposits                  237.4       355.3     457.6     568.1     659.8     902.4     992.9
Source: Ghana Authorities and WAMI Staff
                                                              TABLE 3: GHANA: Analytical Balance of Payments
                                                                          (In millions of Dollars)
                                                2001           2002    2003     2004       2005


Merchandise Exports(fob)                      1,867.1        2,015.2       2,562.4        2,704.4        2,802.2
Traditional                                   1,286.4        1,619.7       1,790.2        2,138.5        2,081.8
o/w Cocoa                                       382.7          474.4         817.7          984.4          818.5
Gold                                            617.8          689.1         830.1          840.2          945.8
Non traditional                                 580.7          395.5         772.2          565.9          720.4

Merchandise Imports (fob)                    -2,968.5       -2,707.0       -3,232.8       -4,297.3       -5,347.3
 Oil                                           -516.8         -510.0         -562.9         -775.0       -1,129.4
 Non-Oil                                     -2,451.7       -2,197.0       -2,669.9       -3,522.3       -4,217.9

Trade balance                                -1,101.4         -691.8        -670.4        -1,592.9       -2,545.1

Services (Net)                                -182.1         -240.3          -426.5        -356.2         -166.6
Factor services(freight-net)                  -107.8         -174.3          -191.6        -265.6         -336.4
Non-factor services                            -74.3          -66.0          -156.7
Other Services (Net)                             0.0            0.0           -78.2          -90.6          169.8
Income (Net)                                     0.0            0.0             0.0         -197.8         -187.1
Current Transfers (net)                        959.0          900.2         1,399.2        1,579.9        1,794.2
   Private transfers (net)                     709.7          680.0         1,017.2        1,579.9        1,794.2
   Official transfers (net)                    249.3          220.2           382.0            0.0            0.0
Current Account Balance
Excluding official transfers                  -573.8         -252.1          -79.7         -566.9        -1,104.6
Including official transfers                  -324.5          -31.9          302.3         -566.9        -1,104.6

Capital Account                                 84.6         -115.2           85.7          251.0          331.2
Official capital                                84.6         -115.2           85.7          251.0          331.2
 Inflows/disbursements                         341.6          194.3          369.8          251.0          331.2

Financial Account                              307.6           76.6          254.6          201.6          834.5
Direct investment abroad                 -              -              -              -              -
Direct investment in reporting economy          89.3            58.9         136.8          139.3          145.0
Portfolio investment (net)                       0.0             0.0           0.0            0.0            0.0
other investment (net)                         218.3            17.6         117.9           62.3          689.5
  Short term capital                           170.3           -29.1          54.7         -182.9          134.1

Errors and Ommisions                            -59.1          110.4          -84.4         103.8           23.3
Total of A through D
Overall Balance                                  8.6      39.8     558.2     -10.5       84.4

Financing                                       -8.6     -39.8    -558.3      10.5      -84.3

Net International reserves                    -209.6    -157.8    -657.7    -185.6     -309.3
Use of Fund Credit                               1.3      54.0      67.4       7.1       25.3
  Disbursements                                 65.6      68.0      72.3      38.8       76.9
  Repayments                                   -64.4     -14.0      -5.0     -31.7      -51.5
 Other Reserves Changes                       -214.6    -211.8    -767.1    -212.7     -334.7
 Other (including holdings of SDR)               3.7       0.0      42.0      20.1        0.0
Exceptional Financing/debt relief              201.0     118.0      99.4     196.0      225.0

Memorandum Items
Imports of goods (cif)                        3,076.3   2,881.3   3,424.4   4,562.9    5,754.0
Gross International Reserves
  End of Period (US $ millions)                 364.8     640.4   1,425.6   1,732.4    1,894.9
  In months of import cover                       1.4       2.7       5.0       4.6        4.0
End of Period exchange rate (Cedi/$)          7,321.9   8,438.8   8,852.3   9,004.6    9,130.8
Average exchange rate (Cedi/$)                7,170.8   7,932.3   8,697.5   9,004.6    9,074.1
Capital account balance                                    -1.9       1.1       2.8        3.1
Current A/C bal. (Excl. Off. transfers)/GDP     -10.8      -4.1      -1.0      -6.4
Current A/C bal. (Incl. Off. transfers)/GDP      -6.1      -0.5       4.0      -6.4      -10.3
Overall Balance/GDP                               0.2       0.6       7.3      -0.1        0.8
Nominal GDP ($ million)                       5,309.1   6,159.9   7,606.5   8,871.8   10,718.5
Source: BoG & WAMI Staff
 lytical Balance of Payments
ns of Dollars)
                  2006    2007               2008
                                             prov

               3,726.7         4,172.1    5,287.0
               2,667.9         3,050.2    3,977.5
               1,041.1           975.7    1,257.4
               1,277.3         1,733.8    2,257.0
               1,058.8         1,121.9    1,309.6

               -6,753.7       -8,066.1   -10,311.5
               -1,646.2       -2,095.0    -2,166.6
               -5,107.5       -5,971.1    -8,145.0

               -3,027.0       -3,894.0   -5,024.5

                -137.5         -162.1      -408.8
                -412.5         -470.3      -665.4

                 275.0          308.2       256.6
                -127.4         -140.1      -272.8
               2,248.3        2,043.2     2,247.9
               2,248.3        2,043.2     2,247.9
                   0.0            0.0         0.0

               -1,043.6       -2,152.9   -3,458.3
               -1,043.6       -2,152.9   -3,458.3

                 229.9          188.1       359.5
                 229.9          188.1       359.5
                 229.9          188.1       359.5

                1,255.0       2,403.3     2,292.5
           -              -                   2.2
                 636.0           970.4    2,120.4
                   0.0            14.4      -65.8
                 618.9         1,418.5      237.9
                  23.0           158.7    1,058.5

                  -26.2          -25.4     -134.5
  415.1      413.1     -940.8

 -415.1     -413.1      940.8

 -536.7     -413.1      940.8
 -264.6        0.0        0.0
  116.4        0.0        0.0
 -381.0        0.0        0.0
 -272.2     -413.1      940.8
    0.0        0.0        0.0
  121.6        0.0        0.0


 7,301.4    8,638.7   11,096.6

 2,266.7    2,836.6    2,036.2
     3.7        3.9        2.2
 9,235.3        1.0        1.2
 9,175.5        0.9        1.1
     1.8        1.3        2.2
    -8.2      -14.7      -21.3
    -8.2      -14.7      -21.3
     3.3        2.8       -5.8
12,712.8   14,669.7   16,270.5
                              GHANA: Composition of External Debt
                                  (in millions of US dollars)
CATEGORY                                       2001        2002   2003                     2004     2005      2006      2007

Total External Debt Outstanding                      6,325.6    6,491.3     8,023.7     6,777.9   6,887.8   2,172.9   3,590.4
SOURCE
(i) Bilateral                                        1,756.9    1,861.5     2,222.8       439.6     602.5     732.0     992.6
(ii) Multilateral                                    3,916.6    4,046.0     5,057.8     5,353.3   5,565.1   1,326.9   1,667.9
(iii) International Capital Market (ICM)                 0.0        0.0         0.0         0.0       0.0       0.0     750.0
(iv) Others                                            652.0      583.8       743.1       568.6     720.2     118.3     179.8
MATURITY/TENOR
(i) Short term                                         300.0      360.0       474.8       330.0     540.0       0.0       0.0
(ii) Medium term                                       352.0      223.8       268.3       238.6     180.2     118.3     179.8
(iii) Long term                                      5,673.6    5,907.5     7,280.6     6,209.3   6,167.6   2,058.9   3,410.6
CREDITOR
(i) London Club                                        300.0      360.0       474.8       330.0     540.0       0.0       0.0
(ii) Paris Club                                      1,671.6    1,783.9     2,059.1       753.9     448.0     481.0     680.6
(iii) Other                                          4,354.0    4,347.4     5,489.8     5,694.0   5,899.8   1,691.9   2,909.8
MEMORANDUM ITEMS
(i) Debt Service Payments                              306.6      204.0       126.1       194.9    215.2     166.8     192.6
       Capital Repayment                               235.3      152.5        90.7       140.4    150.0     108.6     136.2
       Interest Payment                                 71.3       51.5        35.5        54.5     65.2      58.2      56.4
(ii) Debt Service Payments as a % Export                12.8        7.9         4.0         5.7      5.5       3.3       4.6
Source: Country Authorities
1/ The drop as a result of IMF, IDA of the World Bank and AfDF debt cancellation under the MDRI
                     GHANA: Exchange Rates
                     Official                Forex Bureau
                Average      End period     Average End period
                LCU/$             Lcu/$     LCU/$ Lcu/$
   2001      7,170.8000       7,321.9400 7,245.5200   7,322.7300
   2002      7,932.3200       8,438.8200 8,460.1200   8,681.8200
   2003      8,697.4900       8,852.3200 9,125.7600   9,097.7300
   2004      9,004.6300       9,051.2600 9,263.3500   9,222.7300
   2005      9,074.0600       9,130.8200
   2006      9,175.5000       9,235.3000
   2007      9,340.6600       9,707.0000
   2002
      Q1     7,437.1200    7,690.2900   7,510.3100    7,700.0000
      Q2     7,830.4700    8,043.3700   7,837.3800    7,902.2800
      Q3     8,137.2600    8,187.9000   8,124.9400    8,268.1800
      Q4     8,300.8800    8,438.8200   8,460.1200    8,681.8200
2003
     Jan     8,491.7900    8,536.5300   8,681.7200    8,695.4600
    Feb      8,546.2600    8,559.8600   8,708.7300    8,722.7300
    Mar      8,588.3200    5,600.2900   8,691.0500    8,693.1900
    Apr      8,884.5500    8,690.1500   8,697.0340    8,622.7300
   May       8,673.5800    8,684.2500   8,708.6600    8,740.9100
     Jun     8,691.3000    8,700.3600   8,764.3500    8,829.5500
      Jul    8,708.4600    8,721.8900   8,841.8800    8,802.2800
    Aug      8,717.7000    8,735.5900   8,776.1500    8,818.1800
   Sept      8,722.4600    8,732.2800   8,871.1100    8,830.9100
    Oct      8,736.7400    8,753.8600   8,877.1700    8,925.9100
   Nov       8,776.9200    8,780.0500   8,129.4200    9,102.2800
    Dec      8,831.8300    8,852.3200   9,126.7600    9,097.7300
2004
     Jan     8,860.3100    8,834.7300   9,315.9100    9,405.9100
   Feb       8,899.4200    8,891.6900   9,372.7000    9,305.9100
    Mar      8,976.9000    9,018.2900   9,234.8500    9,235.4600
    Apr      9,006.0900    9,048.9800   9,207.4300    9,207.7300
   May       9,028.0600    9,029.4500   9,233.6900    9,283.1800
     Jun     9,034.1500    9,046.5400   9,312.8400    9,335.0000
      Jul    9,036.1800    9,041.8300   9,297.4400    9,230.9100
    Aug      9,041.7000    9,045.7000   9,223.7400    9,200.9100
     Sep     9,042.2500    9,051.7600   9,204.2300    9,196.3700
    Oct      9,042.1400    9,049.3600   9,223.3800    9,294.1000
   Nov       9,043.1500    9,054.7300   9,315.4600    9,315.4600
    Dec      9,045.1900    9,051.2600   9,267.6800    9,222.7300
2005
     Jan     9,056.0500    9,049.5900   9,263.1100    9,179.5500
    Feb      9,067.2400    9,057.9500   9,369.8600    9,267.7300
    Mar      9,067.8800    9,075.4500   9,221.5200    9,179.0900
    Apr      9,075.5600    9,080.9400   9,207.1600    9,206.8200
   May       9,072.2900    9,066.0600   9,192.3300    9,212.7300
   June      9,076.1000    9,074.9100   9,204.4000    9,203.6400
    July     9,074.7200    9,077.2800   9,179.6100    9,173.6400
    Aug      9,073.0100    9,086.4200   9,140.3200    9,131.8200
   Sept      9,053.2700    9,086.4700   9,154.1100    9,197.2700
    Oct      9,077.7000    9,083.6200   9,241.0200    9,293.1800
   Nov       9,085.2300    9,099.3900   9,416.3600    9,411.8200
    Dec      9,109.6000    9,130.8200   9,368.8500    9,324.0900
2006
     Jan     9,120.1600    9,128.5700   9,308.8000    9,265.4500
    Feb      9,118.7900    9,119.1300   9,294.3500    9,315.9100
    Mar      9,130.1600    9,138.8100   9,273.8100    9,278.1800
    Apr      9,138.6400    9,141.0200   9,267.8500    9,265.9100
   May       9,150.4100    9,154.0100   9,279.8500    9,296.8200
     Jun     9,176.4700    9,191.0200   9,338.3500    9,359.0900
      Jul    9,190.3300    9,198.1900   9,315.3900    9,285.9100
    Aug      9,196.1000    9,197.6200   9,263.6400    9,286.3700
     Sep     9,206.6200    9,209.5100   9,340.9700    9,403.6400
    Oct      9,219.3500    9,224.4400   9,405.3900    9,379.5500
   Nov       9,225.1500    9,229.4500   9,450.0000    9,450.0000
    Dec      9,233.8600    9,235.3000   9,442.9900    9,370.0000
2007
     Jan          0.9237       0.9235       0.9428        0.9464
    Feb           0.9247       0.9256       0.9485        0.9499
    Mar           0.9260       0.9269       0.9449        0.9474
    Apr           0.9267       0.9274       0.9456        0.9471
   May            0.9274       0.9274       0.9470        0.9476
     Jun          0.9277       0.9285       0.9471        0.9478
      Jul         0.9332       0.9300       0.9441        0.9412
    Aug           0.9390       0.9355       0.9425        0.9468
     Sep          0.9455       0.9428       0.9533        0.9557
    Oct           0.9680       0.9455       0.9650        0.9796
   Nov            0.9576       0.9680       0.9825        0.9872
    Dec           0.9680       0.9704       0.9869        0.9893
2008
     Jan          0.9720       0.9759       0.9895        0.9888
    Feb           0.9749       0.9888       0.9877        0.9882
    Mar           0.9773       0.9780       0.9898        0.9898
    Apr           0.9831       0.9872       0.9736        1.0041
   May            0.9943       1.0024       1.0093        1.0141
     Jun          1.0166       1.0325       1.0455        1.0525
      Jul         1.0446       1.0632       1.0622        1.0809
    Aug           1.0956       1.1161       1.1080        1.1294
     Sep          1.1243       1.1345       1.1426        1.1562
    Oct           1.1442       1.1565       1.1690        1.1932
   Nov            1.1680       1.1777       1.1950        1.1960
    Dec           1.1993       1.2141       1.2248        1.2457
Source : Bank of Ghana
                           GHANA: Selected Interest Rates
                                      2001      2002      2003   2004   2005 2006     2007    2008

1.CENTRAL BANK
 a. Treasury Bill Discount Rate(91days)   27.6   24.7     18.1   16.4   11.4    9.9    10.3    23.2
b. BoG 28-Day Discount Rate                                      16.3   12.3   12.5    12.5    18.4
c. Prime rate                                    24.5     21.5   18.5   15.5   12.5    13.5    17.0

2 COMMERCIAL BANKS
 A. Borrowing Rates. (%)
   i. Demand deposits                     13.5   8.0       9.5    7.5    7.1    7.1     7.1     3.7
  ii. Savings Deposits                    14.5   13.0      9.8    9.5    6.4    4.8     4.6     9.0
 iii. Time Deposits
      1 month                             20.3   17.5     13.3   10.3    6.1    6.0     6.0
      3 months                            23.3   18.0     14.3   13.3    7.8    8.0     9.0    16.4
      6 months                            21.3   19.0     15.0   13.0    9.5    8.3     9.1    16.9
     12 months                            20.0   20.0     15.5   11.3    9.5    8.8    10.8    15.5
Inter-Bank Weighted Average                                      16.2   10.2   12.6    12.0    19.0
  iv. Certificate of Deposits             18.0   14.8     15.0   12.3    7.0    7.3     7.5    14.0
   v. Bearer Bonds
   vi Call Money                          17.3   15.0     10.8    9.3    6.0    4.8     5.3     8.5
  vii. Any other                          17.0   11.5     12.5    7.5    7.5    7.3     6.5    12.6

B. Lending Rates. (%)
  i. Agricultural, Forestry & Fishing     44.0   38.5     32.8   28.8   26.0   24.3    23.8    27.3
 ii. Export Trade                         44.0   38.5     32.8   28.8   26.0   24.3    24.3    27.3
iii. Manufacturing                        44.0   38.5     32.8   28.8   26.0   24.3    24.3    27.3
  iv. Mining & Quarrying                  44.0   38.5     32.8   28.8   26.0   24.3    24.3    27.3
 v. Construction                          44.0   38.5     32.8   28.8   26.0   24.3    24.3    27.3
 vi. Other Sector                         42.5   38.5     35.3   28.8   26.0   24.3    24.3    27.3
C. Base Rate                                                     25.0   21.5   20.9    18.8    27.2
Source: Bank of Ghana
                                      GHANA : Output and Prices
                                           (In millions of cedi)
                                                     2001       2002             2003         2004            2005      2006      2007
Domestic Output                                                                                                                   prov
                                          535.7
GDP at Constant 1993 Prices (Cedis million)                         560.1       589.5        622.4        658.9        700.1     744.8
Real GDP Growth                                           4.2          4.5         5.2          5.6            5.9        6.2       6.3
Sectoral Growth(%)
  Agriculture                                           40.1         28.0         40.8         25.4           20.1      15.6      10.8
  Industrial                                            39.2         28.6         35.0         18.4           23.8      19.6      22.6
  Services                                              41.9         28.6         34.7         19.1           22.8      20.4      33.2
GDP at Market Prices (millions)                      3,807.1      4,886.2     6,615.8      7,988.7      9,726.1      11,490.3 13,974.5
   Agriculture                                       1,341.7      1,717.4     2,417.8      3,032.0      3,642.7       4,211.5   4,667.3
   Industrial                                          960.0      1,235.0     1,667.8      1,974.6      2,443.7       2,923.9   3,583.3
    Manufacturing                                      342.8        441.1        593.8       698.4        841.8        988.6    1,067.3
    Construction                                       334.7        431.6        586.6       703.0        887.7       1,082.5   1,333.8
  Services                                           1,110.1      1,427.5     1,923.0      2,291.0      2,812.3       3,386.8   4,512.0
GDP at factor cost                                   3,411.8      4,379.9     6,008.6      7,297.5      8,898.7      10,522.2 12,762.6
 Net Indirect Taxes                                    395.3        506.3        607.2       691.2        827.4        968.1    1,211.9
GDP at Market Prices (millions)                      3,807.1      4,886.2     6,615.8      7,988.7      9,726.1      11,490.3 13,974.5
 (Sector share in GDP at factor cost)
   Agriculture GDP %                                    39.3         39.2         40.2         41.5           40.9      40.0      36.6
   Industrial GDP %                                     28.1         28.2         27.8         27.1           27.5      27.8      28.1
     o/w Manufacturing %                                10.0         10.1          9.9          9.6            9.5        9.4       8.4
    Construction                                          9.8          9.9         9.8          9.6           10.0      10.3      10.5
  Services                                              32.5         32.6         32.0         31.4           31.6      32.2        2.0
Prices
Consumer Price Index (1997 =100) 2/                    226.7        261.2        322.7       360.7        183.7        203.8     229.8
Annual Average Inflation Rate                           32.9         14.8         26.7         12.6           15.4      11.7      11.7
End Period Inflation Rate                               21.3         15.2         23.6         11.8           13.9      10.9      12.8
Source: Ghana Statistical Service
1/ Half-Year GDP are linear estimates based on GSS projections for 2007
2/ Based on new series using Classification of Individual Consumption by Purpose with 2002 as the base year
                                   GHANA: Consumer Price Indices

                               Indexes 1/                                Inflation Rate
                                                             End      End- Period       End period Average-
              Combined         Food Non-Food         Period-Food       Non-Food          Combined Combined
  Weight        100.0%       51.9%        48.1%
    2001         226.80      185.17       264.63                                              21.30          32.90
    2002         261.20      225.82       292.75                                              15.20          14.80
    2003         322.70      274.45       374.48                                              23.60          26.70
    2004
      Jan        326.18      287.37       376.73                                              22.40          27.70
     Feb         334.48      293.98       383.89                                              11.00          25.40
     Mar         340.40      293.98       385.50                                              10.50          23.60
     Apr         347.64      305.34       389.82                                              11.20          21.90
    May          351.85      311.92       390.60                                              11.20          20.30
     Jun         356.95      318.02       394.11                                              11.90          18.80
       Jul       360.89      321.84       398.05                                              12.40          17.40
     Aug         361.51      322.00       399.25                                              12.90          16.30
     Sep         358.77      316.71       400.05                                              12.60          15.20
     Oct         356.75      312.92       400.53                                              12.40          14.30
    Nov          358.00      314.30       401.55                                              12.30          13.50
     Dec         360.71      317.13       403.95                                              11.80          12.60
    2005
      Jan       164.81       160.67      168.18             16.83            15.58            17.82          17.15
     Feb        168.29       163.66      172.06             16.96            14.98            18.54          17.03
     Mar        172.30       166.62      176.92             17.79            14.87            20.14          17.20
     Apr        174.59       169.46      178.77             17.14            14.78            19.04          17.19
    May         176.05       171.18      180.02             14.51            12.87            15.82          16.92
     Jun        178.46       173.90      182.17             14.05            11.78            15.87          16.57
       Jul      179.00       173.46      183.50             17.34            11.49            22.28          16.75
     Aug        179.46       173.51      184.31             13.33            10.24            15.82          16.38
     Sep        180.83       175.35      185.29             14.34            13.16            15.26          15.96
     Oct        181.92       175.94      186.79             14.92            14.40            15.32          15.79
    Nov         183.01       177.52      187.48             14.65            14.98            14.40          15.64
     Dec        183.74       177.84      188.55             13.91            14.30            13.61          15.43
    2006
      Jan       185.84       179.44      191.05             11.69            13.60            12.76          15.09
     Feb        188.94       181.22      195.23             10.73            13.46            12.27          14.69
     Mar        191.74       184.38      197.73             10.66            11.76            11.28          14.15
     Apr        194.16       187.33      199.73             10.55            11.72            11.21          13.65
    May         196.73       190.75      201.61             11.43            11.99            11.75          13.41
     Jun        198.78       192.46      203.94             10.67            11.95            11.39          13.18
       Jul      202.10       194.00      208.69             11.84            13.73            12.91          12.84
     Aug        201.99       192.19      209.98             10.77            13.93            12.56          12.78
     Sep        201.94       190.67      211.12              8.73            13.94            11.67          12.56
     Oct        201.69       189.34      211.76              7.62            13.37            10.87          12.23
    Nov         202.60       190.09      212.79              7.08            13.50            10.70          11.92
     Dec        203.81       191.24      214.06              7.53            13.53            10.92          11.68
    2007
      Jan       206.08       193.91      215.99              8.06            13.06            10.89          11.53
     Feb        208.62       198.42      216.94              9.49            11.12            10.42          11.37
     Mar        211.28       199.84      220.60              8.38            11.57            10.19          11.28
     Apr        214.55       204.45      222.78              9.13            11.54            10.50          11.21
    May         218.41       210.16      225.14             10.18            11.67            11.02          11.15
     Jun        220.02       211.54      226.94              9.91            11.28            10.69          11.09
       Jul      222.59       213.75      229.80             10.18            10.11            10.14          10.87
     Aug        223.02       211.48      232.42             10.03            10.69            10.41          10.69
     Sep        222.51       208.39      234.04              9.30            10.85            10.19          10.57
     Oct        222.14       206.03      235.29              8.82            11.11            10.14          10.51
    Nov         225.69       208.16      239.99              9.50            12.78            11.40          10.57
     Dec        229.80       211.32      244.85             10.50            14.38            12.75          10.73
    2008
      Jan        232.48      214.55       247.09            10.64            14.40            12.81          12.37
     Feb         236.18      220.70       248.79            11.23            14.68            13.21          12.46
     Mar         240.41      225.71       252.40            12.95            14.41            13.79          12.79
     Apr         247.36      231.33       260.43            13.15            16.90            15.29          13.23
    May          255.28      243.46       264.91            15.84            17.66            16.88          13.73
     Jun         260.53      249.08       269.86            17.74            18.91            18.41          14.29
       Jul       263.35      251.05       273.39            17.45            18.97             18.3           13.0
     Aug         263.38      248.62       275.41            17.56            18.50             18.1           14.7
     Sep         262.33      243.82       277.41            17.00            18.53             17.9           15.1
     Oct         260.57      236.94       279.83            15.00            18.93             17.3           15.6
    Nov          265.05      241.14       284.54            15.84            18.57             17.4           16.2
     Dec         271.46      246.68       291.66            16.73            19.12             18.1           16.5
Source: Ghana Statistical Service
1/ From 2006 the inflation rates are based on Classification of Individual Consumption by Purpose (COICOP)
                               GHANA: Domestic Debt Position

                                        2001       2002        2003       2004         2005    2006      2007

Total Domestic Debt Outstanding          1,019.5    1,390.9     1,359.1    1,689.7   1,824.0   2,893.7   3,708.2

By Maturity
   Short Term (one year or less)
     Treasury Bills (91 days)             369.0      476.1       411.2      338.2     127.7     225.0     245.5
     Treasury Bills (182) days)           231.5      254.6       267.5      269.1     194.0     129.9     134.0
     Treasury Bill (1 year)                18.9       89.9       126.5      103.0     208.2     438.4     500.7

    Medium/Long Term (Over 1               400.1     570.4        553.9     979.4    1,294.1   2,100.3   2,828.0
    year)
By Holder
    Central Bank                          273.0      339.6       268.1      595.7     695.1 1,182.1 1,371.0
    Deposit money banks                   401.0      579.7       525.1      672.7     907.5 1,062.6 1,151.1
    Other                                 345.5      471.7       565.9      421.3     221.4    649.0 1,186.1
    Total                                1,019.5    1,390.9     1,359.1    1,689.7   1,824.0 2,893.7 3,708.2
GDP at Market Prices (millions)          3,807.1    4,886.2     6,615.8    7,988.7   9,726.1 11,490.3 13,974.5
Stock of Domestic Debt in Percent of GDP    26.8       28.5        20.5       21.2      18.8     25.2     26.5
Source: Bank of Ghana

				
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