| 1999 | 2000 | 2001 | 2002 | 2003 | ||
| Prog. 1/ | Est. | |||||
| (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 | 57.7 | 0.0 | 1.8 | 32.6 | 0.0 |
| 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 | 17.1 | 17.7 | 18.8 |
| 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 | 4.7 | 1.2 | 6.3 |
| 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 |
| Divestiture receipts | 0.3 | 1.2 | 0.0 | 0.8 | 0.0 | 0.7 |
| 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 nonfactor 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. | ||||||
