ANNEXE 1
Balance of payments (summary) (Million de
dollars)
|
1995
|
1996
|
1997
|
1998
|
1999
|
|
Current Account
|
-143.7
|
-323.8
|
-549.7
|
-380
|
-755.7
|
|
Trade Balance
|
-256.6
|
-366.9
|
-638.3
|
-805.7
|
-1111.5
|
|
Merchandise Exports (f.o.b.)
|
1431.2
|
1570.1
|
1489.9
|
2090.8
|
2116.6
|
|
Merchandise Imports (f.o.b.)
|
-1687.8
|
-1937
|
-2128.2
|
-2896.5
|
-3228.1
|
|
Net Invisibles (Services & Transfers)
|
112.9
|
43.1
|
88.6
|
425.7
|
355.8
|
|
Services (net)
|
-410.3
|
-438.6
|
-471.4
|
-308.2
|
-264.2
|
|
Transfers (net)
|
523.2
|
481.7
|
560
|
733.9
|
620.0
|
|
Private (net)
|
263.2
|
276.1
|
400.3
|
453.8
|
148.0
|
|
Official (net)
|
260
|
205.6
|
159.7
|
280.1
|
472.0
|
|
Capital Account
|
459.1
|
285.5
|
492.7
|
449.8
|
493.1
|
|
Government Capital (net)
|
135.5
|
351.2
|
499.3
|
348.9
|
144.2
|
|
Private Capital (net)
|
261.2
|
70
|
55.4
|
-10.4
|
115.0
|
|
Short-term Capital (net)
|
62.4
|
-135.7
|
-62
|
111.3
|
233.9
|
|
Non-monetary capital (net)
|
116.6
|
12.7
|
-94.9
|
23.3
|
47.5
|
|
Monetary capital (net)
|
-54.2
|
-148.4
|
32.9
|
88
|
186.4
|
|
SDR Allocation
|
0
|
0
|
0
|
0
|
0.0
|
|
Errors and Omissions
|
-66.3
|
19.4
|
81.8
|
29.6
|
169.2
|
|
Overall Balance
|
249.1
|
-18.9
|
24.8
|
99.4
|
-93.4
|
|
Change in Net International Reserves
|
-249.1
|
18.9
|
-24.8
|
-99.4
|
93.4
|
|
IMF Position (net)
|
-65.3
|
-85.4
|
-165.7
|
-25.8
|
-15.3
|
|
Foreign Exchange Position (net)
|
-188.6
|
104.2
|
141.8
|
-21.1
|
67.7
|
|
Others
|
4.8
|
0.1
|
-0.9
|
-52.5
|
41.0
|
|
Source : Bank of Ghana, 1999
|
|
|
|
|
|
Annexe2
Selected Economic and Financial Indicators 1999-2003
1999
2001
2000
2003
2002
Est.
Prog. 1/
(Annual Percentage change, unless otherwise
specified)
National income and prices
Real GDP
4.4
3.7
4.2
4.5
4.5
4.7
Real GDP per capita
1.8
1.2
1.6
1.9
1.9
2.1
Nominal GDP
19.0
31.9
40.2
23.3
28.3
33.6
GDP deflator
13.9
27.2
34.6
18.0
22.8
27.6
Consumer price index (annual average)
12.4
25.2
32.9
15.9
14.8
26.9
Consumer price index (end of period)
11.8
40.5
21.3
13.0
15.2
22.0
External sector
Exports, f.o.b.
-4.1
-3.5
-3.6
7.6
10.6
12.1
Imports, f.o.b.
11.4
-15.2
2.6
7.8
-4.1
16.8
Export volume
8.9
1.0
-1.3
3.7
-1.5
2.7
Import volume
9.6
-26.0
10.0
11.1
-6.8
7.6
Terms of trade
-13.4
-16.6
4.8
6.9
9.1
0.7
Nominal effective exchange rate (avg.)
-9.3
-46.3
-24.0
-11.7
...
...
Real effective exchange rate (avg.)
0.5
-35.5
0.7
-0.6
...
...
Cedis per U.S. dollar (avg.)
2,669
5,431
7,179
7,947
...
...
Government budget
Domestic revenue (excluding grants)
6.0
42.9
43.5
38.1
27.5
60.3
Total expenditure
9.0
39.6
65.5
34.0
2.4
50.0
Current expenditure
13.1
48.9
50.5
22.8
28.8
33.5
Capital expenditure and net lending
4.1
24.1
95.7
39.4
-38.7
104.1
Money and credit
Net domestic assets 2/
46.0
49.1
13.5
6.6
14.0
-1.7
Credit to government 2/
38.2
0.0
1.8
32.6
0.0
57.7
Credit to pubic enterprises 2/ 3/
9.0
19.2
9.7
1.9
-9.0
1.5
Credit to the private sector 2/ 3/
24.9
34.4
12.0
18.8
17.1
17.7
Broad money (excluding foreign currency deposits)
19.8
33.4
48.4
25.2
50.0
25.0
Reserve money (excluding foreign currency deposits)
35.8
52.6
31.3
18.7
42.6
24.5
Velocity (GDP/end-of-period broad money)
5.2
5.1
4.8
4.9
4.1
4.4
Treasury bill yield (in percent; end of period)
34.2
42.0
28.9
28.2
...
...
(In percent of GDP, unless otherwise specified)
Investment and saving
Gross investment
21.5
24.0
26.6
22.3
19.7
23.0
Private
11.7
14.8
13.8
13.1
13.6
13.6
Public
9.8
9.2
12.8
9.2
6.1
9.4
Gross national saving
9.9
15.6
21.3
16.3
20.3
21.2
Private
8.3
14.3
16.1
11.6
19.2
14.9
Public
1.6
1.3
5.1
1.2
6.3
4.7
Government budget
Total revenue
16.4
17.7
18.1
18.7
18.0
21.6
Grants
1.7
2.1
6.9
4.2
3.1
4.6
Total expenditure
26.2
27.7
32.7
28.4
26.1
29.3
Overall balance (excluding grants) 4/
-9.8
-10.0
-14.6
-9.7
-8.1
-7.7
Overall balance (including grants) 5/
-8.0
-9.7
-9.0
-7.0
-6.8
-3.9
Domestic primary balance
0.4
2.6
3.8
3.1
2.0
2.9
0.3
1.2
0.0
0.8
0.0
0.7
Divestiture receipts
Net Domestic Financing
6.3
8.5
2.3
0.3
4.8
0.0
External sector
Current account balance 6/
-11.6
-8.4
-5.3
-6.4
0.6
-1.8
External debt outstanding
109.9
169.7
131.5
124.0
112.3
96.4
External debt service, including to the Fund
6.8
11.2
8.5
6.8
7.8
6.3
(in percent of exports of goods and non factor services)
21.1
23.0
18.9
15.9
18.4
15.6
(in percent of government revenue)
37.5
56.5
34.1
29.4
37.1
24.2
(In millions of U.S. dollars, unless otherwise
specified)
Current account balance 6/
-895
-419
-283
-393
38
-131
Overall balance of payments
-266
-123
-2
-146
39
-77
Change in external arrears (decrease -)
62
27
61
0
-61
0
Gross international reserves (end of period)
317
264
344
629
631
811
(in months of imports of goods and services)
1.0
0.9
1.2
2.0
1.9
2.3
Nominal GDP (in billions of cedis)
20,580
27,153
38,071
46,875
48,862
65,262
Sources: Ghanaians authorities; and IMF staff estimates and
projections.
1/ Based on MEFP of 1/31/02 (EBS/02/16)
2/ In percent of broad money at the beginning of the period.
3/ Credit from deposit money banks to public enterprises and the
private sector respectively.
4/ Before domestic arrears clearance.
5/ After domestic arrears clearance.
6/ Including official grants.
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