Bank of Ghana Statistical Bulletin 2012

B A NK
ES
A
AN
H
OF G
T. 1 9 5 7
Bank of Ghana
STATISTICAL BULLETIN
MARCH 2012
BANK OF GHANA
MARCH 2012
TABLE OF CONTENTS
Selected Economic Indicators

Charts
Statistical Tables:
5
6
10
Monetary Indicators

1. Monetary Survey
2. Assets of the Bank of Ghana
3. Liabilities of the Bank of Ghana
4. Assets of Deposit Money Banks
5. Liabilities of Deposit Money Banks
6. Sectoral Distribution of Outstanding Credit by Deposit Money Banks
7. Reserve Requirements of Deposit Money Banks
8. Bank Clearing and Debits
9. Consolidated Assets and Liabilities of Rural/Community Banks
10
11
12
13
14
15
16
17
18
Interest Rates
10. Interest Rates Ranges
11. Money Market & DMBs Rates
19
20
Government Fiscal Operations

12.
13.
14.
15.
16.
17.
Central Government Budget (Revenue)

Central Government Budget (Expenditure)
Central Government Fiscal Position (Financing)
Fiscal Position Narrow Coverage
Outstanding Stock of Selected Financial Assets
Holders and Structure of Domestic Debt
21
22
23
24
25
26
External Sector Indicators
Prepared by Research Department

Published by IDPS Department
Bank of Ghana
P. O. Box GP 2674
Accra - Ghana
www.bog.gov.gh
ISBN: 0855 - 6229
18.
19.
20.
21.
22.
23.
24.
25.
26.
International Reserves of Bank of Ghana

Balance of Payments
Merchandise Trade Flows
Crude Oil and Petroleum Products Imports
Ghana: Value, Volume and Unit Price of Exports
Commodity Prices
Ghana: Direction of Trade
Foreign Exchange Rates (Interbank & Forex Bureaux Markets)
Ghana: Public & Publicly Guaranteed External Debt
27
28
29
30
31
32
33
34
35
Real Sector Indicators

27.
28.
29.
30.
Ghana: Retail Prices of Major Petroleum Products

National Consumer Price Index and Inflation Rates
Gross Domestic Product at 2006 Constant Prices
Gross Domestic Product at Current Prices
36
37
38
39
19.25
16.23
16.52
13.86
Average Inflation(%) (yr)

Core 1: INFXEU (inflation adj. for energy &
utility)
36.3
26.9
21.2
27.1
40.2
31.2
Private Sector Credit

Reserve Money (RM)
Total Liquidity (M2+)
3.2
494.42
480.29
Current Account (incl. official transfers)

Private Transfers (net)
1,126.83
75.24
1.17
821.49
43.29
0.82
Gold [US$ per fine ounce]

Brent Crude Oil [US$ per barrel]
n.a = not available
NDF as % of GDP
Net Domestic Financing (NDF)
Government Fiscal Operations ( Million Gh

Cedis)
Debt Service/GDP (%)
Debt Service/Exports of goods and services

(%)
External debt/GDP (%)
Total (excludes cocobod short-term)
10.5
16.5
1.17
92.34
1,391.16
1,994.48
530.67
-955.18
3.7
4,724.89
3,924.87
46.2
35.0
45.2
19.9
15.4
8.03
10.75
8.58
Dec
2010
0.42
1.53
1.3
0.5
90.01
4.3
6.5
249.70
19.1
-0.55
-141.82
0.3
3.7
20.9
5,007.88 6,254.55
16.2
4,035.07
9.2
External Debt (In million of US$) By Maturity
19.5
n.a
n.a
CIEA: Year-on-year growth (nominal)

CIEA: Year-on-year growth (real)
Real Sector Indicators(Base: Avg. 2001=100)
Premium
Domestic Petroleum Prices (GH per litre):
2,248.00
1,657.10
Cocoa LIFFE [ per tonne]
Commodity Price Movements
(equiv in months of imports of goods & services)
-159.90
Gross International Reserves
1.8
3,164.81
2,032.16
-813.78
2,459.37
1,300.59
Net International Reserves
External Sector Developments (US$ million)
Broad Money (M2)
16.1
15.8
43.9
48.2
Total Domestic Credit
Monetary Sector Indicators (y-o-y) Growth (%)
15.97
18.13
Dec
Dec
Headline Inflation(%)
Inflationary Measures [COICOP Based] (y-o-y)
2009
2008
-0.20
-91.59
n.a
n.a
n.a
n.a
14.2
20.4
1.52
96.82
1,359.46
2,046.00
n.a
n.a
3.8
4,767.82
4,039.85
37.2
33.5
41.6
17.7
38.6
8.12
11.55
9.08
Jan
0.00
2.52
n.a
n.a
n.a
n.a
14.3
20.5
1.52
104.09
1,372.35
2,228.15
n.a
n.a
3.8
4,825.52
4,082.92
36.2
35.9
51.1
9.6
29.1
8.21
10.75
9.16
Feb
1.10
629.44
0.2
2.4
17.6
6,681.87
22.2
28.7
1.52
114.62
1,422.50
2,161.61
673.76
-548.58
3.5
4,503.61
3,738.23
36.4
36.0
37.6
10.3
29.0
8.17
10.00
9.13
Mar
0.60
348.28
n.a
n.a
n.a
n.a
21.4
27.7
1.52
123.13
1,481.10
1,934.85
n.a
n.a
3.9
4,882.99
4,007.43
41.4
41.5
49.0
17.3
26.0
8.10
10.36
9.02
Apr
0.60
322.47
n.a
n.a
n.a
n.a
17.9
23.9
1.52
114.53
1,515.22
1,878.48
n.a
n.a
3.8
4,704.49
3,811.13
39.2
40.7
53.2
18.5
26.6
7.87
9.78
8.90
May
2011
39.7
42.6
52.4
25.0
34.1
7.82
9.57
8.39
Jul
3,549.31
40.6
42.1
48.4
22.1
31.1
7.84
9.29
8.41
Aug
-1.10
-610.65
0.3
3.4
18.7
7,082.64
19.6
25.5
1.52
113.91
1,528.25
1,858.55
595.14
-471.42
3.8
0.80
445.47
n.a
n.a
n.a
n.a
20.7
26.6
1.52
116.68
1,575.15
1,954.67
n.a
n.a
3.7
0.03
179.59
n.a
n.a
n.a
n.a
18.8
24.5
1.52
109.82
1,770.13
1,888.43
n.a
n.a
2.9
4,764.93 4,629.23 4,502.04
3,882.96 3,680.44
36.6
40.2
52.5
18.2
26.9
7.52
9.09
8.59
Jun
SELECTED ECONOMIC INDICATORS
0.12
67.75
0.3
2.5
19.8
7,345.38
21.5
27.3
1.52
109.96
1,768.96
1,823.52
507.68
-725.23
2.9
4,594.66
3,604.29
39.2
41.9
37.8
25.5
35.7
7.75
8.83
8.40
Sep
0.81
461.86
n.a
n.a
n.a
n.a
16.3
21.9
1.52
108.80
1,673.66
1,700.86
n.a
n.a
3.0
4,977.64
4,012.72
36.9
38.1
41.3
27.0
37.1
7.92
8.77
8.56
Oct
1.05
598.66
n.a
n.a
n.a
n.a
17.3
22.9
1.52
110.61
1,744.69
1,590.23
n.a
n.a
2.9
4,845.83
3,560.03
29.2
34.6
43.6
26.7
37.6
7.91
8.73
8.55
Nov
-0.46
-261.84
0.3
3.3
20.8
7,589.45
15.2
20.9
1.75
107.72
1,658.49
1,406.00
592.19
-1,807.84
3.2
5,382.82
4,438.97
30.2
33.2
31.1
26.3
17.0
7.93
8.72
8.58
Dec
5
CHARTS
PRICE DEVELOPMENTS
MONETARY DEVELOPMENTS
Headline inflation rose in the early part of the first quarter of 2011 after the upward adjustment in petroleum prices. It however declined during
The annual growth rate of broad money including foreign currency deposits (M2+), went up by 33.2 per cent year-on- year in December 2011
the second quarter before picking up in the third quarter. It subsequently declined in the fourth quarter to end the year at 8.58 per cent. The
compared with a growth of 33.8 per cent in December 2010. The Net Foreign Assets (NFA) and the Net Domestic Assets (NDA) of the banking
developments in the CPI inflation was driven by both food and non-food indices.
system were the main sources of in M2+ with 36.9 per cent and 30.4 per cent growth respectively.
December (2010 & 2011) Inflation Rates

December (2010 & 2011) InaAon Rates
InaBon Trend: Combine, Food & Non-Food
7000.00
6000.00
18,000.00
12.00
5000.00
4.00
10,000.00
4,000.00
0.00
2,000.00
5.78
12.24
16.83
1.86
Recreation & Culture
2.5
4.73
10.13
Fe
b

ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
M
CPI InaHon
14.4
17.66
18.54
Clothing and Footwear
01
1
Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
Ja
n.
2
De
t
No
v
Oc
Se
2,000.00
10.00
5.00
12.21
1
01
Ja
n.
2
Core InaHon
15.00
5.18
Hotel, Cafes & Restaurants
3,000.00
1,000.00
Furnishing, H/H Equipt & Routine Maint.
1.00
20.00
10
15
20
Currency Outside Banks

Time & Savings Deposits
Demand Deposits
Foreign Currency Deposits
Transport
2.00
5.61
4,000.00
01
3.92
25.00
5,000.00
5.29
Housing, Water, Electricity, Gas & Fuel
3.00
6,000.00
6.8
3.82
3.03
Health
4.00
Dec. 2010
M2/GDP
M2/GDP
30.00
Components of Money Supply
0.47
0.18
Alcohlic Beverages, Tabacco
5.00
Components of Money Supply
n.
2
Miscellaneous gds & Serv
Reserves of Banks Currency outside Banks Reserve Money (RM)
Ja
8.00
Dec. 2011
Net DomesDc Assets
Per cent
0.02
0.00
Net Foreign Assets

Money Supply (M2+)
Ju
l
1
Fe
b

M
ar

Ap
r

M
ay

01
Education
6.00
0.00
n.
20
11

Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
9.00
7.00
Non-Food
Dec. 2011
Contribution
to Overall
Inflation
(Dec):
Non-food
Inflation
(%)
Contribution
to Overall
Inflation (Dec):
Non-food
Inflation
(%)
Communications
10.00
1000.00
n.
2
Food
Dec. 2010
Ja
Composite
Ja
ActualActual
and Bank
of Ghanas
Inflation
and Bank
of Ghana'sCore
Core Inflation
0.00
GH' Millions
n.
2
Ja
Non-Food
2000.00
01
1
Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
2.00
Food
3000.00
6,000.00
2.00
Combined
4000.00
8,000.00
Au
4.00
6.00
12,000.00
Ju
n

6.00
14,000.00
GH' Millions
Per cenrt
8.00
GH'Millions
16,000.00
8.00
10.00
Per cent
Ghana Monetary Survey
20,000.00
10.00
14.00
Percent
ReserveMoney
Money&
& Its Components
Reserve
Ghana Monetary Survey
12.00
Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
Inflation Trend: Combine, Food & Non-Food
DOMESTIC INTEREST RATES
FISCAL DEVELOPMENTS
The Monetary Policy Committee (MPC) reduced the prime rate by 100 basis points in 2011 to 12.5 per cent in response to easing inflation
Total revenue and grants for the year 2011 was GH12,851.56 million (22.8% of GDP) and total government expenditures amounted to
expectation. In general, rates on both money market and interbank market showed downward trends during the year. The average interest rate
GH13,379.98 million (23.8% of GDP). Consequently, the budget recorded an overall deficit including divestiture of GH2,395.44 million (0.1%
on the 91-day and 182-day Treasury bills declined from 12.28 per cent and 12.68 per cent respectively to 9.25 per cent and 10.23 per cent at
of GDP) at the end of the year. The deficit was financed by a net foreign inflow of GH979.3 million (1.7% of GDP) and net domestic financing
the end of 2011. The decline in interest rates during the year also reflected in the average base rate of banks which declined by 332 basis points
of GH1,988.14 million (3.5% of GDP).
to 22.47 per cent.

Summary
ofoGovernment
Summary
f Government FFinances
inances
Primary Balanace as Percentage of GDP
5,000.0
Primary Balanace as Percentage of GDP
6.00
4,000.0
4.00
Policy Rates
16.00
14.00
12.00
10.00
Percent
8.00
6.00
0.00
1,000.0
-2.00
0.0
10.00
-1,000.0
8.00
2.00
2,000.0
12.00
6.00
DEFICIT / SURPLUS TOTAL REVENUE & GRANTS TOTAL EXPENDITURE & NET LENDING
ug
Ju
ay
Ju
ar
pr
A
11
Fe
ec
20
Ja
EXTERNAL SECTOR DEVELOPMENTS & FOREIGN EXCHANGE RATES
Ja
Se
n.
2
p.
n.
ov
20
1
Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
01
ct
0.00
2.00
-10.00
-12.00
10
2.00
-6.00
-8.00
4.00
4.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-4.00
2008 Q3 Q4 2009 Q2 Q3 Q4 2010 Q2 Q3 Q4 2011 Q2 Q3 Q4
Q2
Q1
Q1
Q1
-2,000.0
Percent
Money Market Rates
14.00
3,000.0
GH' Million
Money Market Rates
Policy Rates
Weighted Avg.Inter-Bank Rate
91-Day (T/Bill Int Equiv)
DMBs Credit Aggregate
182-Day(T/Bill Int Equiv)
1-Year
Preliminary estimates indicated that the value of merchandise exports for 2011 went up by 60.6 per cent to US$12,785.42 million. This
compares favourably with the outturn of US$7,960.08 million recorded in 2010. The growth in exports earnings for the year was underpinned
by increased earnings from gold, cocoa beans, other exports, and an additional boost from crude oil exports. The value of total merchandise
imports in 2011 also increased by 46.2 per cent to US$15,968.42 million from an outturn of US$10,922.11 million recorded for 2010. The import
bill for 2011 consisted of US$12,672.28 million of non-oil imports, with oil and gas accounting for the remaining US$3,296.14 million.
DMBs Rates
Gross international reserves at the end of December 2011 improved by US$702.8 million to a stock position of US$5,382.82 million from
US$4,680.01 million at the end of 2010, enough to cover 3.2 months of imports of goods and servicees. This compares to 3.7 months of imports
cover at the end of December 2010.
DMBs Rates
30.00
20.00
International Reserves
5.00
c
De
5,000.00
2.5
Ghana Cedis
4,000.00
3,000.00
2,000.00
2
1.5
1
1,000.00
0.5
0.00
Gross Reserves
Net Reserves
US Dollar
Pound Sterling
ec
D
ov
ct
EURO
Se
p
ug
A
Ju
ay
01
1
Fe
b

M
ar

Ap
r

M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
GOVT.(Net)
n.
2
No
v
t
Oc
Se
Au
Ju
l
Ju
n

ay

r

Ap

ar
M
6,000.00
Ave.Lending rate
Ja
PRIVATE
Savings rate (3 months)
US$ Millions
PUBLIC
Fe
b

n.
20
11

Fe
b

M
ar

Ap
r
M
ay

Ju
n

Ju
l
Au
g

Se
p
Oc
t
No
v
De
c
01
(Per Ghana Cedis)
End Period Inter-Bank Transaction Exchange Rate

(Per Ghana Cedis)
International Reserves
0.00
Ju
n
1,000.00
End Period Inter-Bank Transaction Exchange Rate
pr
2,000.00
Ja
10.00
3,000.00
M
ar
4,000.00
15.00
5,000.00
01
1
Percent
6,000.00
Fe
b
7,000.00
.2
8,000.00
GH' Million
On the domestic currency market, the Ghana Cedi was relatively stable over the first eight months of 2011, before weakening in the last four
months. In the inter-bank market, the Ghana cedi depreciated cumulatively by 4.9 per cent, 9.0 per cent and 7.9 per cent against the US dollar,
the pound sterling and the euro respectively. Similarly, in the forex bureau market, the cedi depreciated by 11.5 per cent, 11.0 per cent and 9.5
per cent against the US dollar, the pound sterling and the euro respectively.
25.00
9,000.00
Ja
n.
2
10,000.00
DMBs Credit Aggregate
Ja
n
Prime Rate
664.07
254.80
DMBs
13,663.00
7,194.30
-4,593.42
6,007.90
-2,525.45
8,061.20 10,211.40
Claims on private sector

Other Items (net)
-48.49
299.36
6,212.56
Other Assets
Total Assets
19.03
3,495.93
488.60
Claims on
DMBs
Claims
on Public
Corporations
Total
Stock
Revaluation
Advances
1,900.02
247.92
Treasury Bills
Loans &
859.39
2,446.72
11.38
1,898.18
241.36
1.73
294.07
8,147.54
398.18
395.23
249.53
2,570.63
346.58
898.09
38.07
1,287.88
4,533.98
12.89
3,284.56
243.05
654.35
339.13
Dec
Dec
Ghana
Government
Stocks
Claims on
Government
Total
Others
Securities
Foreign
Banks
Bal. with
Foreign Cur.&
SDR Holding
Gold
Foreign
Assets
2009
2008
309.27
1,289.41
39.11
1,132.27
6,811.65
10.62
4,832.32
861.98
659.55
447.17
Dec
2010
10,823.29
630.65
113.40
497.54
2,770.06
0.20
0.21
Currency / M2+ Ratio
477.19
117.96
709.04
2,816.15
346.58
1,289.33
47.87
1,132.36
7,156.12
10.90
4,763.88
1,248.18
676.94
456.22
Jan
0.20
0.25
3,969.01
11,276.46
0.21
0.27
4,298.19
13,644.88
2,978.11
4,467.07
3,454.70
2,745.00
13,644.88
-5,339.21
8,996.49
2,545.58
6,404.47
479.48
5,649.23
Jan
-4,469.57
8,738.04
2,580.97
6,423.69
986.17
5,237.01
Mar
-4,443.63
8,488.05
2,327.01
6,494.57
889.22
5,605.36
Apr
-4,707.52
8,718.02
2,425.96
6,716.55
922.47
5,504.32
May
3,268.96
4,625.90
3,833.49
2,606.12
3,378.23
4,687.53
3,900.64
2,762.49
3,387.53
4,802.41
3,770.21
2,767.72
0.18
0.22
4,106.31
0.19
0.23
4,125.54
0.19
0.23
4,365.61
0.18
0.22
4,171.35
15,202.10
3,669.64
4,871.50
3,874.66
2,786.30
15,202.10
-5,061.47
9,382.03
3,345.41
7,435.06
1,306.74
5,485.16
Jun
11,930.93
551.38
133.08
1,045.58
2,998.08
346.58
1,446.52
57.60
1,147.38
7,202.95
8.38
5,418.52
675.96
684.14
415.96
Feb
11,442.75
620.31
117.97
964.01
2,989.02
0.00
839.82
48.45
2,100.76
6,751.45
39.09
5,353.80
257.67
683.16
417.73
Mar
11,973.07
690.83
123.68
880.22
2,999.45
0.00
860.07
38.57
2,100.81
7,278.90
39.16
5,542.69
588.49
693.17
415.39
Apr
11,689.66
602.72
113.92
907.48
3,015.45
0.00
907.97
38.61
2,068.87
7,050.10
39.15
5,493.59
411.29
688.48
417.59
May
12,111.32
861.84
120.88
877.32
3,102.49
0.00
996.27
62.33
2,043.89
7,148.78
39.21
3,790.78
2,209.59
691.14
418.06
Jun
2011
-4,643.30
9,407.49
3,131.06
7,340.00
1,305.05
5,110.55
Aug
-4,697.61
9,603.74
3,151.27
7,545.29
1,240.06
5,311.03
Sep
-4,893.41
9,866.53
2,864.63
7,643.84
1,245.81
5,931.01
Oct
-4,520.36
9,405.04
2,470.73
7,842.68
1,345.61
5,791.10
Nov
-4,706.42
9,841.10
2,242.84
7,423.39
1,210.36
6,669.60
Dec
3,712.79
4,884.49
4,021.81
2,769.63
3,791.39
4,895.56
4,286.98
2,877.31
3,811.27
5,044.54
4,800.20
3,273.12
4,084.12
5,133.63
4,859.25
3,316.33
3,954.15
5,526.64
4,951.14
3,763.27
672.62
163.59
1,070.82
3,102.49
0.00
996.09
62.43
2,043.97
6,963.86
39.27
5,401.88
415.03
688.49
419.19
Jul
0.18
0.22
4,502.36
11,863.94
725.13
135.08
1,025.70
3,197.30
0.00
1,032.86
63.10
2,101.34
6,780.74
39.29
4,912.83
714.92
694.01
419.69
Aug
0.18
0.22
4,366.02
12,479.86
843.68
136.76
1,089.99
3,419.08
0.00
1,068.29
62.77
2,288.03
6,990.35
39.16
5,200.31
645.76
681.18
423.94
Sep
0.18
0.22
4,315.32
13,090.89
769.10
143.46
856.11
3,700.61
0.00
1,105.88
62.25
2,532.47
7,621.61
39.27
5,795.60
661.47
698.58
426.69
Oct
0.19
0.24
5,105.71
13,234.82
1,114.28
103.45
754.56
3,800.56
0.00
1,140.78
62.35
2,597.43
7,461.98
39.19
5,712.24
597.73
683.72
429.10
Nov
0.19
0.24
5,560.55
13,578.44
1,107.81
105.14
849.56
3,179.51
0.00
497.41
5.78
2,676.32
8,336.43
39.21
6,247.53
881.12
669.76
498.80
Dec
0.21
0.26
5,736.05
15,353.82 15,388.72 15,851.24 16,929.14 17,393.33 18,195.19
3,754.24
4,905.05
3,973.71
2,720.82
15,353.82 15,388.72 15,851.24 16,929.14 17,393.33 18,195.19
-4,982.96
9,464.26
2,983.19
7,296.91
1,259.44
5,299.35
Jul
11,973.39
Table 2. Assets of Bank of Ghana
0.19
0.23
4,055.72
13,719.92 14,334.48 14,728.90 14,727.88
3,160.86
4,503.95
3,472.73
2,582.37
13,719.92 14,334.48 14,728.90 14,727.88
-4,667.39
8,446.67
3,137.47
6,514.51
876.79
5,686.81
Feb
2011
(Millions of Ghana Cedis)
0.26
3,007.30
0.26
2,226.80
Currency / Deposit
Ratio
Reserve Money
Memorandum Items
13,663.00
4,533.28
8,061.20 10,211.40
1,816.80
Foreign currency
deposits
Total Liabilities
3,402.33
2,442.70
Savings & Time deposits
3,474.62
2,727.91
2,065.29
2,137.80
Demand deposits
2,927.20
8,764.51
2,661.34
2,082.44
1,663.80
Currency outside banks
Money Supply M2+
Total Assets
-5,104.15
1,663.23
2,397.47
Govt. Deposits
2,194.74
5,338.72
4,795.20
6,443.41
513.05
5,240.92
Dec
2010
Claims on Govt
Net Domestic Assets
3,270.97
Dec
Dec
1,926.20
2009
2008
BOG
Net Foreign Assets
Table 1. Monetary Survey
TABLES
10
11
Dec
Dec
1,106.92
4,884.34
1,075.55
10,415.76
Claims on Private
Sector
Other Assets
Total Assets
1,082.46
24.46
1,299.09
193.16
Total
Loans & Advances
Other Bills
Claims on Public
Corporation
Total
TOR Bonds
577.86
Treasury Bills
GGILBS
528.07
978.81
1,071.04
Government Stocks
Claims on Government
Foreign Assets
Total
862.59
Balance at Bank of
Ghana
14,058.34
1,385.44
5,766.18
1,184.10
1,162.47
21.63
2,768.09
193.16
1,658.05
916.87
1,541.24
1,413.30
1,151.94
261.36
Dec
Dec
208.45
3,401.96
90.04
1,570.73
2,498.11
114.72
984.59
1,398.80
3,979.38
137.49
1,506.90
2,599.34
15.78
848.79
1,734.76
3,056.35
Jan
4,101.39
-108.65
1,516.01
3,545.14
53.53
1,104.44
2,387.17
2,877.04
Feb
4,012.02
-109.30
1,514.33
3,126.30
209.71
1,141.42
1,775.16
2,899.40
Mar
4,555.78
-42.60
1,673.55
2,717.89
214.09
1,004.86
1,498.95
3,068.45
Apr
17,243.71
2,267.85
6,697.82
1,253.09
1,218.07
60.78
3,673.36
193.18
1,062.82
2,417.36
1,327.64
1,919.40
1,583.88
335.52
311.35
17,639.90
2,767.74
6,697.82
1,253.09
1,192.27
60.82
3,588.32
193.18
1,033.33
2,361.83
1,401.35
1,931.57
1,620.22
Dec Jan
2010
Jun
81.91
1,039.32
2,513.55
154.39
11,689.66
2,111.32
4,089.49 3,584.65
154.20
1,514.78 1,663.62
2,803.96 3,634.78
23.30
1,215.25
1,565.42
3,096.22 3,073.89
May
17,746.14
3,147.13
6,304.03
1,178.63
1,123.50
55.13
3,516.43
193.18
1,044.26
2,279.00
1,617.40
1,982.53
1,687.86
294.66
Feb
293.28
2,160.50
1,854.55
305.96
Apr
790.22
516.79
273.43
3,517.46
193.18
1,152.85
2,171.44
18,234.84
2,989.29
18,933.11
3,788.72
6,491.84 6,790.35
1,365.98
1,100.07
265.91
3,434.66
193.18
1,024.29
2,217.21
1,753.38 1,885.85
2,199.67
1,906.40
Mar
19,057.13
3,571.15
6,957.46
883.24
475.44
407.81
3,701.10
193.18
1,159.14
2,348.78
1,706.22
2,237.96
1,909.46
328.50
May
3,556.45
154.39
1,664.51
3,592.45
57.15
1,424.27
2,111.03
3,433.25
154.39
1,670.19
3,526.50
39.09
1,214.20
2,273.21
3,079.61
Aug
4,090.72
154.42
1,679.32
3,360.45
56.58
1,045.56
2,258.31
3,194.95
Sep
287.58
19,419.29
2,779.30
7,416.00
940.34
532.53
407.81
4,332.57
193.18
1,031.87
3,107.52
2,093.68
1,857.40
284.77
19,610.24
2,862.03
7,618.46
755.81
537.74
218.07
4,194.42
193.18
878.14
3,123.10
1,969.00
2,210.51
1,925.74
Jul
2011
19,644.40
2,829.95
7,715.31
836.07
551.31
284.75
4,142.70
682.00
758.50
2,702.20
2,047.87
2,072.50
1,762.52
309.98
Aug
4,235.00
154.42
1,690.61
3,370.76
32.37
1,396.13
1,942.26
3,640.11
Oct
317.64
20,037.57
2,799.39
7,943.45
905.72
624.59
281.14
4,126.20
682.00
662.04
2,782.16
1,956.96
2,305.84
20,245.57
2,637.83
8,113.60
903.37
635.86
267.51
3,943.23
682.00
523.25
2,737.98
1,889.82
2,757.72
2,390.73
366.99
Oct
13,090.89
1,988.19
Sep
11,973.39 11,863.94 12,479.86
1,569.82
Jun
Jul
3,005.59
2011
Table 4. Assets of Deposit Money Banks
10,823.29 11,276.46 11,930.93 11,442.75 11,973.07
2009
Cash in Till
Cash Reserves
8,147.54
2,722.40
-17.37
1,263.01
1,835.69
43.20
611.38
1,181.11
3,262.72
Dec
2010
4,852.30
154.42
1,666.83
2,660.62
64.96
1,359.20
1,236.46
4,244.27
Dec
21,195.41
2,753.01
8,417.51
987.53
712.90
274.63
4,042.12
682.00
619.47
2,740.65
1,998.52
2,996.73
2,646.68
350.05
Nov
21,609.47
2,808.97
8,752.36
1,088.74
791.54
297.21
4,243.88
682.00
946.38
2,615.50
1,953.76
2,761.76
2,280.76
481.00
Dec
13,234.82 13,578.44
4,019.43
154.33
1,670.88
3,723.80
417.85
1,777.02
1,528.93
3,666.38
Nov
2008
6,212.56
Total Liabilities
1,111.00
133.09
Capital and Reserves

Other Liabilities
515.83
Foreign Liabilities
2,513.46
79.15
Public Institutions
Total
386.25
2,048.06
1,939.19 2,343.80
2009
2008
Commercial Banks
Government
Deposits
Currency In
Circulation
Table 3. Liabilities of Bank of Ghana
12
13
5,713.61
Total
1,781.67
10,415.76
OTHER LIABILITIES
TOTAL LIABILITIES
14,058.34
2,422.29
1,789.65
443.85
877.17
482.13
651.13
318.76
1.14
331.23
7,392.13
1,825.91
1,256.52
2,661.34
17,243.71
2,588.61
2,336.26
134.80
814.59
795.94
722.42
371.51
2.33
348.57
9,851.08
2,284.19
1,875.24
2,727.91
2,963.74
Dec
2010
17,639.90
2,471.94
2,474.16
138.54
921.87
810.82
749.03
362.55
3.33
383.15
10,073.55
2,207.53
1,893.66
2,978.11
2,994.25
Jan
17,746.14
2,553.37
2,528.79
137.54
740.61
750.30
783.76
352.88
2.22
428.65
10,251.78
2,224.03
1,924.82
3,160.86
2,942.07
Feb
18,234.84
2,506.33
2,561.80
137.92
767.21
805.81
804.47
375.18
2.38
426.91
10,651.29
2,278.58
1,969.77
3,268.96
3,133.98
Mar
18,933.11
2,701.96
2,562.89
140.98
996.63
828.05
893.50
415.34
0.74
477.41
10,809.10
2,230.57
2,040.88
3,378.23
3,159.42
Apr
19,057.13
2,783.06
2,580.12
160.50
783.75
860.55
886.74
383.33
1.21
502.21
11,002.42
2,331.99
2,085.88
3,387.53
3,197.01
May
19,419.29
2,743.56
2,637.36
133.96
786.94
831.86
863.43
391.21
1.87
470.35
11,422.17
2,343.55
2,134.88
3,669.64
3,274.10
Jun
Jul
19,610.24
2,695.58
2,659.74
134.00
709.56
872.16
903.95
401.42
0.77
501.75
11,635.25
2,279.87
2,222.98
3,754.24
3,378.16
2011
19,644.40
2,704.68
2,694.74
106.72
742.83
857.86
767.50
370.38
404.69
237.90
308.88
82.44
Construction
Electricity, Gas & Water
Import Trade
Export Trade
5,966.80
59.73
6,928.64
47.06
6,881.58
691.89
1,452.59
276.45
1,669.69
117.45
368.70
437.30
543.06
805.81
190.38
7,994.69
39.08
7,955.61
618.58
1,650.02
321.32
1,859.13
155.13
461.76
520.99
601.82
1,060.29
216.81
489.76
Dec
2010
7,890.09
40.02
7,850.07
592.48
1,650.86
313.10
1,747.92
131.59
451.98
547.41
619.78
1,054.21
236.13
504.61
Jan
7,427.53
40.39
7,387.14
574.62
1,673.91
304.28
1,683.86
85.83
466.18
490.51
618.97
882.58
190.48
415.92
Feb
7,591.91
38.58
7,553.33
633.85
1,694.50
304.96
1,781.45
80.79
483.68
435.48
565.39
882.10
218.24
472.91
Mar
7,307.15
36.45
7,270.69
643.07
1,816.50
312.31
1,253.30
87.93
500.28
419.58
578.79
910.25
231.83
516.85
Apr
7,432.90
34.11
7,398.78
584.03
1,879.22
312.35
1,257.19
129.80
559.37
361.65
599.24
826.12
257.62
632.20
May
7,753.09
31.80
7,721.30
606.32
2,010.64
302.75
1,336.06
129.86
577.11
418.42
638.03
927.85
263.29
510.98
Jun
305.91
455.43
Jul
7,963.35
29.53
7,933.82
673.34
1,994.48
305.39
1,291.66
126.84
553.19
568.19
645.71
1,013.68
2011
8,074.25
21.28
8,052.97
730.48
1,993.19
307.90
1,496.40
123.87
543.25
505.18
692.30
843.18
315.88
501.33
Aug
8,376.99
25.86
8,351.13
709.77
2,117.47
317.36
1,392.34
134.66
697.74
550.69
698.93
900.16
350.26
481.75
Sep
8,560.37
35.45
8,524.92
748.36
2,115.17
344.57
1,472.52
116.11
801.19
536.41
702.31
839.87
344.93
503.49
Oct
Nov
110.59
781.62
469.72
728.56
895.20
394.53
521.70
Nov
8,944.67
50.49
8,894.18
740.84
2,384.11
386.79
Dec
112.66
861.51
625.02
751.64
836.94
398.50
537.16
Dec
21,609.47
2,475.10
3,048.19
80.59
743.40
1,006.38
889.41
448.23
3.29
437.89
13,366.42
2,520.60
2,554.52
3,954.15
4,337.14
9,352.42
50.90
9,301.53
757.79
2,507.69
391.68
1,520.93
21,195.41
2,702.33
2,856.71
79.86
652.91
941.80
1,229.67
449.48
5.65
774.53
12,732.13
2,283.48
2,395.02
4,084.12
3,969.51
1,480.52
20,245.57
2,200.97
2,824.87
79.44
644.01
922.37
1,179.19
375.10
3.71
800.38
12,394.73
2,370.38
2,295.36
3,811.27
3,917.72
Oct
Total
Cocoa Marketing
5,907.08
574.08
Others
Total (excluding cocoa
marketing)
1,425.19
175.98
Services
Transport, Storage &

Communication
1,560.77
709.30
Manufacturing
Domestic Trade
172.67
Mining & Quarrying
Dec
Dec
328.25
2009
255.19
20,037.57
2,696.53
2,749.87
108.29
716.90
892.95
851.25
364.79
3.05
483.40
12,021.78
2,268.11
2,259.60
3,791.39
Table 6. Sectoral Distribution of Outstanding Credit by Deposit Money Banks
2008
Agriculture Forestry &

Fishing
Sectors
1.26
395.86
11,770.08
2,303.24
2,209.60
3,712.79
3,702.68
Sep
Aug
3,544.45
1,195.82
723.97
FOREIGN
LIABILITIES
PAID-UP CAPITAL
& RESERVES
349.45
GOVERNMENT
DEPOSITS
12.48
638.75
Total
CREDIT FROM
BANK OF GHANA
231.25
1.27
Savings Deposits
Time Deposits
406.23
Demand Deposits
PUBLIC SECTOR
DEPOSITS
1,246.11
964.09
Savings Deposits
Time Deposits
1,816.81
Foreign Currency
Deposits
1,648.36
Dec
Dec
1,686.60
2009
2008
Demand Deposits
PRIVATE SECTOR
DEPOSITS
Table 5. Liabilities of Deposit Money Banks
14
15
16
4,026.7
14,864.1
12.8
3,815.2
14,424.2
11.5
13.7
Table 8: Bank Clearing (2008 - 2011)

Number of
Working
Total Effects Cleared
Average Effects Cleared

Per Day
Days
13.1
10.5
14,348.4
End of Period
No.
Amt (GH000)
No.
Amt (GH000)
12.0
12.1
11.3
Jan
22
453,836
1,913,414.0
20,629
86,973.0
Feb
21
434,289
1,749,447.0
20,680
83,307.0
Mar
18
406,257
1,638,158.0
22,570
87,370.0
Apr
22
473,910
2,043,873.0
21,541
92,903.0
May
21
481,451
1,935,547.0
22,926
92,169.0
June
21
447,416
1,909,856.0
21,306
90,945.5
107,950.0
Jul
22
523,130
2,374,910.0
23,779
Aug
22
447,834
2,114,731.0
20,356
96,124.0
Sep
22
499,485
2,369,530.0
22,704
107,705.0
Oct
23
494,202
2,245,127.0
21,487
97,614.0
Nov
20
445,295
2,282,864.0
22,265
114,143.0
Dec
20
474,705
2,640,171.0
23,735
132,009.0
108,095.0
11.4
11.8
11.8
2009
12.3
10.2
10.6
12,100.5
9.8
12,723.3
9.8
12,929.2
9.9
13,309.1
10.1
13,398.3
10.2
13,699.5
13,422.5
2008
Jan
21
459,233
2,269,997.0
21,868
Feb
20
434,839
2,043,870.0
21,742
102,194.0
Mar
21
483,280
2,308,892.0
23,013
109,947.0
115,444.6
Apr
20
433,872
2,308,891.7
21,694
May
19
327,949
1,578,800.4
17,260
83,094.8
Jun
22
486,280
2,381,532.7
22,104
108,251.5
Jul
22
471,483
2,371,603.0
21,431
107,800.0
Aug
21
468,705
2,358,315.0
22,319
112,301.0
Sep
21
494,162
2,255,940.0
23,532
107,426.0
Oct
22
476,068
2,517,108.0
21,639
114,414.0
Nov
21
428,889
2,509,472.0
20,423
119,499.0
Dec
20
505,651
3,288,557.0
25,283
164,428.0
12.9
12.9
*Primary Reserve Minimum Ratio Requirement is 9 percent

For Domestic Deposits = 9 percent
For Foreign Deposits = 9 percent in their respective currencies
15.0
21.5
21.8
Primary Reserve
Ratio (Foreign)
9.8
9.8
Requirements
Reserve Ratios (%)
Primary Reserve
Ratio (Domestic)
9.4
8,279.4
8.1
11,721.1
10,842.0
12,059.9
10.4
2010
6,098.0
Total
3,954.7
3,866.5
3,778.8
3,599.1
3,564.7
3,470.2
3,348.9
3,086.2
2,866.7
2,440.2
2,262.3
1,546.1
Foreign
17
12.9
10,837.4
10,837.4
10,517.5
9,744.8
9,556.0
9,619.5
9,710.0
9,364.5
9,253.1
8,751.5
8,973.6
8,854.5
8,401.8
6,017.0
4,551.9
Domestic
Deposits
3,830.9
1,910.0
1,910.0
1,601.6
1,466.9
1,484.1
1,408.7
1,404.4
1,349.1
1,306.7
1,271.6
1,334.3
1,242.0
1,186.8
972.9
763.8
Total
518.5
518.5
472.9
466.8
426.8
423.4
419.5
397.2
412.5
399.1
370.9
366.0
486.2
337.3
Foreign
486.8
426.5
Domestic
Primary Reserve
501.1
1,391.5
1,222.0
1,017.3
981.9
981.0
871.1
820.7
Dec
Dec
Dec
Liquidity Reserves
2008
2009
2010
Jan
935.3
Feb
Mar
859.1
Apr
909.5
929.6
Jun
May
2011
Jul
Table 7. Reserve Requirements of Deposit Money Banks
Aug
994.0
Sep
Oct
1,100.6
Nov
Dec
Jan
20
454,478
2,849,038.0
22,724
142,451.9
Feb
20
468,012
2,590,980.0
23,401
129,549.0
Mar
22
499,347
2,801,340.0
22,698
127,333.6
Apr
20
451,642
2,791,079.0
22,582
139,553.9
May
21
539,062
2,927,010.0
25,670
139,381.5
Jun
22
521,200
2,905,871.0
23,691
132,085.1
Jul
21
494,521
3,166,600.0
23,549
150,790.5
Aug
22
502,283
3,147,113.0
22,831
143,050.6
Sep
21
496,627
3,180,297.0
23,649
151,442.7
Oct
21
597,459
4,270,370.0
28,450
203,350.9
Nov
22
537,558
3,856,249.0
24,434
175,284.0
Dec
21
552,906
4,295,620.0
26,329
204,553.3
196,937.3
2011
Jan
20
518,294
3,938,746.4
25,915
Feb
20
496,382
3,862,139.5
24,816
193,107.0
Mar
22
571,160
4,082,221.9
25,962
185,555.5
192,844.9
Apr
19
476,777
3,664,053.7
25,094
May
20
563,097
4,240,101.8
28,155
212,005.1
June
22
559,769
4,267,670.0
25,444
193,985.0
July
20
511,851
4,183,113.0
25,593
209,155.6
Aug
23
524,848
4,183,023.7
22,819
181,870.6
Sep
21
574,944
4,592,538.9
27,378
218,692.3
Oct
20
575,515
5,369,816.7
28,776
268,490.8
Nov
22
575,216
5,002,317.3
26,146
227,378.1
Dec
19
582,066
5,959,063.6
30,635
313,634.9
170.41
58.31
Loans and Advances

Other Assets
46.69
Other Liabilities
125
125
416.06
52.06
52.66
311.34
416.06
65.81
183.48
108.64
58.13
Q2
2008
126
442.63
60.73
57.58
324.32
442.63
71.20
202.28
107.28
61.87
Q3
128
461.96
56.60
61.64
343.72
461.96
71.69
209.76
110.82
69.69
Q4
128
496.76
57.81
66.48
372.47
496.76
76.54
212.19
122.98
85.05
Q1
128
532.22
78.65
70.35
383.21
532.22
86.88
223.97
139.12
82.25
Q2
2009
128
546.50
77.14
75.26
394.10
546.50
88.32
230.86
146.64
80.68
Q3
128
610.33
83.82
80.78
445.73
610.33
93.31
239.38
186.35
91.29
Q4
128
625.57
79.32
86.55
459.71
625.57
94.73
242.03
202.90
85.91
Q1
135
674.03
82.26
92.99
498.78
674.03
103.07
259.83
213.27
97.86
Q2
2010
135
666.20
83.20
90.02
492.95
666.20
101.04
272.60
195.26
97.29
Q3
24.00-27.75
C: Base Rates (%)
26.95-32.00
25.75-40.00
25.75-40.00
25.75-40.00
25.75-40.00
25.75-40.00
25.75-40.00
5.25-30.50
10.00-28.00
11.00-30.00
9.50-27.50
10.00-22.00
11.00-18.00
15.00-26.00
4.50-23.00
8.00-23.84
4.50-23.50
6.25-26.50
6.25-27.50
3.50-24.50
10.00-21.50
11.00-22.00
12.00-16.00
1.00-16.00
2.50-22.59
19.50-44.00
19.50-44.00
19.50-44.00
19.50-44.00
19.50-44.00
19.50-44.00
0.25-7.00
2.00-18.00
0.25-7.50
2.00-16.00
16.51
22.38
23.70
24.75
16.00
13.67
23.24
24.67
21.00
16.00
13.67
19.03
18.37
18.50
18.50
18.77
15.25
15.62
18.00
2009
Dec.
18.50
18.63
19.40
19.69
15.25
15.62
17.00
i. Agriculture, Forestry & Fishing

ii. Export Trade
iii. Manufacturing
iv. Mining & Quarrying
v. Construction
vi. Others
B: Lending Rates.(%)
i. Demand Deposits
ii. Savings Deposits
iii. Time Deposits
1 month
3 months
6 months
12 months
24 months
36 months
iv. Certificates of Deposit
v. Call Money
vi. Any other
A. Borrowing Rates. (%)
2. COMMERCIAL BANKS
a. Inter-bank weighted average
INTER-BANK MARKET
a. 14-Day Discount Rates

b. 14-Day Interest Rate Equivalent
c. 28-Day Discount Rates
d. 28-Day Interest RateEquivalent
e. 56-Day Discount Rates
f. 56-Day Interest Rate Equivalent
TREASURY BILLS, NOTES & BONDS
a. 91-Day Discount Rate
b. 91-Day Interest Rate Equivalent
c. 2-year Fixed Rate Note
d. 3-year Fixed Rate Note
e. 5-year Fixed Rate Note
BANK OF GHANA BILLS
a. Rediscount Rate (Bank Rate)

b. Prime Rate
1.CENTRAL BANK (END PERIOD

RATES)
2008
Dec.
24.74-32.00
24.75-40.00
25.00-40.00
25.00-40.00
25.00-40.00
25.00-40.00
25.00-40.00
5.25-23.00
10.00-25.75
10.00-27.00
9.50-26.00
10.00-22.00
14.00-18.00
13.00-26.00
4.50-19.00
10.00-15.42
0.25-7.00
2.00-18.00
11.65
11.91
12.28
12.70
13.30
13.67
11.70
11.75
11.97
12.08
12.00
12.23
13.50
2010
Dec.
21.50-27.00
19.00-36.25
19.00-36.25
19.00-36.25
19.00-36.25
19.00-36.25
19.00-36.25
5.00-13.50
4.00-17.50
4.00-18.80
4.50-18.50
3.50-13.00
3.50-13.00
5.75-12.50
2.00-13.00
4.00-12.50
0.25-6.75
1.00-11.00
11.65
11.80
12.16
12.55
13.30
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.50
Jan
21.50-27.00
19.00-34.90
19.00-35.15
19.00-35.53
19.00-36.25
19.00-36.25
19.00-36.25
5.00-13.50
4.00-17.50
4.00-15.25
4.50-15.50
3.50-13.00
3.50-13.00
5.75-12.50
2.00-13.00
4.00-12.50
0.25-6.75
1.00-12.50
11.65
11.77
12.12
12.52
13.45
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.50
Feb
21.50-27.00
19.00-34.64
19.00-35.15
19.00-35.53
19.00-36.02
19.00-36.02
19.00-36.02
5.00-13.20
4.00-15.00
4.00-15.25
4.50-15.50
3.50-13.15
3.50-12.00
5.75-12.50
2.00-13.00
4.00-12.50
0.25-6.75
1.00-12.00
11.59
11.75
12.11
12.49
13.45
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.50
Mar
20.50-27.00
19.00-34.90
19.00-35.15
19.00-35.53
19.00-36.02
19.00-34.70
19.00-36.02
5.00-12.50
4.00-13.95
4.00-15.00
4.50-14.75
3.50-13.15
3.50-12.00
5.75-12.50
2.00-12.00
4.00-12.50
0.25-6.75
1.00-12.00
11.57
11.73
12.08
12.49
13.45
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.50
Apr
20.00-27.00
19.00-36.02
19.00-36.02
19.00-36.02
19.00-36.02
19.00-36.02
19.00-36.02
5.00-12.00
4.00-13.75
4.00-15.00
5.00-14.75
2.50-14.25
3.00-12.50
5.75-12.50
2.00-12.00
3.75-12.50
0.25-6.50
0.75-12.00
11.67
10.87
11.17
12.33
13.45
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.00
May
20.00-27.00
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
3.00-12.50
4.00-13.80
4.00-14.00
5.00-14.50
2.50-14.50
3.00-14.50
5.75-12.50
3.00-12.00
3.75-12.50
0.25-6.50
0.75-8.00
11.63
10.31
10.58
12.11
13.00
13.67
11.70
11.75
11.75
11.86
11.77
11.99
13.00
3.00-12.50
4.00-13.80
4.00-14.00
5.00-14.50
2.50-14.50
3.00-14.50
5.75-12.50
3.00-12.00
3.75-12.50
0.25-6.50
0.75-8.00
11.38
10.13
10.39
11.95
13.00
13.67
11.70
11.75
11.75
11.86
11.77
11.99
12.50
Jul
18.00-27.50
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
2011
Jun
18.00-27.00
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
3.00-11.50
4.00-12.50
4.00-13.50
4.00-14.50
2.50-14.25
3.00-12.00
3.00-10.00
3.00-12.00
3.75-12.50
0.25-6.50
0.75-8.00
10.51
9.19
9.40
11.50
13.00
13.67
11.70
11.75
11.75
11.86
11.77
11.99
12.50
Aug
18.00-27.00
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
3.00-11.50
4.00-12.50
4.00-13.00
4.00-14.25
2.50-14.25
3.00-11.50
3.00-10.00
3.00-12.00
3.75-12.50
0.25-6.50
0.75-8.00
10.59
9.18
9.39
11.90
13.00
13.67
11.70
11.75
11.75
11.86
11.77
11.99
12.50
Sep
Oct
16.95-27.00
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
19.00-34.90
3.00-11.50
4.00-12.50
4.00-13.00
4.00-14.25
2.50-14.25
3.00-11.50
3.00-10.00
3.00-12.00
3.75-12.50
0.25-6.50
0.75-8.00
10.51
9.05
9.26
10.90
12.00
14.00
11.70
11.75
11.75
11.86
11.77
11.99
Q2
9.18
9.04
9.25
12.10
12.00
14.00
11.70
11.75
11.75
11.86
11.77
11.99
12.50
Nov
16.95-25.95
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
3.00-11.50
3.00-12.50
3.00-13.00
4.00-14.25
2.50-14.25
3.00-11.50
3.00-10.00
3.00 - 9.00
2.00-12.50
6.55
10.05
10.30
12.40
12.00
14.00
11.70
11.75
11.75
11.86
11.77
11.99
12.50
Dec
16.95-25.95
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
16.95-34.90
3.00-11.50
3.00-12.50
3.00-13.00
4.00-14.25
2.50-14.25
3.00-11.50
3.00-10.00
3.00 - 9.00
2.00-12.50
0.25-6.50
0.10-8.00
135
963.32
110.15
114.35
738.83
963.32
153.11
356.47
313.63
140.11
0.25-6.50
0.10-8.00
135
721.69
85.23
88.51
547.95
721.69
112.84
268.15
240.96
12.50
135
859.13
87.34
104.47
667.31
859.13
122.23
311.06
289.37
99.74
Q1
2011
Table 10. Interest Rates - Ranges - (%)
Q4
136.46
No. of Reporting Banks
404.34
52.46
Shareholders Funds
Total Liabilities
305.18
Total Deposits
Liabilities
404.34
114.74
Bills and Bonds
Total Assets
60.87
Q1
Cash Holdings & Balances

with Banks
Assets
Table 9. Consolidated Assets and Liabilities of Rural/Community Banks
18
19
19.03
Inter-Bank Weighted Average
9.00
Savings Deposits
18.50
27.25
27.25
27.25
27.25
27.22
Manufacturing
Mining and Quarrying
Construction
Other Sectors
Average Lending Rates
(c) Base Rates
119.20
NRL- Financial Institutions
58.67
870.33
318.32
433.93
6. National Health Insurance Levy (NHIL)
TOTAL REVENUE & GRANTS
5,619.70
95.18
66.87
Multilateral Debt Relief Initiative (MDRI)
257.23
HIPC Assistance (Multilaterals)
543.91
398.02
Project Grants
Programme Grants
6,775.17
62.19
96.23
398.85
1,101.18
817.29
D. GRANTS
88.01
69.02
318.46
C. OTHER REVENUE MEASURES
B. NON-TAX REVENUE
319.00
475.68
5. Import Exceptions
795.92
670.77
External
472.50
1,268.43
16.76
16.76
745.91
745.91
762.67
80.19
417.20
1,087.96
40.00
51.45
278.73
Domestic
4. VAT
Cocoa Duty
40.00
679.37
719.37
81.23
386.24
330.18
21.99
0.31
156.61
208.76
661.89
72.79
773.47
1,716.91
4,803.65
2009
11.22
444.91
679.37
Import Duty
25.79
27.63
27.63
27.63
27.63
27.63
29.85
0.59
Imports
Export
27.63
27.63
0.00
3. International Trade
o/w Debt Recovery Levy
Petroleum Tax
Excise Duty
2. Domestic Goods & Services
Airport Tax
NFSL
107.24
Others
Other Direct Taxes
539.08
68.41
526.52
1,253.21
4,368.50
2008
Companies
Self-Employed
Personal (PAYE)
1.Income and Property
31.40
32.75
32.75
32.75
32.75
32.75
32.75
Jan
11.75
24.69
27.63
27.63
27.63
27.63
27.63
27.63
27.63
8.25
7.50
9.13
8.25
11.50
11.40
10.75
6.00
3.50
11.65
13.50
0.00
13.30
12.55
12.60
12.53
11.79
12.15
11.79
11.99
11.77
11.86
24.63
27.63
27.63
27.63
27.63
27.63
27.63
27.63
8.25
7.50
9.13
8.25
10.00
9.63
10.75
6.75
3.50
11.65
13.50
0.00
13.45
12.50
12.50
12.51
11.77
12.12
11.76
11.99
11.77
11.86
11.75
Feb
24.54
27.51
27.51
27.51
27.51
27.51
27.51
27.51
8.25
7.50
9.13
8.50
10.00
9.63
9.50
6.50
3.50
11.59
13.50
0.00
13.45
12.50
12.50
12.52
11.78
12.11
11.75
11.99
11.77
11.868
11.75
Mar
24.43
27.51
27.51
27.51
27.51
27.51
27.51
27.51
8.25
7.00
9.13
8.33
9.63
9.50
8.98
6.50
3.50
11.57
13.50
0.00
12.39
12.50
12.48
12.45
11.72
12.05
11.70
11.99
11.77
11.86
11.75
Apr
24.16
27.51
27.51
27.51
27.51
27.51
27.51
27.51
8.13
7.00
9.13
8.38
9.88
9.50
8.88
6.38
3.38
11.67
13.00
0.00
12.39
12.20
12.15
11.45
10.91
10.49
10.22
11.99
11.77
11.86
11.75
May
2011
23.95
26.95
26.95
26.95
26.95
26.95
26.95
26.95
8.13
7.50
9.13
8.50
9.75
9.00
8.90
4.38
3.38
11.63
13.00
0.00
13.00
12.10
11.95
11.32
10.71
10.57
10.30
11.99
11.77
11.86
11.75
Jun
23.58
26.95
26.95
26.95
26.95
26.95
26.95
26.95
8.13
7.50
9.13
8.50
9.75
9.00
8.90
4.38
3.38
11.38
12.50
0.00
13.00
11.95
11.80
11.07
10.49
10.20
9.95
11.99
11.77
11.86
11.75
Jul
1,946.13
39.83
78.81
154.38
237.71
510.74
24.54
139.26
79.17
96.81
202.50
122.51
325.01
0.00
0.00
223.61
228.61
228.61
12.06
56.79
22.15
78.94
5.93
13.74
5.37
33.58
58.61
163.83
21.84
218.79
463.06
1,296.13
Q1
2,026.33
10.21
18.71
53.55
133.42
215.89
39.31
244.04
74.49
77.31
226.53
180.08
406.61
0.00
0.00
240.80
245.80
245.80
12.38
67.80
32.92
100.72
12.48
15.14
1.44
54.97
84.03
264.51
23.83
249.80
622.17
1,566.40
Q2
2,134.90
19.24
29.39
80.34
101.14
219.27
29.17
226.66
112.73
90.63
256.28
186.56
442.84
0.00
0.00
274.44
349.09
349.09
11.03
65.42
29.74
95.16
8.57
21.63
0.38
59.67
90.24
209.47
24.40
245.26
569.37
1,688.97
Q3
2010
Q4
2,703.50
8.69
6.53
0.00
119.12
134.34
44.32
616.15
121.62
121.68
284.38
159.44
443.82
0.00
10.00
312.65
312.65
322.65
0.10
66.48
33.07
99.55
9.75
34.76
0.03
74.04
118.58
349.91
30.10
300.76
799.36
1,953.01
8,810.86
77.98
122.61
288.26
591.38
1,080.23
137.34
1,226.12
388.01
386.42
969.68
648.59
1,618.27
10.00
10.00
1,051.49
1,136.15
1,146.15
35.56
256.49
117.87
374.36
36.73
85.26
7.21
222.25
351.45
987.72
100.17
1,014.61
2,453.95
6,504.51
Q1-Q4
0.00
2,681.60
2,804.19
0.00
16.16
0.00
121.28
13.10
134.38
47.38
233.53
121.74
213.97
342.20
232.67
574.86
0.00
0.00
369.05
369.05
369.05
12.38
113.07
36.11
149.18
10.84
48.23
0.08
86.73
145.87
428.78
38.06
347.39
960.10
2,436.27
123.01
152.22
291.39
21.32
539.15
133.91
120.37
344.04
195.26
539.30
5.00
5.00
348.74
348.74
353.74
12.06
100.05
37.86
137.90
6.87
13.98
0.15
53.21
74.20
209.02
22.30
239.01
544.53
1,851.06
Q1
Q2
23.46
26.95
26.95
26.95
26.95
26.95
26.95
26.95
8.13
7.50
6.50
8.50
9.25
8.75
8.25
4.38
3.38
10.51
12.50
14.25
13.00
11.50
11.00
10.10
9.61
9.37
9.16
11.99
11.77
11.86
11.75
Aug
Q3
3,542.28
61.61
60.05
63.84
91.04
276.53
26.08
659.69
130.08
199.44
334.90
273.83
608.73
0.00
0.00
356.76
356.76
356.76
7.52
107.06
44.95
152.02
11.58
6.91
Q4
22.82
25.93
25.93
25.93
25.93
25.93
25.93
25.93
7.25
6.00
6.50
8.38
9.13
8.00
7.75
4.05
3.38
9.18
12.50
14.25
14.00
12.10
11.25
10.83
10.27
9.63
9.40
11.99
11.77
11.86
11.75
Nov
3,736.11
24.63
30.70
0.00
329.96
385.28
40.27
389.63
164.43
100.79
367.52
285.66
653.17
0.00
0.00
436.42
436.42
436.42
0.00
118.32
48.83
167.15
19.76
59.42
2.37
211.71
293.25
557.15
44.16
504.42
1,398.99
2,896.28
22.98
26.95
26.95
26.95
26.95
26.95
26.95
26.95
8.13
7.50
6.50
8.38
9.13
8.50
8.25
4.38
3.38
10.51
12.50
14.25
14.00
11.00
11.00
9.85
9.39
9.13
8.93
11.99
11.77
11.86
11.75
Oct
0.33
443.13
461.95
373.02
27.90
270.09
1,283.64
2,573.38
2011
23.26
26.95
26.95
26.95
26.95
26.95
26.95
26.95
8.13
7.50
6.50
8.38
9.13
8.50
8.25
4.38
3.38
10.59
12.50
14.25
13.00
11.70
11.10
10.00
9.52
9.41
9.19
11.99
11.77
11.86
11.75
Sep
12,851.56
110.84
131.54
244.44
688.14
1,174.96
135.04
1,822.00
550.15
634.57
1,388.65
987.41
2,376.06
5.00
5.00
1,515.96
1,515.96
1,515.96
31.95
438.50
167.74
606.24
49.05
128.53
2.92
794.77
975.27
1,567.96
132.42
1,360.92
4,187.25
9,776.09
Q1-Q4
22.47
25.93
25.93
25.93
25.93
25.93
25.93
25.93
7.25
6.00
6.50
8.38
9.13
8.00
7.75
4.05
3.38
6.55
12.50
0.00
14.00
12.40
11.30
11.25
10.66
10.67
10.40
11.99
11.77
11.86
11.75
Dec
A. TAX REVENUE
27.25
Export Trade
8.75
7.50
9.00
8.25
11.50
11.40
10.50
5.88
3.38
11.65
13.50
0.00
13.30
12.70
12.65
12.66
11.91
12.25
11.89
12.23
12.00
12.08
11.97
Dec
2010
Table 12. Central Government Budget (Revenue) [Broad Budget Coverage]
27.25
27.25
Agriculture, Forestry & Fishing
32.75
15.92
12.55
(b) Lending Rates
Any Other
13.75
20.50
16.00
8.50
24-month
14.00
15.75
12-month
19.00
20.50
Call Money
15.50
6-month
10.00
3.63
16.51
18.00
0.00
0.00
23.50
20.00
25.30
22.46
22.53
21.33
15.62
15.25
18.77
18.50
Certificates Of Deposit
16.38
16.88
3-month
Time Deposits
3.88
Demand Deposits
(a) Deposit Rates
Deposit Money Banks
0.00
17.00
0.00
5-year GOG Bond Interest Rate
21.00
2-year Fixed Interest Rate

3-year fixed Interest Rate
Bank of Ghana Prime Rate
26.18
20.00
23.15
182-day Discount Rate

1-year Interest Rate
24.65
91-day Interest Rate Equivalent

15.62
23.22
15.25

18.40
18.66
Dec
Dec
Government of Ghana/ Bank of

Ghana Instruments
2009
2008
Table 11: Money Market & DMBs Rates (%)
20
21
839.38
93.64
MDRI Financed Expenditure
8,345.52
82.99
205.00
1,626.62
383.70
153.50
3.84
119.06
139.02
799.11
799.11
2,425.73
258.82
773.50
1,032.32
168.27
0.00
0.00
769.31
153.48
156.86
65.47
186.21
1,331.33
621.18
621.18
2,478.70
4,599.48
5,631.80
2009
2,784.85
-125.35
DIVESTITURE LIABILTIES
DISCREPANCY
6,575.59
NB: GDP at Current Prices (Include-Oil) from 2011
17,211.70
-10.30
1,735.26
-0.68
44,342.00
21,630.00
-299.87
44,342.00
0.47
207.66
1,602.78
1,810.45
7.12
1,435.39
7.12
32.18
-102.73
203.19
431.33
634.52
538.90
0.00
0.00
191.80
-53.29
0.00
-57.99
-111.28
80.52
619.43
-1.40
-619.43
310.93
0.00
0.00
-2.10
-930.36
-11.78
-93.22
-0.69
-1.86
-824.67
2,851.00
2,026.33
Q2
32.18
-141.31
44.35
391.17
435.52
326.39
-445.00
-445.00
656.32
568.01
0.00
-149.91
418.09
1,074.41
955.80
-2.16
-955.80
93.85
0.00
0.00
-2.37
-1,049.65
-10.11
-56.36
-144.45
-1.89
-838.73
2,784.85
1,946.13
Q1
0.57
122.53
5,551.45
5,673.98
0.00
58.70
-457.71
330.46
1,082.71
1,413.17
1,014.16
0.00
0.00
275.37
859.58
0.00
-92.89
766.69
1,042.06
2,056.22
-9.51
-2,056.22
69.04
0.00
5.50
-9.85
-2,130.75
-31.18
-550.58
3,198.37
6.03
30.96
564.37
124.86
84.03
0.88
34.46
113.15
357.37
357.37
921.73
34.64
305.67
340.30
131.09
42.19
0.00
264.94
102.46
20.93
18.66
59.35
508.52
326.05
326.05
933.69
1,899.34
2,239.64
Q3
2,697.99
26.53
31.12
274.67
92.33
154.50
0.77
23.10
0.00
270.70
270.70
545.37
104.85
272.91
377.76
40.75
0.00
0.00
390.62
113.00
0.00
21.81
57.63
583.07
199.23
199.23
894.18
1,714.22
2,094.98
Q4
11,532.21
74.47
243.30
2,032.67
354.96
410.28
3.32
123.60
243.80
1,135.96
1,135.96
3,168.63
315.04
1,124.32
1,439.36
470.80
131.13
0.00
1,071.52
351.27
133.10
88.70
215.65
1,991.37
961.76
961.76
3,182.53
6,606.45
8,045.81
Q1-Q4
Q3
44,342.00
-0.79
-350.17
2,265.80
1,959.63
10.84
10.84
-86.92
0.00
463.23
463.23
387.15
0.00
0.00
81.01
329.58
0.00
237.83
567.41
646.61
1,035.57
-2.34
-1,035.57
38.57
0.00
0.00
-2.42
-1,074.13
-10.67
0.00
0.00
-2.40
-1,063.47
3,198.37
2,134.90
2010
44,342.00
1.07
475.93
2,093.23
2,569.16
43.35
43.35
-171.35
22.31
155.56
177.87
49.87
0.00
0.00
240.48
311.26
0.00
-212.54
98.72
339.20
389.07
-0.88
-389.07
-34.74
0.00
0.00
-0.80
-354.33
-12.93
-304.54
-42.37
0.01
5.50
2,697.99
2,703.50
Q4
44,342.00
0.08
33.55
7,697.07
7,730.62
93.49
93.49
502.31
269.86
1,441.29
1,711.14
1,302.32
-445.00
-445.00
1,169.61
1,155.55
0.00
-182.61
972.94
2,142.55
2,999.87
-6.77
-2,999.87
408.60
0.00
0.00
-7.69
-3,408.47
-45.49
-454.13
-187.50
-6.14
-2,721.35
11,532.21
8,810.86
Q1-Q4
Q1
56,828.00
1.72
976.21
1,414.00
2,390.21
0.00
0.00
-78.39
326.99
146.96
473.95
395.56
0.00
-572.00
856.92
-248.56
0.00
-67.99
-316.552
540.37
363.93
-0.64
-363.93
547.64
0.00
0.00
-1.60
-911.56
-15.192
-801.89
-213.21
0.21
118.73
2,562.87
2,681.60
Q1
Q2
0.76
434.37
2,235.44
2,669.81
0.00
0.00
-150.83
0.00
166.51
166.51
15.68
0.00
0.00
385.16
299.85
0.00
-624.92
-325.06
60.10
75.77
-0.13
-75.77
274.90
0.00
0.00
-0.62
-350.67
-22.68
-52.79
0.00
0.48
-275.21
3,079.39
2,804.19
Q2
3,079.39
0.00
0.00
179.60
49.94
209.10
1.40
54.32
96.30
411.06
411.06
590.66
99.69
312.44
412.13
79.70
0.00
213.97
377.47
119.01
64.92
23.69
82.41
667.50
273.08
273.08
1,056.33
2,076.60
2,488.73
56,828.00
2,562.87
0.00
0.00
299.18
68.85
47.98
0.96
25.41
28.29
171.49
171.49
470.66
46.31
270.93
317.25
111.47
0.00
120.37
307.11
134.70
28.45
10.41
57.66
538.33
114.55
114.55
1,010.62
1,774.96
2,092.21
Table 14. Central Government Fiscal Position (Financing)
2,851.00
14.46
94.81
564.75
97.13
96.40
0.89
35.26
57.62
287.30
287.30
852.05
97.20
287.12
384.32
144.88
17.92
0.00
201.36
63.41
56.42
26.31
48.94
414.35
251.10
251.10
695.04
1,505.36
1,889.68
2010
Q3
Q3
56,828.00
-0.30
-170.09
3,435.84
3,265.75
64.12
64.12
-184.49
35.00
72.12
107.19
-77.30
0.00
0.00
418.35
-297.38
-103.81
571.84
170.64
589.00
575.81
-1.02
-575.81
-571.94
0.00
0.00
-0.01
-3.88
-16.50
0.00
-90.70
0.18
103.32
3,438.96
3,542.28
2011
3,438.96
0.00
0.00
163.16
216.21
203.49
0.64
25.27
135.46
815.27
815.27
978.42
66.58
361.81
428.40
66.39
0.00
199.44
390.53
68.08
147.09
22.85
96.75
725.29
169.74
169.74
1,070.72
2,032.14
2,460.54
2011
56,828.00
0.64
361.83
2,989.00
3,350.84
27.23
27.23
166.47
0.00
611.72
611.72
445.26
0.00
0.00
12.15
4.26
0.00
782.27
786.53
798.68
1,271.16
-2.24
-1,271.16
-109.81
0.00
0.00
-2.06
-1,161.35
-34.79
-620.71
0.00
-0.90
-505.85
4,241.96
3,736.11
Q4
4,241.96
0.00
0.00
941.68
223.57
161.38
5.64
36.09
60.58
564.99
564.99
1,506.67
93.17
362.71
455.88
72.90
0.00
100.79
281.75
55.19
80.00
23.95
132.57
573.45
235.84
235.84
1,397.21
2,279.41
2,735.29
Q4
56,828.00
2.85
1,601.57
10,075.03
11,676.60
115.93
115.93
-584.28
423.60
1,024.05
1,447.65
863.37
0.00
-572.00
1,672.58
-241.83
-103.81
661.20
315.56
1,988.14
2,395.44
-4.26
-2,395.44
70.74
0.00
0.00
-4.38
-2,466.18
-89.16
-1,536.49
-312.11
-0.94
-528.42
13,379.98
12,851.56
Q1-Q4
13,379.98
0.00
0.00
1,712.19
558.56
621.95
8.64
141.08
320.63
1,962.81
1,962.81
3,674.99
303.29
1,307.90
1,611.18
330.46
0.00
634.57
1,356.85
376.98
320.46
80.90
369.38
2,504.57
723.91
723.91
4,534.87
8,093.81
9,704.99
Q1-Q4
GDP at Current Prices
of GDP
PRIMARY BALANCE as %
-1,773.18
DOMESTIC EXPENDITURE
PRIMARY BALANCE
4,802.41
0.00
77.54
DOMESTIC REVENUE
HIPC Relief (Cologne terms)
EXCEPTIONAL FINANCING
153.30
-497.41
Program Loans
AMORTIZATION
661.81
508.52
INFLOWS
Project Loans
241.94
FOREIGN (NET)
0.00
581.87
OTHER DOMESTIC FINANCING

clawback from TOR
245.23
100.87
Commercial Banks
NON-BANK
0.00
572.34
Bank of Ghana
Transfer to Ghana
Petroleum Funds
673.21
1,152.68
BANKING SECTOR
DOMESTIC (NET)
-11.48
1,976.49
FINANCING
% of GDP
DIVESTITURE)
-1,976.49
-291.00
DIVESTITURE RECEIPTS
OVERALL BALANCE (INCL.
-14.87
998.39
% of GDP
(CASH BASIS)
-2,558.53
-26.13
VAT REFUND
OVERALL BALANCE
-95.36
NON-ROAD ARREARS
-75.91
-6.81
-13.89
-46.91
% of GDP
-1,473.08
ROAD ARREARS
OVERALL BALANCE
(COMMITMENT BASIS)
8,248.25
6,775.17
-2,390.13
8,009.82
EXPENDITURE & NET

LENDING
5,619.70
REVENUE & GRANTS
2009
27.45
86.41
628.88
40.64
75.35
0.78
30.79
73.03
220.60
220.60
849.48
78.35
258.63
336.98
154.08
71.02
0.00
214.61
72.41
55.75
21.91
49.73
485.43
185.39
185.39
659.63
1,484.53
Q2
2008
Q1
1,821.51
NOTE: (1). Includes expenditure on Maintenance, Repairs, Transport and Travels
8,009.82
185.24
TOTAL EXPENDITURE &

NET LENDING
906.54
HIPC Financed Expenditure
1,002.92
252.08
2.76
CAPITAL( Foreign Financed)
Other Cash Expenditure
District Assembly Common Fund
Petroleum Related Fund
102.92
Road Fund
1,564.77
Development
204.09
1,564.77
CAPITAL( Domestic Financed)

Educational Trust Fund
2,471.31
CAPITAL
197.25
Interest External
679.18
481.93
Interest Payments
Interest Domestic
467.63
19.85
Reserve Fund
Subsidies to Utility Companies
0.00
256.50
National Health Fund

Other Transfers
Tax Expenditure (Exemptions)
159.64
52.89
Social Security
149.00
Gratuities
1,477.27
Pensions
Transfers
647.93
Items 2-5 (1)
1,987.65
Personal Emoluments
647.93
4,580.47
Non-Interest Expenditure
Goods & Services
5,259.64
RECURRENT
2008
Table 13. Central Government Budget (Expenditure) [Broad Budget Coverage]
22
23
90.65
VAT
192.75
153.61
22.71
3.59
32.95
26.08
NON-TAX RECEIPTS
0.00
21,630.00
25,934.00
Deposit Money Banks
0.93
Non-Bank Sector
2,385.38
1,359.79
1,025.59
Govt of Ghana Instruments

Deposit Money Banks
Non-Bank Sector
SUMMARY
0.03
0.95
110.00
Deposit Money Banks
Government Stocks
110.00
0.00
0.00
Deposit Money Banks

Non-Bank Sector
TOR Bond
0.00
0.75
69.96
5-Year Golden Jubilee Bond
Non-Bank Sector
Deposit Money Banks
70.71
136.92
Non-Bank Sector
5-Year GOG Bond
158.40
Deposit Money Banks
1,286.15
2,474.69
3,760.84
0.93
0.03
1.00
110.00
110.00
7.78
10.95
18.73
0.75
69.96
70.71
126.14
60.39
186.53
188.64
193.23
295.32
3-Year Fixed Rate Treasury

Note
Non-Bank Sector
745.65
251.60
934.29
35.55
33.38
Deposit Money Banks
104.15
444.83
124.34
Deposit Money Banks

Non-Bank Sector
68.92
326.30
1,420.15
1,746.45
3,116.90
600.83
23.44
624.26
2-Year Fixed Rate Treasury

Note
228.49
135.88
Non-Bank Sector
Treasury Notes (1-year)
407.10
1,699.34
Medium-Term Assets
542.98
454.39
Non-Bank Sector
Deposit Money Banks
230.70
Deposit Money Banks
Treasury Bills (182-days)
685.09
Treasury Bills (91-Days)
Dec
624.26
Dec
685.09
Short-Term Assets
0.00
0.00
-91.59
491.87
627.81
0.20
107.72
0.20
135.94
56,828.00
53,411.00
0.00
-16.12
0.00
-16.12
34.88
208.78
-99.91
-200.46
-300.37
-91.59
-107.72
107.72
603.70
711.41
491.87
14.66
97.17
603.70
0.00
14.88
0.00
319.90
0.00
0.00
83.61
5.00
0.00
28.58
131.52
127.93
711.41
Jan
3.07
0.00
2.52
1,023.16
782.97
-0.50
-306.70
-0.40
-240.19
56,828.00
53,411.00
0.00
-22.81
326.99
304.18
417.20
484.37
-11.37
-470.48
-481.85
2.52
306.70
-306.70
1,090.40
783.70
1,026.23
7.78
61.39
1,090.40
0.00
87.82
9.65
11.14
0.00
0.73
0.00
0.00
0.00
94.04
211.65
368.67
783.70
Feb
53.88
209.93
629.44
960.05
701.37
-1.10
-598.96
-0.40
-258.68
56,828.00
53,411.00
0.00
-30.48
0.00
-30.48
0.00
163.77
-137.28
602.95
465.67
629.44
598.96
-598.96
1,355.15
756.19
1,223.85
18.93
112.37
1,355.15
0.00
55.51
26.48
21.37
0.00
15.43
39.40
0.00
0.00
85.32
201.37
311.32
756.19
Mar
0.00
3.08
348.28
806.25
672.26
-0.50
-308.76
-0.30
-178.98
56,828.00
53,411.00
0.00
-39.51
0.00
-39.51
0.00
1.08
60.56
286.64
347.19
348.28
308.76
-308.76
965.45
656.69
809.33
56.98
99.14
965.45
0.00
22.25
0.00
20.81
0.00
0.00
29.42
0.00
0.00
92.85
288.94
202.42
656.69
Apr
0.12
0.26
322.47
1,061.72
879.20
-0.50
-288.44
-0.30
-182.53
56,828.00
53,411.00
0.00
-34.03
0.00
-34.03
276.49
221.79
151.15
-50.46
100.68
322.47
288.44
-288.44
1,178.27
889.83
1,064.10
19.54
96.63
1,178.27
0.00
32.49
5.54
17.69
0.00
0.00
10.63
0.00
0.00
126.15
394.48
302.84
889.83
May
0.00
0.00
-610.65
564.49
1,257.77
1.10
643.67
1.20
693.27
56,828.00
53,411.00
0.00
-33.01
0.00
-33.01
185.23
162.29
88.15
-861.09
-772.94
-610.65
-643.67
643.67
695.33
1,339.00
564.50
14.16
116.67
695.33
0.00
231.32
5.57
31.53
0.00
0.00
81.23
0.00
112.22
222.06
448.23
319.05
1,339.00
Jun
0.00
0.12
445.47
974.29
689.48
-0.80
-429.29
-0.50
-284.81
56,828.00
53,411.00
0.00
-16.18
0.00
-16.18
64.27
221.40
-178.45
402.53
224.08
445.47
429.29
-429.29
1,118.77
689.48
974.41
9.44
134.92
1,118.77
0.00
40.30
6.60
36.34
0.00
0.00
0.00
0.00
0.00
30.16
321.68
254.41
689.48
Jul
2011*
Aug
1,334.53
3,743.06
5,077.59
0.93
0.03
0.95
110.00
110.00
11.62
16.23
27.85
6.65
47.05
53.70
60.36
230.01
290.37
337.33
1,281.43
1,618.76
131.41
925.79
1,057.20
342.37
946.36
1,288.73
4,446.61
450.52
179.51
630.03
630.03
Dec
2010
Jan
1,515.95
3,683.03
5,198.98
0.93
0.03
0.95
110.00
110.00
11.77
16.43
28.20
34.79
49.38
84.17
60.36
215.03
275.39
337.47
1,281.43
1,618.89
145.59
882.69
1,028.28
362.95
903.72
1,266.67
4,411.61
596.89
189.52
786.42
786.42
Feb
1,576.23
3,581.63
5,157.86
0.93
0.03
0.95
110.00
110.00
11.90
16.62
28.52
4.82
46.88
51.70
60.36
184.03
244.39
337.43
1,279.93
1,617.36
137.86
834.68
972.54
373.89
967.82
1,341.70
4,366.21
653.87
136.83
790.70
790.70
1,760.33
3,502.54
5,262.87
0.93
0.03
0.95
110.00
110.00
12.05
16.82
28.87
6.38
45.32
51.70
45.91
149.03
194.94
338.02
1,289.93
1,627.95
131.98
799.24
931.22
432.25
1,009.00
1,441.25
4,385.93
799.19
76.79
875.98
875.98
Mar
1,760.42
4,164.39
5,924.82
0.93
0.03
0.95
682.00
682.00
12.19
17.03
29.22
6.38
45.32
51.70
45.91
149.03
194.94
338.21
1,282.93
1,621.14
139.42
760.28
899.70
410.82
1,124.57
1,535.39
5,014.09
812.95
96.82
909.77
909.77
Apr
May
617.39
90.76
708.15
708.15
1,691.34
4,389.57
6,080.91
0.93
29.95
30.88
682.00
682.00
12.34
17.24
29.58
6.38
45.32
51.70
17.66
156.22
173.88
341.24
1,366.43
1,707.67
233.49
858.64
1,092.14
468.29
1,136.62
1,604.91
5,341.88
1,669.72
4,426.23
6,095.95
0.93
29.95
30.88
682.00
682.00
12.49
17.45
29.94
4.19
36.16
40.35
1.69
203.34
205.03
342.93
1,451.48
1,794.41
254.29
910.25
1,164.54
498.77
1,009.67
1,508.44
5,424.70
558.62
81.74
640.36
640.36
Jun
2011
Jul
1,988.31
4,280.03
6,268.33
162.88
29.95
192.83
682.00
682.00
12.65
17.66
30.31
4.19
36.16
40.35
25.73
166.10
191.82
343.04
1,452.64
1,795.68
333.91
961.70
1,295.61
502.99
895.93
1,398.92
5,434.69
607.11
33.70
640.81
640.81
Sep
789.17
36.66
825.83
825.83
Aug
0.00
91.79
67.75
867.13
907.78
-0.10
-41.36
0.10
40.66
56,828.00
53,411.00
0.00
-26.38
0.00
-26.38
-65.38
-117.34
-51.59
236.68
185.09
67.75
41.36
-41.36
1,103.48
1,062.12
958.91
14.32
130.26
1,103.48
0.00
35.10
0.00
46.98
30.67
83.82
39.85
0.00
56.49
169.38
273.79
326.04
1,062.12
2,237.24
4,205.03
6,442.27
162.88
29.95
192.83
682.00
682.00
12.81
17.88
30.69
19.45
147.93
167.37
32.11
186.74
218.85
344.68
1,400.64
1,745.32
341.30
919.06
1,260.36
554.29
764.73
1,319.02
5,423.61
0.00
86.48
179.59
646.82
645.76
-0.20
-139.20
0.00
-1.06
56,828.00
53,411.00
0.00
-40.39
0.00
-40.39
56.16
314.30
-67.34
-67.37
-134.71
179.59
139.20
-139.20
841.39
702.20
7633.30
11.47
96.63
841.39
0.00
0.00
0.00
20.11
0.00
0.00
56.44
0.00
0.00
90.76
248.67
286.23
702.20
Table 16. Outstanding Stock of Selected Financial Assets
4.03
0.00
-141.82
805.40
1,115.60
0.60
159.12
1.20
310.20
46,232.00
2009
0.00
0.00
90.01
783.06
693.44
-0.62
136.50
-0.41
-89.62
36,598.00
0.00
-17.30
0.00
-17.30
0.00
-98.10
7.33
-51.05
-43.72
-141.82
-159.12
159.12
965.17
1,124.30
809.43
13.55
142.19
965.17
0.00
193.01
25.59
36.48
8.69
0.00
0.00
62.0
0.00
183.01
380.57
234.94
1,124.3
Dec
2010
Oct
2,182.67
4,182.94
6,365.31
162.88
29.95
192.83
682.00
682.00
12.92
18.05
30.97
18.88
148.49
167.37
39.31
229.31
268.62
236.18
1,393.64
1,629.82
406.21
962.72
1,368.93
527.04
693.72
1,220.76
5,368.47
798.13
5.87
804.00
804.00
Sep
Nov
821.97
9.35
831.32
831.32
Oct
2,341.30
3,989.79
6,331.09
162.88
29.95
192.83
682.00
682.00
13.12
18.33
31.45
18.88
139.49
158.37
42.99
327.60
370.59
244.62
1,212.84
1,457.46
440.47
1,009.76
1,450.28
615.26
541.77
1,156.84
Dec
Nov
908.93
58.78
967.71
967.71
2,456.10
4,090.59
6,546.70
162.88
29.95
192.83
682.00
682.00
13.28
18.55
31.83
18.31
120.14
138.45
52.59
370.97
423.55
278.48
1,129.09
1,407.57
446.14
1,071.96
1,518.10
593.81
590.86
1,184.67
Jan-Dec
Dec
2,463.43
4,303.08
6,766.51
162.88
29.95
192.83
682.00
682.00
13.45
18.78
32.23
20.12
266.65
286.77
57.89
389.77
447.65
267.36
894.99
1,162.35
448.74
1,015.36
1,464.09
599.28
686.54
1,285.82
5,360.92
913.84
298.92
1,212.77
60.06
569.11
2,091.95
10,556.73
10,207.43
-3.60
-2,065.07
-0.60
-349.30
56,828.00
53,411.00
0.00
-353.86
326.99
-26.87
812.56
1,672.58
-241.83
661.20
419.37
2,091.95
2,065.07
-2,065.07
12,743.73
10,678.66
11,185.90
249.93
1,307.90
12,743.73
0.00
694.56
78.51
618.71
30.67
99.98
340.58
5.00
253.67
1,283.66
3,762.74
3,510.58
10,678.66
1,212.77
3.00
21.22
-261.84
943.55
1,376.41
0.50
273.70
0.80
432.86
56,828.00
53,411.00
0.00
-11.86
0.00
-11.86
-76.84
-70.45
137.18
-328.58
-191.40
-261.84
-273.70
273.70
1,102.70
1,376.41
967.77
4.10
130.83
1,102.70
0.00
64.58
24.66
46.94
0.00
0.00
0.00
0.00
84.97
157.53
616.27
381.47
1,376.41
5,386.16
0.00
111.07
598.66
1,062.25
730.75
-0.90
-539.52
-0.60
-331.50
56,828.00
53,411.00
0.00
-59.14
0.00
-59.14
0.00
5.92
79.46
513.28
592.74
598.66
539.52
-539.52
1,270.27
730.75
1,173.32
22.01
74.93
1,270.27
0.00
19.43
0.00
16.78
0.00
0.00
0.00
0.00
0.00
132.29
237.09
325.17
730.75
5,306.94
0.00
45.16
461.86
1,155.16
980.88
-0.80
-437.93
-0.30
-174.27
56,828.00
53,411.00
0.00
-23.93
0.00
-23.93
-79.44
76.67
-212.39
597.57
385.19
461.86
437.93
-437.93
1,418.81
980.88
1,200.31
61.55
156.94
1,418.81
0.00
90.90
0.00
29.12
0.00
0.00
0.00
0.00
0.00
54.55
501.30
305.02
980.88
2008
0.00
Net Changes in Non-Road Arrears
* Provisionsal
0.00
Net Domestic Financing

Net Changes in Road Arrears
701.69
249.70
Domestic Expenditure
-1.75
483.43
(In Percent of GDP)

Domestic Revenue
-284.79
BUDGET BALANCE
-218.26
DOMESTIC PRIM. BALANCE

-1.34
30,179.00
(In Percent of GDP)
16,295.84
GDP AT CURRENT PRICES (NON-OIL)

GDP AT CURRENT PRICES
MEMORANDUM ITEMS
0.00
-22.42
0.00
-19.51
Other Domestic Financing
LOAN REPAYMENT
68.92
54.60
0.00
46.50
INFLOWS
0.00
35.09
NON-RESIDENTS
-4.27
270.61
-176.33
94.28
90.01
136.50
-136.50
916.11
779.60
783.06
10.63
122.42
916.11
0.00
8.38
FOREIGN (NET)
4.49
96.18
DEPOSIT MONEY BANKS

NON-BANK
149.03
BANK OF GHANA
249.70
DOMESTIC (NET)
245.20
284.79
FINANCING
BANKING
-284.79
803.16
PAYMENTS
SURPLUS/DEFICIT (-)
518.37
RECEIPTS
SUMMARY
701.69
7.84
INTEREST (EXTERNAL)
OTHERS
93.63
INTEREST (DOMESTIC)
803.16
TAX EXEMPTIONS
TOTAL PAYMENTS
0.22
OTHER RECEIPTS
NHIL
12.91
14.59
HIPC ASSISTANCE
MDRI ASSISTANCE
2.26
71.00
16.76
GRANTS
0.00
10.00
0.00
99.33
216.66
COCOA
0.00
144.45
OIL REVENUE (ABFA)
179.08
779.60
518.37
IRS
Dec
Dec
CEPS
TOTAL RECEIPTS
2009
2008
Table 15. Fiscal Position - Narrow Coverage (Millions of Ghana Cedis)

24
25
1,549.78
B. Non-Bank Sector
268.77
268.77
110.00
Dec
Dec
551.93
0.43
3.91
366.42
8.87
65.89
260.28
326.17
46.12
3.55
2,398.54
453.11
309.18
3,160.83
3,164.81
2,459.37
5,210.47
Jun
546.78
0.51
3.85
270.62
0.49
143.23
381.7
524.93
1,342.82
3.47
3,873.85
450.11
396.95
4,720.91
4,724.89
3,924.87
3,656.54
8,839.65
0.98
493.05
109.46
673.84
1,277.33
110.00
80.02
30.12
268.77
0.00
0.00
2,074.21
0.00
0.00
1,645.72
0.00
4,208.85
104.24
1,049.96
1,387.43
811.84
3,353.47
8,839.65
3,445.84
42.72
196.47
3,685.03
3,596.15
553.33
0.51
3.88
272.21
0.49
75.00
376.37
451.37
1,277.40
3.39
3,916.85
451.38
395.69
4,763.92
4,767.82
4,039.85
3,766.51
Dec Jan
2010
5,154.61
1,558.46
9,526.60
0.98
493.05
109.46
1,320.55
1,924.04
110.00
80.02
30.50
268.77
0.00
0.00
2,009.71
0.00
0.00
1,656.31
0.00
4,155.32
104.24
958.65
1,486.59
897.76
3,447.24
9,526.60
3,579.63
42.95
233.08
3,855.66
3,515.50
2,155.43
5,670.93
10,178.65
0.98
493.05
109.46
1,320.55
1,924.04
682.00
80.02
30.87
268.77
0.00
0.00
2,009.71
0.00
0.00
1,649.53
0.00
4,720.90
104.24
927.13
1,580.69
921.65
3,533.70
10,178.65
3,628.52
40.75
186.51
3,855.78
4,177.35
2,145.52
6,322.87
6,537.53
10,600.74
0.98
493.05
109.46
1320.55
1,924.04
682.00
80.02
31.25
268.77
0.00
29.92
2,276.42
0.00
0.00
1,729.12
0.00
5,097.51
104.24
1,104.57
1,650.22
720.17
3,579.19
10,600.74
3,797.28
33.41
232.51
4,063.21
4,402.52
2,135.01
10,825.03
0.98
493.05
109.46
1320.55
1,924.04
682.00
80.02
31.63
268.77
0.00
29.92
2,492.80
0.00
0.00
1,815.86
0.00
5,401.01
104.24
1,164.78
1,578.75
652.22
3,499.98
10,825.03
4,023.63
48.04
164.32
4,235.99
4,441.37
2,147.67
6,589.04
11,061.93
0.98
493.05
109.46
1320.55
1,924.04
682.00
80.02
32.02
268.77
161.95
29.92
2,543.84
0.00
0.00
1,817.21
0.00
5,615.74
104.24
1,295.79
1,469.24
652.88
3,522.15
11,061.93
4,157.00
46.54
415.30
4,618.85
4,295.17
2,147.91
6,443.08
562.21
0.52
2.21
284.18
0.49
77.54
376.46
454.00
1,300.88
3.41
3,967.34
458.54
395.71
4,821.59
4,825.52
4,082.92
3,811.03
Feb
559.00
0.54
2.21
286.61
0.49
77.36
376.44
453.80
1,299.90
23.94
3,627.52
455.92
395.69
4,479.13
4,503.61
3,738.23
3,492.53
Mar
570.39
0.55
2.29
297.53
0.49
176.44
376.45
552.89
1421.3
24.1
3,997.44
465.21
395.69
4,858.34
4,882.99
4,007.43
3,761.51
Apr
563.70
0.54
2.26
400.58
0.49
91.32
376.45
467.77
1,432.54
23.98
3,824.65
459.63
395.69
4,679.97
4,704.49
3,811.13
3,674.79
May
(In millions of U.S. dollars)
565.23
0.54
2.20
313.33
0.59
70.98
472.58
543.56
1,422.71
23.95
3,883.87
460.88
395.69
4,740.44
4,764.93
3,882.96
3,657.75
Jun
566.74
0.58
2.24
384.06
0.59
71.23
468.45
539.68
1,491.07
23.88
3,751.17
457.89
395.71
4,604.77
4,629.23
3,680.44
570.79
0.58
2.25
389.62
0.58
69.62
468.47
538.09
1,499.08
23.86
3,620.88
461.01
395.71
4,477.60
4,502.04
3,549.31
554.60
0.57
2.14
416.46
0.58
80.72
468.42
549.14
1,520.78
23.62
3,726.84
447.94
395.69
4,570.47
4,594.66
3,604.29
3,492.48
Sep
11,432.05
0.98
493.05
109.46
1,320.55
1,924.04
682.00
80.02
32.72
574.11
161.95
29.92
2,543.84
0.00
0.00
1,651.48
0.00
5,756.04
104.24
1,540.04
1,291.13
816.57
3,751.97
11,432.05
4,361.60
36.09
420.98
4,818.67
4,183.09
2,430.29
6,613.38
Sep
3,394.83
Aug
11,388.06
0.98
493.05
109.46
1320.55
1,924.04
682.00
80.02
32.44
574.11
161.95
29.92
2,543.84
0.00
0.00
1,766.91
0.00
5,871.19
104.24
1,260.49
1,389.38
838.75
3,592.85
11,388.06
4,435.50
39.15
464.55
4,939.20
4,204.92
2,243.95
6,448.87
Aug
3,524.46
Jul
2011*
Table 18: International Reserves of Bank of Ghana
8,415.51
0.98
493.05
109.46
673.84
1,277.33
110.00
80.02
29.79
268.77
0.00
0.00
1,673.01
0.00
0.00
1,647.23
0.00
3,808.83
104.24
1,105.70
1,311.98
807.43
3,329.35
8,415.51
2,936.39
52.29
216.36
3,205.04
3,667.58
1,542.89
May
565.13
0.60
2.20
401.36
0.55
70.51
468.43
538.94
1,505.98
23.58
4,101.42
456.44
395.71
4,953.57
4,977.75
4,012.72
3,875.33
Oct
11,524.73
0.98
455.73
109.46
1,320.55
1,886.72
682.00
80.02
33.22
574.11
161.95
29.92
2,743.84
0.00
0.00
1,479.13
0.00
5,784.20
104.24
1,679.01
1,227.16
843.41
3,853.81
11,524.73
4,411.45
38.18
448.23
4,897.86
3,990.25
2,636.62
6,626.87
Oct
550.09
0.59
2.13
726.41
0.57
66.48
468.41
534.89
1,811.96
23.44
3,982.01
444.20
395.69
4,821.90
4,845.93
3,560.03
3,762.61
Nov
11,697.60
0.98
455.73
109.46
11,841.12
0.98
455.73
109.46
1,320.55
1,886.72
682.00
80.02
34.05
695.14
161.95
29.92
2,743.84
0.00
0.00
1,174.15
0.00
5,601.07
104.24
1,732.95
1,291.11
1,225.02
4,353.33
11,841.12
4,322.42
38.98
475.13
4,836.53
4,302.30
2,702.30
7,004.59
Dec
545.83
0.59
2.13
389.20
0.56
69.37
460.93
530.30
1,465.89
23.31
4,487.11
432.64
439.28
5,359.03
5,382.82
4,438.97
4,308.26
Dec
1,320.55
1,886.72
682.00
80.02
33.62
574.11
161.95
29.92
2,743.84
0.00
0.00
1,419.26
0.00
5,724.72
104.24
1,746.92
1,254.97
980.03
4,086.16
11,697.60
4,393.37
38.03
472.83
4,904.23
4,091.62
2,701.75
6,793.38
Nov
* Provisional Data
4.06
K. Others
L. SDR Allocation
3.73
294.29
7.87
J. Net Payment Agreements
posits
I. Foreign Currency De-
Institutions
H. Other Liabilities to Int.
267.23
Others
425.17
G. Short-Term
157.94
28.58
F. Foreign Liabilities
IMF
4.24
1,781.30
1.44
E. Long-Term Assets
Others
Holdings of SDRs
245.18
2,027.92
D. Short-Term Assets
Gold
2,032.16
1,300.59
2,833.68
2009
8,280.12
0.98
493.05
109.46
673.84
1,277.33
110.00
80.02
29.42
268.77
0.00
0.00
1,653.11
0.00
0.00
1,647.01
0.00
3,788.34
104.24
1,134.60
1,334.62
641.00
3,214.45
8,280.12
2,750.99
38.63
201.43
2,991.05
3,755.74
2008
C. Gross Reserves
Reserves
B. Net International
0.98
6,102.99
1,606.91
4,800.23
5,289.07
1,533.33
Apr
Jul
Mar
Dec Jan
Feb
2011
2010
A. Net Foreign Assets
TOTAL(C+D+E)
1.00
493.10
Revaluation Stock
Other Government Stocks
109.46
109.46
493.05
748.84
421.60
Stocks
Telekom Malasia Stock
Long-Term Government
1,352.33
110.00
E. Long-Term Instruments
1,025.07
80.02
80.02
GOG Petroleum Finance

Bond
TOR Bonds
19.80
5-Year Golden Jubilee Bond
5-Year GOG Bond
0.00
0.00
3-Year Stock (SSNIT)
0.00
0.00
627.57
0.00
3-Year Stock (SBG)
752.62
0.00
3-Year Floating Treasury

Note
0.00
0.00
1,001.38
2,107.54
104.24
122.35
1,766.98
649.55
2,643.12
6,102.99
1,555.83
52.87
246.71
1,855.40
2,493.27
7.00
0.00
3-Year Fixed Treasury Note
4,247.59
1,754.31
534.13
3-Year GGILBS
2-Year Floating Treasury

Note
2-Year Fixed Treasury Note
1,752.54
234.24
Short-Term Advance
D. Medium-Term
Instruments
665.32
280.04
182-Day Treasury Bill

1-Year Treasury Note
843.02
91-Day Treasury Bill
C. Short-Term Instruments
2,022.62
4,800.23
TOTAL(A+B)
STRUCTURE
1,254.25
39.94
Other Holders
Insurance Companies
255.59
1,378.38
Deposit Money Banks

(DMBs)
SSNIT
3,250.45
1,872.07
Bank of Ghana
Dec
Dec
A. Banking system
HOLDERS
2009
2008
Table 17. Holders and Structure of Domestic Debt

26
27
Gold
Oil & Gas**
2,105.3
-3,850.6
Oil & Gas**
Trade Balance
-4,464.6
1,835.0
7,899.3
9,734.3
1,481.6
0.0
316.8
2,246.3
1,225.1
5,269.7
-2,206.6
1,489.0
6,557.3
8,046.3
1,691.8
0.0
174.2
2,551.4
1,422.4
5,839.7
2009
-2,805.1
2,083.6
8,686.2
10,769.8
2,372.8
0.0
189.5
3,803.5
1,598.9
7,964.7
2010
Jan
-186.9
235.6
895.5
1,131.0
161.1
153.4
10.6
378.0
241.0
944.1
0.00
940.75
-70.9
197.6
761.9
959.5
222.2
101.5
15.2
313.2
236.5
888.6
Feb
0.00
-809.06
-455.27
105.55
-1,158.78
-1,158.78
1,158.78
-307.53
825.33
1,677.84
563.89
3,067.06
289.62
1,788.38
2,078.00
-399.89
101.12
-298.77
-2,943.11
1,769.68
-1,173.43
605.80
-1,488.98
-6,557.28
-8,046.26
1,242.48
0.00
179.84
2,551.36
1,866.03
5,839.71
-2,206.55
-1,600.75
2009
19.0
259.0
993.6
1,252.7
295.8
227.3
15.2
460.3
273.0
1,271.6
Mar
0.00
-44.83
0.00
0.00
-44.83
-44.83
44.83
-180.48
-76.61
840.14
85.50
849.03
37.83
500.22
538.05
-131.84
13.23
-118.61
-721.99
332.05
-389.94
29.50
-608.50
-2,114.85
-2,723.35
425.51
0.00
46.56
957.84
640.22
2,070.13
-653.22
-623.72
Q2
0.00
98.02
0.00
0.00
98.02
98.02
-98.02
7.78
-217.74
619.69
15.60
417.55
52.00
641.88
693.88
-105.59
15.23
-90.36
-705.49
382.04
-323.45
280.07
-504.65
-2,208.73
-2,713.38
503.66
0.00
45.85
1,018.30
342.15
1,909.96
-803.42
-523.35
Q3
2010
0.00
-1,363.84
0.00
0.00
-1,363.84
-1,363.84
1,363.84
259.16
1,432.92
516.10
88.96
2,037.98
0.00
530.67
530.67
-250.15
13.23
-236.92
-757.79
451.90
-305.89
-12.14
-629.29
-2,406.76
-3,036.05
466.42
0.00
53.37
1,040.38
554.72
2,114.89
-921.16
-933.30
Q4
0.00
-1,462.67
0.00
0.00
-1,462.67
-1,462.67
1,462.67
-176.02
1,420.68
2,527.36
337.47
4,285.51
199.74
2,122.69
2,322.43
-587.87
54.92
-532.95
-3,001.55
1,527.27
-1,474.28
315.20
-2,235.93
-8,686.18
-10,922.11
1,747.56
0.00
189.47
3,803.52
2,219.54
7,960.09
-2,962.02
-2,646.82
Annual
/1 Other exports includes exports of cocoa products, electricity, residual fuel oil, manganese, bauxite and diamonds
-238.9
692.4
2,651.0
3,343.2
679.1
482.3
41.0
1,151.5
750.5
3,104.3
Q1
-136.2
262.5
958.1
1,220.6
243.2
247.8
14.3
388.9
190.3
1,084.5
Apr
-343.6
360.7
1,080.6
1,441.3
269.5
230.7
14.1
413.1
157.7
1,085.0
May
-300.7
366.5
1,105.1
1,471.6
314.9
226.1
15.1
455.4
172.2
1,183.6
Jun
(In millions of U.S. dollars)
-780.4
989.7
3,143.7
4,133.5
827.6
704.7
43.4
1,257.3
520.1
3,353.1
Q2
-301.7
210.1
1,106.7
1,316.9
274.6
232.8
13.8
355.9
138.1
1,015.2
Jul
2011*
Q1
Aug
1,510.4
281.2
220.2
14.3
492.5
111.9
-68.6
92.2
-390.3
299.9
1,180.4 1,210.6
1,272.6
222.0
332.7
16.5
462.4
170.4
1,120.2
Sep
0.00
154.21
0.00
0.00
154.21
154.21
-154.21
-178.15
-393.05
781.56
127.97
516.48
83.60
673.76
757.36
-262.89
13.85
-249.04
-1,114.24
352.19
-762.05
-253.73
-692.21
-2,650.90
-3,343.11
488.64
482.29
40.99
1,151.47
940.91
3,104.30
-238.81
-492.54
1,204.0
Table 20: Merchandise Trade Flows
0.00
-152.02
0.00
0.00
-152.02
-152.02
152.02
-262.48
282.11
551.43
147.41
980.95
109.91
449.92
559.83
-100.29
13.23
-87.06
-816.28
361.28
-455.00
17.77
-493.49
-1,955.84
-2,449.33
351.97
0.00
43.69
787.00
682.45
1,865.11
-584.22
-566.45
Q1
** Gas Imports from Q1 2011
* Provisional data
5,968.3
8,073.6
1,264.5
0.0
249.0
1,733.8
975.7
4,223.0
Non-Oil
Imports (f.o.b)
Merchandise
Exports /1
Other
Crude oil
Timber Products
Gold
Cocoa Beans
Exports (f.o.b.)
Merchandise
2008
0.00
-413.11
0.00
0.00
940.75
940.75
-940.75
-204.02
231.51
2,111.59
463.31
2,806.41
241.11
1,970.39
2,211.50
-344.24
85.57
-258.67
-2,298.07
1,800.89
-497.18
1,455.65
-2,356.75
-7,911.76
-10,268.51
1,219.69
0.00
316.79
2,246.25
1,487.00
5,269.73
-4,998.79
-3,543.14
2008
-760.5
602.2
3,497.7
4,099.8
777.8
785.7
44.6
1,310.8
420.5
3,339.3
Q3
Oct
-217.8
270.4
1,140.5
1,410.8
335.1
327.0
10.6
463.0
57.4
Q3
-707.0
398.3
Q4
1,373.9
181.3
223.3
13.9
345.4
131.7
895.6
Dec
-478.3
343.2
Annual
2,050.14
2,778.53
165.66
4,920.22
2,870.87
12,785.42
-3,182.98
-3,675.11
-1,403.1
1,011.8
3,380.0
4,391.8
706.7
808.0
37.5
1,193.3
243.3
2,988.7
-3,182.9
3,296.2
12,672.3
15,968.3
2,991.1
2,780.7
166.5
4,912.8
1,934.4
12,785.4
Annual
0.00
-546.53
0.00
0.00
-546.53
-546.53
546.53
-257.67
812.00
3,222.25
445.06
4,479.31
228.65
2,368.77
2,597.42
-1,285.46
55.37
-1,230.09
-3,669.56
1,810.12
-1,859.44
-492.11
-3,296.13
-12,672.27
-15,968.40
Q4
0.00
-834.68
0.00
0.00
-834.68
-834.68
834.68
0.01
2,328.79
429.39
0.00
2,758.18
0.00
592.19
592.19
-595.03
13.84
-581.19
-1,049.99
518.61
-531.38
-520.38
-1,011.83
-3,379.97
-4,391.80
419.28
805.88
36.71
1,200.64
526.18
2,988.69
-1,403.11
-1,923.51
1,208.8 1,030.7
1,607.1
190.3
257.7
13.1
384.9
54.2
900.1
Nov
0.00
278.67
0.00
0.00
278.67
278.67
-278.67
23.19
-743.21
1,047.72
152.76
457.27
63.99
507.68
571.67
-251.68
13.84
-237.84
-793.26
460.83
-332.43
1.40
-602.17
-3,497.66
-4,099.83
539.63
785.67
44.59
1,310.77
658.64
3,339.30
-760.53
-759.13
2011*
1,193.0
0.00
-144.73
0.00
0.00
-144.73
-144.73
144.73
-102.72
-380.53
963.58
164.33
747.38
81.06
595.14
676.20
-175.86
13.84
-162.02
-712.07
478.49
-233.58
280.60
-989.92
-3,143.74
-4,133.66
602.59
704.69
43.37
1,257.34
745.14
3,353.13
-780.53
-499.93
Q2
2007
* Provisional
** Gas imports from Q1 2011
Exceptional Financing
Other Reserve Changes
0.00
0.00
Changes in International Reserves

IMF Position (net)
-413.11
-413.11
E. Reserves and Related Items
Holdings of SDR
413.11
Overall Balance
1,608.78
Other investments
-117.37
855.38
Direct investments
D. Net Errors and Omissions
188.14
Capital Transfers
2,652.30
209.37
Official (net)
C. Financial and Capital Account
2,043.18
1,833.81
Private (net)
-222.61
Debit
Transfers (net)
83.99
-138.62
Credit
Income (net)
-2,021.64
Debit
-159.78
1,861.86
Credit
Services (net)
1,744.78
-5,971.12
-2,090.20
Non-oil
B. Balance on Services, Income and
Transfers
1,107.56
-8,061.32
Other Exports
0.00
Imports (f.o.b)
Crude Oil
250.13
1,103.25
1,733.78
Cocoa beans & Products

Timber & Timber Products
4,194.72
-3,866.60
Merchandise Trade Balance

Exports (f.o.b)
-2,121.82
2007
A. Current Account
(In Millions of US Dollars)
Table 19. Balance of Payments

28
29
30
Table 21: Crude oil and Petroleum Products Imports 2008 - 2011
Table 22. Ghana:Value, Volume and Unit Price of Exports (2008-2011)

(In millions of US dollars, unless otherwise specified)
Petroleum Imports by Value in million US$ (f.o.b)

2008
2008
2010
2009
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Annual
433.67
206.38
327.56
175.36
232.93
942.23
305.70
556.46
177.51
425.84
1,465.51
Premium
229.78
316.98
138.16
75.29
103.05
118.02
434.52
159.56
148.74
135.06
252.18
695.54
Gas Oil
585.27
564.65
151.81
150.82
164.64
143.33
610.60
163.17
208.55
199.60
236.81
808.13
36.95
68.52
24.54
18.82
22.05
30.83
96.24
24.16
36.71
49.16
43.01
153.04
108.14
53.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Fuel
Gas (West
39.70
39.46
40.78
53.98
173.92
692.30
989.92
602.11
1,011.81
3,296.14
Africa)
Total
2,349.22
1,437.55
520.89
572.49
465.10
525.11
2,083.59
* Provisional
Petroleum Imports by Volumes

2010
Q1
Q2
2011*
Q1
Q2
13,599,094
6,567,466
2,602,421
4,154,916
2,197,350
2,797,464
11,752,151
2,461,099
4,571,880 650,885
Premium (MT)
203,042
566,844
191,983
100,813
144,284
137,690
574,770
169,922
140,897
116,010
268,573
695,401
Gas oil (MT)
677,572
1,102,415
242,844
228,512
83,680
175,532
730,568
197,937
219,184
199,916
253,606
870,643
58,858
137,354
36,346
30,964
37,721
39,472
144,502
29,720
41,114
49,737
51,723
172,293
Value
Volume (fine ounces)
Unit Value (US dollars per ounce)
156,190
83,528
Q3
Q4
Annual
Q3
Q4
Annual
3,713,448 11,397,312
* Provisional
Source: Tema Oil Refinery, National Petroleum Authority and Volta River Authority

Petroleum Imports by Value in US$ million (c.i.f.)

2008
2009
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Annual
1,422.42
444.07
211.33
335.42
179.57
238.52
964.84
313.04
569.83
181.77
436.06
1,500.70
Premium
235.29
324.58
141.48
77.09
105.52
120.85
444.95
163.40
152.31
119.60
258.65
693.96
Gas Oil
599.32
578.20
155.45
154.46
168.59
146.77
625.25
167.09
213.55
189.12
243.11
812.88
37.84
70.18
25.13
19.27
22.58
31.57
98.55
24.74
37.59
45.21
44.04
151.58
118.45
55.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,413.31
1,472.06
533.39
586.24
476.26
537.71
2,133.60
668.27
973.28
535.70
981.87
3,159.13
Total
* Provisional
Q2
Q3
Q4
Annual
2,551.36
787.00
957.84
1,018.30
1,040.38
3,803.52
1,151.47
1,257.34
1,310.77
1,200.64
4,920.21
2,658,758
711,139
812,183
831,067
763,177
3,117,566
831,939
840,685
766,142
705,610
3,144,376
959.61
1,106.68
1,179.34
1,225.29
1,363.22
1,220.03
1,384.08
1,495.61
1,710.86
1,701.56
1,564.76
2,027.94
Value
1,422.38
502.29
441.64
238.24
477.84
1,660.01
750.50
520.12
420.49
336.82
Volume (metric tons)
508,206
177,931
146,821
77,868
144,801
547,421
222,674
159,075
129,728
117,739
630,216
Unit Value (US dollars per ton)
2,798.82
2,822.95
3,008.02
3,059.56
3,299.98
3,032.42
3,370.40
3,269.65
3,241.30
2,860.73
3,217.85
Cocoa products
443.65
180.16
198.58
108.48
137.96
625.19
190.41
225.01
238.16
189.36
842.94
125,783
40,659
59,803
28,924
34,687
164,073
49,821
56,563
64,949
54,899
226,232
3,527.12
4,431.00
3,320.61
3,750.69
3,977.23
3,810.41
3,821.88
3,978.04
3,666.83
3,449.24
3,725.98
484.23
698.93
785.66
805.88
2,778.52
Value
Volume (barrels)
- 4,628,899
Unit value (US dollars per barrel)
104.61
5,970,229 6,966,962 7,166,177 24,731,475

117.07
112.77
112.46
112.35
Timber and Timber Products

Value
179.83
43.69
46.56
45.85
53.37
189.47
40.99
41.58
44.59
36.71
165.66
428,503
97,508
104,265
103,495
121,863
427,131
89,678
92,360
96,258
76,008
355,620
419.68
448.02
446.54
443.03
437.97
443.58
457.08
450.19
463.25
482.98
465.84
Value
0.00
0.00
0.00
0.00
0.00
31.41
23.18
18.89
15.29
88.78
0.00
0.00
0.00
0.00
0.00
1,206
9,047
8,077
6,053
35,213
0.00
0.00
0.00
0.00
0.00
2,609.82
2,562.18
2,339.17
2,526.02
2,521.09
Unit Value (US dollars per cubic

meter)
Value
12.70
19.77
22.96
12.94
68.37
21.52
0.0
0.00
0.00
21.52
20,296
36,763
40,437
19,411
116,907
89,285
0.0
0.00
0.00
89,285
625.95
537.79
567.68
666.52
584.81
241.08
0.0
0.00
0.00
241.08
Manganese
Value
Value
Volume (millions of kilowatt-hours)
Unit Value (US$ 000/kilowatt-hour)
Crude oil Imports ( f. o. b.) by importer, value in US$ million

2009
49.37
17.63
19.55
9.60
11.44
58.21
32.80
28.89
26.90
28.58
117.17
811,233
268,069
295,883
156,367
173,194
893,513
498,891
434,584
407,964
442,490
1,783,929
60.86
65.75
66.06
61.37
66.05
65.14
65.75
66.48
65.93
64.59
65.68
Electricity
2008
Q1
Residual oil
2011*
2010
Crude Oil
Aviation Fuel
Annual
Aluminium
-No importation for the period
LPG
Q4
Cocoa Beans
Volume (cubic meters)

Aviation Fuel (MT)
2011*
Q3
Crude Oil Exports
2009
Crude oil (bbl)
LPG (MT)
Q2
Gold
Value
2008
2010
2011*
1,389.08
Aviation
2009
Q1
Crude Oil
LPG
31
2010
95.90
29.47
39.84
27.81
27.81
124.94
16.92
16.20
16.30
16.29
65.71
752.43
268.15
336.41
224.53
224.53
1,053.62
188.00
180.00
180.30
180.30
728.60
0.13
0.11
0.12
0.12
0.12
0.12
0.09
0.09
0.09
0.09
0.09
Diamond
2011*
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Annual
TOR
922.75
121.42
62.48
231.36
78.55
158.07
530.46
259.17
503.10
74.07
322.74
1,159.08
VRA
466.33
312.25
143.90
96.20
96.80
74.86
411.76
46.53
53.36
56.12
103.10
259.11
Total
1,389.08
433.66
206.38
327.56
175.35
232.93
942.22
305.70
556.46
130.19
425.84
1,418.19
Value
Volume (carats)
Unit Value (US dollars per carat)
7.34
2.23
4.93
2.12
2.03
11.31
7.79
6.07
3.41
1.05
18.32
348,254
75,903
130,304
56,688
48,452
311,347
141,967
97,845
54,774
22,953
317,539
21.08
29.36
37.86
37.35
41.86
36.32
54.87
62.04
62.26
45.75
0.00
Bauxite
Value
* Provisional
Source: Tema Oil Refinery and Volta River Authority
11.08
6.17
1.32
6.40
1.26
15.15
3.50
1.68
0.79
1.12
7.09
490,906
212,817
44,000
213,348
41,981
512,146
116,625
55,976
26,300
37,403
236,304
22.57
28.98
30.00
30.00
30.01
29.58
30.01
30.01
30.04
29.94
30.00
1,078.76
283.79
340.11
434.76
410.92
1,469.58
374.64
526.46
473.35
356.95
1,731.40
Other Non-traditional Exports

Value
* Provisional
33
96.82
65.68
104.09
Mar
2,161.61
1,422.50
59.54
30.00
66.31
114.62
Apr
1,934.85
1,481.10
58.12
30.00
66.05
123.13
May
1,878.48
1,515.22
63.00
30.00
67.36
114.53
Jun
1,858.55
1,528.25
64.11
30.00
65.84
113.91
Jul
1,954.67
1,575.15
64.21
30.00
66.38
116.68
Aug
1,888.43
1,770.13
71.41
30.00
65.33
109.82
Sep
1,823.52
1,768.96
51.18
30.00
65.72
109.96
Oct
1,700.86
1,673.66
52.28
30.00
65.72
108.80
Nov
1,590.23
1,744.69
45.27
30.00
66.20
110.61
Dec
1,406.00
1,658.49
48.48
30.00
n.a
107.72
n.a = Data not available

Source: Reuters & The Mining Companies
LIFFE =London International Futures and Funds Exchange
43.3
46.5
43.3
40.4
42.1
43.7
41.0
44.7
41.4
47.8
53.3
52.1
41.4
40.6
38.4
44.1
9.0
8.9
7.9
9.9
9.5
8.8
6.9
9.5
9.9
9.0
8.0
8.1
13.4
8.6
20.0
18.5
21.1
20.0
20.5
18.1
19.6
18.4
18.5
15.9
13.5
16.5
5.5
7.1
4.1
10.1
9.7
10.0
11.2
9.6
8.3
9.3
7.5
9.7
6.8
6.8
15.7
4.4
6.0
4.9
5.0
4.8
5.0
4.8
4.5
4.6
4.5
4.5
4.3
4.1
11.3
3.4
2.7
3.4
3.0
3.9
3.5
3.0
2.8
2.4
3.6
2.8
2.5
3.1
8.5
7.5
2.4
1.6
1.7
1.4
1.6
1.6
1.8
1.6
1.8
2.3
1.6
2.4
5.0
1.9
1.6
1.9
2.1
2.1
2.3
2.3
3.1
3.0
3.1
3.2
3.1
2.9
2.9
2.8
2.2
2.7
3.0
3.2
6.8
9.4
26.1
27.8
29.6
27.4
47.5
Q2
Q1
65.24
30.00
2009
30.00
45.67
2008
40.71
1,372.35
Trade Partners
1,359.46
2,228.15
(In per cent of total)
2,046.00
Feb
Q2
2011
Jan
45.0
92.34
58.7
65.66
62.0
n.a
67.2
44.31
53.9
1,391.16
52.9
1,994.48
50.9
86.11
Dec
56.9
83.49
n.a
Rest of the world
66.65
30.00
Source: IMF- Direction of Trade Statistics, (various issues) & Bank of Ghana estimates
n.a
44.43
15.7
32.54
1,369.69
13.3
1,342.96
1,867.73
20.5
1,903.95
Nov
13.3
Oct
17.8
78.21
11.4
65.55
12.6
30.00
11.5
43.83
18.7
1,271.10
13.6
1,897.00
Other Europeans
77.11
Sep
4.6
75.49
66.47
5.4
57.77
30.00
4.7
30.00
37.35
4.2
32.30
1,215.53
3.2
1,193.68
2,061.00
4.5
2,353.00
Aug
7.0
Jul
4.7
75.66
4.7
66.04
Others
30.00
2.9
43.31
5.2
1,233.20
2.0
2,378.00
3.0
76.99
Jun
1.8
85.68
65.52
2.8
n.a
30.00
3.2
30.00
36.02
4.2
36.38
1,202.81
2.2
1,147.91
2,318.00
2.5
2,248.00
May
United States
Apr
1.6
79.90
5.9
65.71
3.7
30.00
4.0
29.29
1.8
1,113.77
2.6
2,203.35
6.6
74.75
Mar
4.4
65.71
5.2
65.86
30.00
4.8
24.80
25.90
United Kingdom
31.32
1,095.49
8.4
1,116.95
2,233.60
6.9
2,286.90
Feb
15.4
76.92
2010
Jan
9.4
75.24
6.6
77.50
n.a
8.2
65.04
24.67
11.7
n.a
27.45
10.5
24.71
1,126.83
10.4
1,127.94
2,248.00
10.2
2,132.00
Dec
Netherlands
Nov
0.6
73.87
0.9
68.19
65.32
0.3
66.33
22.48
0.6
21.51
15.86
0.2
17.16
1,044.57
1.0
995.25
2,145.00
0.2
1,966.55
Oct
0.7
Sep
1.4
73.07
1.5
66.95
1.8
n.a
0.7
22.26
Japan
949.35
2.2
1,833.96
2.4
65.76
Aug
2.1
65.87
1.8
21.51
5.0
28.65
6.8
934.42
6.3
1,740.43
7.8
69.34
Jul
9.9
58.57
65.32
2.4
64.40
21.14
0.8
21.14
26.15
0.7
19.54
903.79
0.9
926.48
1,685.00
0.5
1,646.00
Jun
1.2
May
1.3
51.23
1.5
58.97
Italy
21.14
2.9
20.15
3.0
891.43
2.9
1,779.00
3.3
47.32
Apr
9.8
53.48
1.3
23.66
0.8
11.81
1.9
924.41
1.1
1,853.36
2.1
43.73
Mar
1.8
45.62
58.00
1.4
57.52
23.66
1.4
23.66
11.81
2.0
n.a
942.58
2.5
860.05
1,869.80
1.5
1,847.67
Feb
2009
1.6
Jan
Germany
43.29
4.8
56.76
5.7
28.67
7.1
22.32
3.7
821.49
6.4
1,657.10
15.6
55.05
Dec
24.5
57.07
13.3
57.04
28.67
14.0
30.99
29.91
3.5
34.57
760.76
3.4
803.91
1,371.70
3.4
1,361.09
1.7
73.60
Oct
Nov
3.7
100.75
4.5
115.22
n.a
3.3
n.a
3.6
29.11
34.22
France
33.16
31.63
52.1
835.93
829.22
45.7
1,531.81
1,523.27
48.6
Aug
Sep
43.2
134.79
38.7
133.47
57.45
78.0
56.65
28.82
39.6
28.50
33.60
50.7
29.56
938.55
40.2
891.77
1,542.09
43.6
1,607.38
Jul
34.6
Jun
28.0
124.61
20.2
56.82
21.4
28.49
33.5
31.37
Q1
889.92
Annual
1,437.27
Q4
110.43
May
Q2
57.82
Q1
57.20
28.50
Annual
27.63
35.18
Q4
35.78
909.76
Q2
965.90
1,427.55
Q1
1,377.00
Annual
103.00
Mar
Apr
Q4
94.49
2010
91.92
35.37
2008 2009
29.03
27.63
2011
27.63
31.48
2010
33.29
925.03
Imports
890.98
Exports
1,128.00
1,297.00
Table 24. Ghana: Direction of Trade, (2008-2011)
Jan
Feb
35.6
barrel
2008
25.7
CRUDE OIL US$/
US$/tonne
29.5
MANGANESE
tonne
Q3
BAUXITE US$/
carats
Q3
DIAMOND US$/
Q3
GOLD US$/fine oz
tonne
Q3
COCOA LIFFE ()/
2011
Q4
Table 23. Commodity Prices
27.7
Annual
Industrial Countries
32
34
Table 26. EXTERNAL DEBT STOCK BY CREDITOR CATEGORY (in millions of US$)
Table 25. Foreign Exchange Rates

Interbank & Forex Bureaux Market (GH Per Currency, End Period)
Interbank Foreign Exchange Rates
US Dollar
Pound
EURO
Sterling
Japanese Swiss Franc
Exchange Rates in the Forex Bureaux

Market
US Dollar Pound Sterling
Yen
2008
Jan
0.9888
1.9298
2009
2010
Q1
EURO
2008
2008
35
1.4164
Jan
0.9759
1.9426
1.4460
0.0091
0.8941
Feb
0.9882
1.9317
1.4550
Feb
0.9751
1.9540
1.4864
0.0093
0.9277
Mar
0.9898
1.9578
1.5500
Mar
0.9780
1.9618
1.5460
0.0098
0.9811
Apr
1.0041
1.9725
1.5718
Apr
0.9872
1.9552
1.5548
0.0095
0.9502
May
1.0141
1.9850
1.5823
Total External Debt

Multilateral Creditors
Q2
2011*
Q3
Q4
Q1
4,035.07 5,007.88 5,362.21 5,619.90 5,998.33 6,254.55 6,828.82
Q2
Q3
Q4
7,357.72 7,345.38 7,589.45
2,028.31
2,461.77
2,690.40
2,786.61
2,916.19
3,057.69
3,434.13
3,854.90
3,853.46
3,891.78
163.07
269.98
262.59
375.60
394.59
388.02
400.82
495.81
485.84
481.71
1,168.22
1,687.24
1,816.46
1,846.42
2,031.78
2,169.19
2,372.66
2,501.22
2,498.55
2,712.32
Of which:
IMF
Bilateral Creditors
Of which:
May
1.0024
1.9820
1.5834
0.0095
0.9479
Jun
1.0525
2.0491
1.6312
Jun
1.0325
2.0454
1.6315
0.0097
1.0039
Paris Club
774.95
1,138.83
1,177.20
1,111.28
1,243.51
1,363.03
1,556.86
1,646.45
1,654.90
1,830.49
Jul
1.0809
2.1380
1.6905
Non-Paris Club
393.27
548.41
639.25
735.14
788.27
806.16
815.80
854.77
843.65
881.83
Jul
1.0692
2.1550
1.6945
0.0099
1.0169
Aug
1.1294
2.1063
1.6732
Commercial Creditors
838.54
858.87
855.35
986.87
1,050.36
1,027.67
1,022.03
1,001.60
993.37
985.35
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
750.00
Aug
1.1161
2.0453
1.6466
0.0101
1.0024
Sep
1.1562
2.0207
1.6796
Sep
1.1345
2.0594
1.6532
0.0106
1.0321
Oct
1.1932
1.9673
1.5632
Oct
1.1565
1.8781
1.5084
0.0118
1.0060
Nov
1.1960
1.8296
1.5382
Nov
1.1777
1.8025
1.5411
0.0124
0.9852
Dec
1.2457
1.8655
1.6887
Dec
1.2141
1.8049
1.7211
0.0135
1.1480
Jan
1.3368
1.8573
1.7314
2009
2009
Jan
1.2828
1.8382
1.7067
0.0142
1.0949
Feb
1.3937
1.9246
1.7612
Feb
1.3402
1.9411
1.7469
0.0136
1.1349
Mar
1.4109
1.9990
1.8614
Mar
1.3832
1.9909
1.8357
0.0140
1.2039
Apr
1.4368
2.0909
1.8636
Apr
1.4042
2.0492
1.8454
0.0143
1.2344
May
1.4507
2.2496
1.9643
May
1.4396
2.2064
1.9973
0.0147
1.3126
Jun
1.4807
2.3904
2.0402
Jun
1.4725
2.4141
2.0658
0.0152
1.3446
Jul
1.4841
2.4118
2.0762
Jul
1.4858
2.3952
2.0857
0.0154
1.3510
Aug
1.4757
2.3859
2.0805
Aug
1.4613
2.3473
2.0775
0.0158
1.3805
Sep
1.4757
2.3946
2.1230
Sep
1.4514
2.3298
2.1176
0.0162
1.4082
Oct
1.4614
2.3634
2.1382
Oct
1.4416
2.3775
2.1388
0.0160
1.4254
Nov
1.4625
2.3805
2.1532
Nov
1.4322
2.3800
2.1529
0.0167
1.4348
Dec
1.4624
2.3305
2.0810
Dec
1.4284
2.2991
2.0484
0.0156
1.3918
1.4546
2.3285
2.0359
2010
2010
Jan
Jan
1.4257
2.3100
2.0058
0.0158
1.3574
Feb
1.4266
2.9135
1.9338
0.0160
1.3259
Mar
1.4168
2.1357
1.9108
0.0152
1.3347
Apr
1.4170
2.1706
1.8747
0.0151
1.3159
May
1.4206
2.0593
1.7470
0.0155
1.2274
Jun
1.4267
2.1191
1.7277
0.0161
1.3160
Jul
1.4353
2.2396
1.8526
0.0167
1.3835
Aug
1.4307
2.1950
1.8082
0.0170
1.4024
Sep
1.4269
2.2503
1.9440
0.0172
1.4648
Oct
1.4293
2.2493
1.9752
0.0178
1.4464
Nov
1.4367
2.1806
1.8896
0.0171
1.4440
Dec
1.4738
2.2709
1.9407
0.0179
1.5493
Jan
1.5013
2.3571
2.0402
0.0180
1.5695
Feb
1.4937
2.4197
2.0643
0.0185
1.6263
Mar
1.5021
2.4338
2.1625
0.0183
1.6584
2011
Apr
1.4972
2.4874
2.218
0.0186
1.7438
May
1.5018
2.4401
2.1506
0.0185
1.7703
June
1.5064
2.4166
2.1523
0.0188
1.8082
July
1.5055
2.4528
2.1547
0.0194
1.8817
Aug
1.5104
2.4757
2.1829
0.0197
1.8604
Sep
1.5224
2.4308
2.1266
0.0200
1.7005
Oct
1.5326
2.5020
2.1949
0.0198
1.7890
Nov
1.5412
2.5078
2.1851
0.2010
1.6987
Dec
1.5505
2.4946
2.1076
0.0205
1.6838
Feb
1.4524
2.2678
1.9768
Mar
1.4489
2.1755
1.9691
Apr
1.4437
2.2344
1.9282
May
1.4337
2.0691
1.7732
1.7630
Jun
1.4400
2.1012
Jul
1.4505
2.2191
1.8541
Aug
1.4497
2.2314
1.8250
Sep
1.4498
2.2312
1.8791
Oct
1.4459
2.2521
1.9528
Nov
1.4530
2.2848
1.9666
Dec
1.4775
2.2683
1.9550
2011
Jan
1.5052
2.3491
2.0073
Feb
1.5141
2.3482
2.0209
Mar
1.5277
2.4341
2.1128
Apr
1.5286
2.4387
2.1319
May
1.5195
2.4396
2.1291
June
1.5173
2.4341
2.1400
July
1.5146
2.4309
2.1241
Aug
1.5235
2.4505
2.1387
Sep
1.5789
2.4691
2.1469
Oct
1.6030
2.4223
2.2112
Nov
1.6355
2.5323
2.1900
Dec
1.6596
2.5473
2.1591
Of which:
International Capital
Market
* Provisional Estimate
0.5806
0.5850
April 1, 2009
0.8578
0.6650
0.8620
0.5806
0.6140
June 6, 2009
1.1141
0.8645
1.1206
0.5806
0.7361
November 1, 2009
1.1698
0.9100
1.1805
0.5806
0.8381
January 4, 2011
1.5207
0.9100
1.5340
0.8393
1.0476
December 29, 2011

1.7548
0.9100
1.7709
0.8393
1.3619
3.11
0.8460
2.65
0.6650
2.25
Minimum Daily Wage

(GH)
0.7790
10.71
0.6500
March 10, 2009
19.25
0.8400
0.5806
16.52
0.5806
Annual Average (%)
0.8890
8.58
1.0400
0.7000
15.97
1.0010
18.13
0.8180
Year-on-Year
0.9900
December 12, 2008
1.13
December 1, 2008
1.59
0.8790
2.42
0.5806
Monthly Change (%)
COMBINED
1.0750
289.32
1.0010
260.67
244.32
1.0300
1.0500
and Services
0.9191
November 19, 2008

1.0500
Miscellaneous Goods
1.0044
0.5806
1.0396
0.5950
534.92
0.6665
0.5858
465.29
1.0985
-
1.1630
395.43
1.2000
1.0200
1.1054
1.0900
Restaurants
1.1350
1.0145
282.51
1.0665
-
1.1050
279.81
1.1853
November 1, 2008
1.0940
271.67
May 26, 2008

March 1, 2008
March 16, 2008
Hotels, Cafs and
1.0044
1.0160
1.0160
Education
0.6665
0.5700
1.0528
533.51
0.5734
498.26
1.2540
1.0400
266.51
1.1895
0.9430
1.0190
Recreation and Culture
0.9250
272.95
1.1853
1.0400
-
273.00
1.0133
May 3, 2008
1.0160
February 16, 2008

1.0270
261.20
0.6459
0.5740
1.0614
January 2, 2008
Communications
0.6147
0.6030
0.5595
499.75
1.2137
1.0180
0.5775
487.20
1.1768
1.1712
1.0400
0.9280
1.0263
441.11
1.1131
0.9420
1.0275
0.9355
Transport
1.0250
0.9429
571.21
1.1135
1.1386
1.0660
-
1.0199
513.91
April 1, 2008
April 16, 2008

January 16, 2008
February 1, 2008
1.0392
385.85
1.0096
November 23, 2007
December 16, 2007
Health
0.9790
305.63
0.8110
0.5094
275.01
0.4644
213.13
0.9528
Furnishings, Household
Equipments, etc
0.9044
0.8625
451.87
0.7938
392.64
0.9778
386.11
0.9391
November 1, 2007
Housing and Utilities
October 1, 2007
273.80
0.7723
239.89
0.4503
3.11
10.26
9.08
2.06
291.88
537.71
282.42
533.50
272.95
582.45
571.51
305.46
451.99
274.25
354.69
293.02
348.87
3.73
9.86
9.16
1.59
302.16
547.16
287.12
535.57
272.95
591.31
582.34
311.73
457.35
279.48
360.58
297.00
354.41
3.73
9.53
9.13
1.11
306.22
555.25
287.12
539.05
272.95
593.67
584.37
314.67
461.39
284.30
366.18
300.61
358.34
3.73
9.32
9.02
1.31
315.49
566.67
288.06
542.03
272.95
597.14
587.67
319.22
464.25
290.11
370.58
304.28
363.02
3.73
9.17
8.90
1.76
324.31
579.12
288.06
545.46
272.95
604.73
589.18
326.44
466.99
330.77
378.19
310.39
369.41
3.73
9.09
8.59
1.28
331.19
584.42
288.12
558.19
272.95
610.22
600.64
333.22
469.47
301.07
383.31
313.92
374.13
4.11
9.57
8.39
0.63
333.83
588.21
288.12
559.48
272.95
610.67
605.80
336.90
472.87
302.89
386.74
315.98
376.50
Jul
4.11
9.29
8.41
-0.70
336.16
562.66
289.53
586.70
274.07
610.96
606.18
338.44
473.32
304.23
386.87
311.89
373.88
Aug
4.11
8.83
8.40
-1.53
335.49
557.34
289.53
586.59
274.07
610.96
606.10
338.31
478.58
303.28
386.75
301.45
368.18
Sep
4.11
8.77
8.56
-0.8
336.04
553.82
289.53
586.68
274.07
610.96
606.48
339.39
478.73
304.46
387.87
295.57
365.22
Oct
0.7300
202.43
0.7326
Clothing and Footwear
0.8105
0.3764
354.43
0.7560
294.38
0.8066
240.88
0.9120
0.6994
Tobacco and Narcotics
0.7533
September 1, 2007
0.7177
Alcoholic Beverages,
0.4551
0.3234
288.33
0.3945
274.98
0.8105
0.7756
246.68
0.8100
0.7587
0.6619
Food and Non-Alcoholic

Beverages
0.7000
0.7035
341.83
0.9531
0.7035
0.3386
314.83
0.9400
0.3211
271.46
June 1, 2007
August 1, 2007
-
0.7387
Overall Index
Source: Ministry of Energy

sel)
Jun
0.8859
0.7387
0.6467
May
May 1, 2007
0.6467
Apr
0.8203
LPG
Mar
April 1, 2007
RFO
Feb
0.7749
ATK
Jan
4.11
8.73
8.55
0.46
337.2
558.19
289.53
587.76
274.07
610.96
606.48
339.71
478.86
304.61
389.14
297.99
366.90
Nov
4.11
8.72
8.58
1.16
344.35
562.92
289.53
602.88
274.74
613.21
614.54
345.56
483.19
309.68
394.76
300.64
371.16
Dec
Table 27 Ghana: Retail Prices of Major Petroleum Products

(February 2007- December 2011) (GH per litre )
Dec
0.7749
March 1, 2007
Gas Oil (Die-
Dec
February 7, 2007
Kerosine
Dec
Gasoline
2011
Regular
Gasoline
2010
Premium
2009
Date of Price Change
2008
Table 28. National Consumer Price Index and Inflation Rates.

Monthly Changes by COICOP group (2002 Average = 100)
36
37
(GH/kl.)
38
Table 30. Gross Domestic Product at Current Prices (Millions of Ghana Cedis)
Table 29. Gross Domestic Product at 2006 Constant Prices (Millions of Ghana Cedis)
2008
2009
2010*
5,322.0
5,716.1
6,129.0
6,453.0
3,742.6
4,064.5
4,479.0
4,703.0
537.2
493.2
509.1
535.0
535.0
437.1
457.8
481.1
502.0
526.0
Forestry and Logging
736.0
705.9
682.4
687.0
757.0
Fishing
448.3
415.8
488.0
460.0
467.0
3,704.3
3,929.6
4,521.9
4,725.0
4,988.0
AGRICULTURE
Crops
Of which Cocoa
Livestock
INDUSTRY
Manufacturing
Electricity
Water and Sewerage
Construction
SERVICES
Trade; Repair of Vehicles,
Household Goods
Hotels and Restaurants
2006
2007
5,415.0
3,793.7
39
497.4
531.6
544.4
581.0
626.0
1,823.5
1,801.3
1,868.0
1,844.0
1,984.0
142.7
118.2
141.1
152.0
170.0
224.4
227.0
228.9
246.0
259.0
1,016.3
1,251.6
1,739.5
1,902.0
1,949.0
8,690.4
9,358.3
10,106.0
10,667.0
11,714.0
1,140.7
1,202.6
1,316.9
1,388.0
1,573.0
2006
2007
2008
2009
2010*
5,415.0
6,320.0
8,875.0
11,343.0
12,910.0
3,793.7
4,409.0
6,435.0
8,425.0
9,422.0
537.2
581.0
706.0
874.0
1,099.0
Livestock
437.1
501.0
606.0
729.0
873.0
Forestry and Logging
736.0
910.0
1,072.0
1,314.0
1,614.0
Fishing
448.3
500.0
762.0
874.0
1,001.0
3,704.3
4,513.0
5,855.0
6,776.0
8,039.0
497.4
602.0
693.0
740.0
757.0
1,823.5
1,990.0
2,277.0
2,478.0
2,941.0
Electricity
142.7
130.0
155.0
167.0
266.0
Water and Sewerage
224.4
227.0
229.0
246.0
368.0
1,016.3
1,564.0
2,500.0
3,144.0
3,706.0
8,690.4
10,922.0
13,935.0
17,543.0
22,184.0
1,140.7
1,335.0
1,710.0
2,109.0
2,701.0
AGRICULTURE
Crops
of which Cocoa
INDUSTRY
Manufacturing
Construction
SERVICES
Trade; Repair of Vehicles,
Household Goods
Hotels and Restaurants
894.1
1,210.0
1,716.0
2,196.0
2,593.0
2,357.2
2,849.0
3,262.0
3,758.0
4,578.0
894.1
916.6
999.8
962.0
988.0
2,357.2
2,573.4
2,671.9
2,790.0
3,014.0
Information and Communication
483.0
502.8
600.9
624.0
777.0
Information and Communication
483.0
511.0
622.0
657.0
831.0
Banking and Insurance
472.9
559.8
620.1
678.0
791.0
Banking and Insurance
472.9
739.0
1,089.0
1,547.0
2,240.0
Transport and Storage
Transport and Storage
Real Estate Services
391.4
400.8
410.4
420.0
430.0
Real Estate Services
391.4
415.0
493.0
665.0
797.0
Business and Other Services
522.5
542.7
532.8
525.0
646.0
Business and Other Services
522.5
602.0
692.0
797.0
1,148.0
Public Administration & Defence:
862.1
959.6
1,081.8
1,208.0
1,249.0
Public Administration & Defence:
862.1
1,289.0
1,799.0
2,479.0
3,024.0
1,877.0
Social Security
Social Security
Education
655.0
720.5
814.3
915.0
963.0
Education
655.0
8,556.0
1,132.0
1,506.0
Health and Social Work
249.8
259.3
270.8
312.0
347.0
Health and Social Work
249.8
308.0
381.0
513.0
674.0
Other Community, Social &

Personal Service Activities
661.6
720.3
786.3
845.0
936.0
Other Community, Social &
661.6
807.0
1,039.0
1,318.0
1,722.0
17,809.7
21,755.0
28,664.0
35,662.0
43,132.0
895.4
1,400.0
1,514.0
936.0
3,100.0
18,705.1
23,154.0
30,179.0
36,598.0
46,232.0
Gross Domestic Product at Basic

Prices
Net Indirect Taxes
EQUALS : G.D.P. in Purchasers
Values
*Provisional
source: Ghana Statistical Service
Personal Service Activities

17,809.7
18,609.9
20,343.9
21,521.0
23,155.0
895.4
1,303.4
1,248.3
934.0
1,032.0
18,705.1
19,913.4
21,592.2
22,454.0
24,187.0
Gross Domestic Product at Basic

Prices
Net Indirect Taxes
EQUALS : G.D.P. in
Purchasers Values
*Provisional
source: Ghana Statistical Service
40
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B A NK

Government Fiscal Operations

Central Government Budget (Revenue)

External Sector Indicators

Prepared by Research Department

ISBN: 0855 - 6229

International Reserves of Bank of Ghana

Real Sector Indicators

Ghana: Retail Prices of Major Petroleum Products

Average Inflation(%) (yr)

Private Sector Credit

Current Account (incl. official transfers)

Gold [US$ per fine ounce]

n.a = not available

Net Domestic Financing (NDF)

Government Fiscal Operations ( Million Gh

Debt Service/GDP (%)

Debt Service/Exports of goods and services

External debt/GDP (%)

Total (excludes cocobod short-term)

CIEA: Year-on-year growth (nominal)

Real Sector Indicators(Base: Avg. 2001=100)

Domestic Petroleum Prices (GH per litre):

Commodity Price Movements

(equiv in months of imports of goods & services)

Gross International Reserves

External Sector Developments (US$ million)

Broad Money (M2)

Total Domestic Credit

Monetary Sector Indicators (y-o-y) Growth (%)

Inflationary Measures [COICOP Based] (y-o-y)

4,764.93 4,629.23 4,502.04

SELECTED ECONOMIC INDICATORS

December (2010 & 2011) Inflation Rates

InaBon Trend: Combine, Food & Non-Food

Recreation & Culture

Clothing and Footwear

Hotel, Cafes & Restaurants

Furnishing, H/H Equipt & Routine Maint.

Currency Outside Banks

Housing, Water, Electricity, Gas & Fuel

Components of Money Supply

Alcohlic Beverages, Tabacco

Components of Money Supply

Miscellaneous gds & Serv

Reserves of Banks Currency outside Banks Reserve Money (RM)

Net DomesDc Assets

Net Foreign Assets

Ghana Monetary Survey

Ghana Monetary Survey

Inflation Trend: Combine, Food & Non-Food

DOMESTIC INTEREST RATES

of GH1,988.14 million (3.5% of GDP).

to 22.47 per cent.

Primary Balanace as Percentage of GDP

Primary Balanace as Percentage of GDP

EXTERNAL SECTOR DEVELOPMENTS & FOREIGN EXCHANGE RATES

Money Market Rates

Money Market Rates

Weighted Avg.Inter-Bank Rate