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Ghana Economic Indicators September 2003

By Youfi Grant (Credit to Bank of Ghana Monetary Policy Committee)
Ghana Economic Indicators September 2003
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Improvement in key macroeconomic indicators during the third quarter of 2003. Disinflation, as inflation has continued with downward trend Twelve month CPI down from 29.6% in June to 27.7% in August. Interest rate on a downward slope with T-Bill rate moving down from 34.0% in June to 25.0% at end of September. Commercial lending rates are however stagnant. Domestic primary surplus of ¢758.4 billion (1.16% of GDP) compared to projected of 0.96% of GDP. net domestic financing down to minus ¢793 billion (-0.75% of GDP), compared to budgeted deficit of ¢122 billion (0.10% of GDP) Provisional data indicates that improved government finances. Total receipts YTD September amounted to ¢13,014 billion (71.0% over 2002) whilst total expenditure was ¢12,381 billion (40% over 2002) Money growth has slowed down from 42.6% in December 2002 to 32.4% in September 2003. Relative stability of the currency with an interbank cedi depreciation of 3.50% against the US dollar since the begining of the year. Much improved balance of payments with a 74.4% increase in cocoa earnings (US$578.5 million) and an 18.4% increase in gold earnings (US$591.3 million). Gross international reserves have increased from US$880 million in July to US$ 1,012 million by end of September 2003 representing 3.4 months of import cover (as against a budgeted figure of 2.3 months) Ghana Stock Exchange has shown strong performance with a gain of 104.44% on the GSE All Share Index and 105.35% on the Cedi Databank Stock Index (DSI). This represents a real (dollar )gain of 96.74% as at October 20, 2003.

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