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Table of Contents
Price Developments 1
Commodity Prices 5
Monetary Indicators 8
1. Price Developments
2017:03 2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Real Index 421.9 421.9 414.5 429.4 420.1 424.9 449.7 446.3 445.5 426.1 431.8 ···
. . . Annual Growth % 4.5 7.2 0.1 1.8 2.3 7.1 10.9 6.5 4.1 4.5 2.3 ···
Real (in 2006 prices) million GHc 8564.3 ··· ··· · · · 10870.5 ··· · · · 10876.8 ··· ··· ··· ···
. . . Overall GDP (incl oil) Annual (%) 6.7 ··· ··· ··· 9.7 ··· ··· 8.1 ··· ··· ··· ···
. . . Overall GDP (excl Oil) Annual (%) 4.0 ··· ··· ··· 6.3 ··· ··· 5.0 ··· ··· ··· ···
2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Money Market
Monetary Policy Rate % 23.50 21.00 21.00 21.00 21.00 20.00 20.00 20.00 20.00 18.00 18.00
Interbank Weighted Average % p.a. 23.34 21.91 20.99 20.94 20.88 20.72 19.34 19.16 18.28 18.09 17.50
Deposit Rates
Demand Deposits % p.a. 3.63 6.13 6.13 3.38 3.38 3.38 3.38 3.38 3.38 5.13 5.83
Savings Deposits % p.a. 7.55 7.75 7.55 7.55 7.55 7.55 7.55 7.55 7.55 7.55 7.55
Time Deposits
. . . 3-months % p.a. 15.25 14.50 14.50 13.00 13.00 13.00 13.00 13.00 13.00 13.00 11.50
. . . 6-months % p.a. 17.00 16.50 16.50 14.50 14.50 14.50 14.50 12.50 12.50 11.00 11.50
Credit Market
Average Lending Rate % p.a. 30.5 30.7 29.8 29.0 29.1 29.3 29.3 29.3 29.3 28.8 28.2
Base Rates % p.a. 26.5 25.7 25.7 25.2 25.1 25.0 24.9 24.9 24.8 24.0 22.5
Ghana Reference Rate % p.a. ··· ··· ··· ··· ··· ··· ··· ··· ··· 16.8 16.7
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2017:05 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04 2018:05
GHc/GBP 5.5360 5.8962 5.7984 5.9638 5.9669 6.2717 6.0925 6.1815 6.0678 5.9616
. . . Year-to-date (app(+) depr(-)) % −6.1 −11.9 −10.4 −12.9 −12.9 −4.9 −2.1 −3.5 −1.7 0.1
GHc/EUR 4.8221 5.1940 5.0940 5.2572 5.2964 5.5131 5.3873 5.4179 5.3308 5.2057
. . . Year-to-date (app(+) depr(-)) % −8.0 −14.6 −12.9 −15.6 −16.2 −3.9 −1.7 −2.2 −0.6 1.7
Real Eective Exchange Rate Index 119.4 127.2 129.4 128.8 128.7 132.5 132.1 129.8 ··· ···
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5. Commodity Prices
2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Cocoa Price
International USD per tonne 1952.6 1929.4 1947.6 1970.0 2085.0 2124.0 1905.0 1940.5 2109.4 2499.0 2664.0
. . . Year-on-Year Chg % −36.7 −35.7 −34.9 −30.8 −22.8 −13.0 −16.0 −11.0 5.3 22.7 36.4
Realized USD per tonne 3054.0 2664.0 2505.3 3058.4 2080.3 2276.9 2498.0 2324.0 2227.0 ··· ···
. . . Year-on-Year Chg % −2.2 −11.3 −9.2 6.4 −36.6 −27.6 −20.6 −23.7 −28.0 ··· ···
Gold Price
International USD per ne ounce 1270.0 1236.6 1283.4 1315.8 1280.6 1282.4 1266.6 1331.7 1332.4 1325.7 1334.9
. . . Year-on-Year Chg % 2.2 −7.6 −4.2 −0.7 0.8 3.6 10.0 11.6 8.0 7.7 5.1
Realized USD per ne ounce 1264.4 1230.6 1280.1 1314.0 1280.9 1280.9 1265.5 1325.1 1319.8 1323.8 1334.9
. . . Year-on-Year Chg % 1.7 −8.0 −4.6 −1.0 0.8 2.5 8.1 10.4 7.3 7.6 5.6
Realized USD per barrel 54.5 47.0 52.0 55.4 55.2 63.4 63.7 68.6 67.5 66.0 71.9
. . . Year-on-Year Chg % 69.7 0.4 10.3 20.8 12.0 34.0 20.6 24.7 20.9 26.7 32.0
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2017:03 2017:04 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Trade Account
Total Exports million USD 3954.4 5106.5 10087.5 11138.6 12479.9 13835.0 1435.9 2725.7 4102.8 5527.3
. . . Gold Exports million USD 1761.6 2199.1 4373.2 4837.2 5318.1 5786.2 501.8 982.5 1431.0 1906.2
. . . Cocoa Exports million USD 1000.6 1330.1 2051.0 2126.0 2344.2 2661.4 302.2 619.5 898.9 1158.0
. . . Oil Exports million USD 632.5 845.3 2003.0 2314.2 2735.6 3115.1 400.1 664.9 1052.8 1465.6
Total Imports million USD 3041.7 3942.6 9309.7 10407.8 11517.3 12647.3 1180.5 2212.3 3333.3 4388.2
. . . Oil Imports million USD 568.7 760.5 1538.0 1675.8 1803.3 1992.2 210.8 386.9 660.4 880.0
. . . Non-Oil Imports million USD 2473.1 3182.1 7771.7 8731.9 9714.0 10655.2 969.7 1825.4 2672.9 3508.2
Trade Balance million USD 912.6 1164.0 777.8 730.8 962.6 1187.7 255.4 513.3 769.5 1139.1
. . . percent of GDP % 2.0 2.5 1.7 1.6 2.1 2.6 0.5 1.0 1.5 2.2
Balance of Payments
Current Account Balance million USD 328.0 · · · −1195.1 ··· · · · −2004.9 ··· ··· 255.0 ···
. . . percent of GDP % 0.7 ··· −2.6 ··· ··· −4.4 ··· ··· 0.5 ···
Capital and Financial Account Balance million USD −621.9 ··· 1680.3 ··· ··· 3015.7 ··· · · · −516.0 ···
. . . percent of GDP % −1.4 ··· 3.7 ··· ··· 6.6 ··· ··· −1.0 ···
Overall BOP million USD −408.3 ··· 379.3 ··· ··· 1091.4 ··· · · · −614.0 ···
. . . percent of GDP % −0.9 ··· 0.8 ··· ··· 2.4 ··· ··· −1.2 ···
Gross International Reserves (GIR) million USD 6396.8 8289.7 6850.7 6938.5 7308.6 7554.8 7106.0 6942.0 7040.9 6901.1
. . . Import Cover months 3.6 4.8 3.9 3.9 4.1 4.3 4.0 3.8 3.9 3.8
Net International Reserves (NIR) million USD 3022.7 5066.7 3810.3 3903.0 4321.4 4522.5 4240.4 3951.8 3908.9 3871.4
. . . Import Cover months 1.7 2.9 2.2 2.2 2.4 2.5 2.4 2.2 2.1 2.1
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2017:01 2017:02 2017:03 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03
Primary Balance −0.6 −0.3 0.2 0.4 0.3 0.4 0.6 −0.4 0.1 −0.1
Overall Balance (cash basis) −0.2 −0.3 −1.3 −4.0 −4.9 −5.6 −5.9 −0.5 −0.9 −1.3
Net Domestic Financing 1.3 1.5 1.4 4.2 5.4 5.8 5.8 1.1 0.9 1.3
Public Debt
Total Public Debt billion USD 29.8 29.2 29.5 31.5 31.4 31.5 32.5 32.5 32.8 ···
Total Public Debt billion GHc 127.2 130.4 128.2 138.9 137.6 139.0 142.5 143.9 145.0 ···
.....percent of GDP % 63.0 64.5 63.5 68.1 67.4 68.1 69.8 59.5 60.0 ···
External Debt billion USD 16.9 16.9 16.8 17.2 16.9 17.0 17.2 17.4 17.4 ···
External Debt billion GHc 72.3 75.4 73.0 75.5 73.9 74.8 75.8 77.0 76.9 ···
.....percent of GDP % 35.8 37.3 36.1 37.0 36.2 36.7 37.1 31.8 31.8 ···
Domestic Debt billion GHc 54.9 55.0 55.2 63.3 63.7 64.2 66.7 67.0 68.2 ···
....percent of GDP % 27.2 27.2 27.3 31.0 31.2 31.4 32.7 27.7 28.2 ···
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8. Monetary Indicators
2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Narrow Money (M1) % 25.8 30.7 19.4 16.8 23.0 12.5 14.5 8.9 10.6 18.4 20.8
. . . Currency Outside Banks % 20.2 13.5 15.3 11.4 9.6 9.2 5.6 6.1 8.2 7.6 10.0
. . . Demand Deposits % 29.1 41.8 24.0 19.7 30.3 14.4 20.1 10.5 11.9 24.5 26.6
Broad Money (M2) % 31.2 35.0 28.1 25.4 28.6 21.8 19.8 15.8 16.9 19.4 20.1
. . . Savings & Time Deposits % 39.5 40.5 39.2 38.6 37.7 37.7 27.9 26.3 26.1 22.6 19.1
Total Liquidity (M2+) % 26.6 30.0 24.9 23.1 25.5 20.3 16.7 12.5 12.2 15.2 17.5
. . . Foreign Currency Deposits % 13.2 15.6 15.9 16.1 16.1 15.3 6.5 1.7 −2.0 2.1 8.6
PSC (Real, in 2012 prices) million GHc 156.7 159.8 152.1 155.2 155.7 159.9 163.3 159.6 146.3 148.1 151.1
. . . Annual Growth % 2.6 2.6 −5.0 −2.3 −2.0 0.6 0.9 1.2 −9.3 −7.3 −3.6
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2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
Aggregate Balance Sheet
Total Assets billion GHc 84.5 89.1 86.1 85.8 88.9 91.6 93.6 95.1 95.1 98.2 97.8
. . . Annual Growth % 30.9 32.9 23.9 21.1 20.5 18.2 15.3 16.1 13.7 17.0 15.7
Total Deposits billion GHc 52.8 55.7 53.7 53.5 55.8 57.1 58.2 59.1 59.9 60.6 61.1
. . . Annual Growth % 28.4 32.0 21.6 20.8 18.2 18.9 12.7 14.1 12.6 14.6 15.7
Total Advances billion GHc 36.0 37.8 37.3 38.0 38.4 37.4 37.8 38.5 35.8 36.1 36.8
. . . Annual Growth % 16.7 17.9 11.1 12.6 12.0 8.4 6.8 9.9 −0.6 0.4 2.2
Asset Quality
Non-Performing Loans % 19.8 20.9 21.9 22.2 21.6 22.9 21.6 21.0 21.6 22.6 23.4
. . . excluding loss category % 10.3 11.1 11.3 10.7 10.5 11.0 10.1 10.6 10.9 12.2 12.3
Management Eciency
Total Cost to Gross Income Ratio % 86.0 87.0 89.4 90.2 87.6 90.0 86.3 95.5 83.6 84.3 84.5
Operational Cost / Income % 46.7 49.4 49.5 52.3 50.4 50.4 50.1 47.1 51.2 51.1 51.3
Liquidity Indicators
Core Liquid Assets to Total Assets % 25.6 28.2 25.9 25.2 25.1 24.9 26.0 25.3 24.9 24.3 23.5
Core Liquid Assets to Short-term Liabilities % 33.3 36.7 33.4 32.5 32.6 32.2 33.3 33.1 32.7 32.0 30.7
2017:04 2017:07 2017:08 2017:09 2017:10 2017:11 2017:12 2018:01 2018:02 2018:03 2018:04
GSE Composite Index (GSE-CI)
All Share Index 1896.1 2256.8 2389.0 2326.1 2361.5 2521.7 2579.7 3077.0 3337.2 3366.8 3489.4
. . . Monthly Change in Index 31.1 292.2 132.2 −62.9 35.4 160.2 58.0 497.3 260.2 29.7 122.6
Market Capitalization billion GHc 58.8 57.2 58.1 58.4 58.0 58.5 58.8 62.9 66.0 64.4 66.1
. . . Monthly Growth % 20.4 −3.8 1.5 0.6 −0.6 0.8 0.5 7.0 4.9 −2.5 2.7
Market Capitalization billion GHc 11.0 12.7 13.3 13.3 13.3 13.8 14.2 17.6 20.3 18.2 19.9
. . . Monthly Growth % 1.4 12.3 4.7 0.2 −0.2 3.7 2.8 24.1 15.3 −10.1 9.2
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