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Economic Reviews


Nine Month Economic Review - 2005 (Provisional)
The Ghanaian economy has shown significant resilience over the first three quarters of 2005 in spite of record high crude oil prices on the international markets. At the end of September gross international reserves were enough to provide 3 months of import cover and expected to reach US$2.0 billion (4 months) by the end of the year. Indicators of economic activity through to August suggest robust developments in output. The headline rate of inflation inched up in September after a five-month decline, notwithstanding this development, consumer price inflation is projected to stay within the targeted range for the year.

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Half Year Economic Review And Outlook - June 2005 (Provisional)
Macroeconomic developments in the first half of 2005 were satisfactory. Indicators of economic activity show increased real sector activity. Consumer Price inflation declined to 15.7 per cent after peaking at 16.7 per cent in March. Fiscal revenue mobilisation exceeded the programme target, but shortfalls in loan inflows caused net domestic financing to exceed its target. Monetary aggregates continued on a downward growth path. High international prices for crude oil continued to remain a source of downside risk to the economy.

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Monthly Economic Report - April 2005 (Provisional)

Monthly Economic Report - April 2005 (Provisional)

Macroeconomic developments in April 2005 were satisfactory. The narrow budget recorded a surplus for the first time in the year on account of stronger domestic revenue mobilisation. Monetary developments showed that growth in reserve money declined in the month underpinned by a slower growth in Net Foreign Assets (NFA) and a decline in Net Domestic Assets (NDA). Consumer Price Inflation also declined for the first time in the year after the petroleum price adjustments. Gross foreign reserves rose from 3.2 months of import cover in the previous month to 3.3 months in April while the cedi was relatively stable in both the interbank and forex bureaux markets.

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