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Ghana Economy highlights...........

By R. Yofi Grant
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Inflation has been on a downward trend since the beginning of the year from 22.4% in January to 11.2% in May 2004.

Interest rates on Government securities have also been on a downward slope. The 91-day Treasury bill had a yield of 18.71% in January 2004 in comparison to 16.99% in June 2004.

Money growth slowed during the first quarter from 41.5% in March 2003 to 37.7% in March 2004.

Year on year growth in reserve money also declined from 30.7% in March 2003 to 28.9% in March 2004.

Total Government receipts for the first quarter was ¢4,026 billion representing a 17% increase for the same period in 2003.

There was a net domestic financing of Government of ¢656 billion compared to a budgeted repayment of ¢255 billion.

Provisional balance of payments figures show merchandise trade recorded a deficit of $6.5 million in the first quarter as opposed to a deficit of $139 million for 1st quarter 2003.

Current account balance (including official transfers) recorded a surplus of $156 million in the 1st quarter of 2004 compared to a deficit of $1.5 million during the same period in 2003.

Relative stability of the local currency on the interbank market against the U.S Dollar, year-to-date depreciation of 2.13%. The Cedi-Dollar Depreciation for the period under review in 2003 was 3.72%.

The Databank Stock Index has recorded a year-to-date gain of 95% in local currency terms and a year-to-date gain of 91% in U.S Dollar terms.

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