Ghana: Statistical Annex

International Monetary Fund

doi:10.5089/9781451814729.002.A001

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Ghana

Statistical Annex

Author:

International Monetary Fund

International Monetary Fund
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Publication Date:: 17 Aug 1995

eISBN:: 9781451814729

Language:: English

Keywords:: ISCR; CR; net; tax; net profit; income tax; license fee; gross investment; GDP deflator; net lending receipts

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Ghana - Basic Data

^{^1/}Figures for 1990 and 1993 include takeover of the accumulated revaluation losses of the Bank of Ghana by the Government.

^{^2/}Percentage change in relation to beginning money stock (M2).

^{^3/}Includes cocoa financing; figures for 1990 include nonperforming loans.

^{^1/}Public and public ally guaranteed medium- and long-term debt.

Ghana - Selected Social and Demographic Indicators ^1/

Sources: Statistical Service, Quarterly Digest of Statistics: IMF, International Financial Statistics: and data provided by the World Bank.

^{^1/}Unless otherwise mentioned, data refer to the latest available estimates.

^{^2/}Poverty line estimated at Cedi 128,404 per year per capita (at constant May 1992 Accra prices) as at mid-1992. Based on the living standards surveys conducted by the Ghana Statistical Service in collaboration with the World Bank during 1987/88, 1988/89, and 1991/92.

^{^3/}The survey was based on the World Bank’s Living Standards Measurement Study methodology and was carried out by the Ghana Statistical Service during the period from September 1987 to August 1988, covering 3,200 households.

^{^4/}The figures refer to the total number of people surveyed and not the total number of households surveyed. For example, 6.9 percent of the people surveyed live in households headed by a person working in the private sector.

Table 1.

Ghana: Gross Domestic Product by Sector, 1988–94

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Including restaurants and hotels.

Table 1.

Ghana: Gross Domestic Product by Sector, 1988–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at current market prices)
Agriculture, forestry, and fishing			693,975	972,324	1,252,025	1,461,005	1,887,633	2,452,851
	Agriculture and livestock		(470,119)	(675,815)	(873,493)	(1,007,072)	(1,307,127)	(1,711,292)
	Cocoa		(137,532)	(184,218)	(244,603)	(294,606)	(367,259)	(466,716)
	Forestry and logging		(64,377)	(85,717)	(99,986)	(120,247)	(161,910)	(207,429)
	Fishing		(21,947)	(26,573)	(33,943)	(39,080)	(51,337)	(67,414)
Industrial production			237,012	322,171	411,812	487,002	631,843	840,089
	Mining and quarrying		(26,310)	(35,824)	(45,587)	(57,118)	(75,031)	(103,715)
	Manufacturing		(141,815)	(187,524)	(225,078)	(261,538)	(359,361)	(466,716)
	Electricity, water, and gas		(26,310)	(36,612)	(51,951)	(63,130)	(71,082)	(98,529)
	Construction		(42,578)	(62,211)	(89,195)	(105,217)	(126,369)	(171,129)
Services			474,297	727,818	908,322	1,049,263	1,409,801	1,872,049
	Transport, storage, and communications		(60,524)	(89,417)	(114,686)	(132,272)	(169,808)	(228,172)
	Wholesale and retail trade ^3/		(265,822)	(385,809)	(442,788)	(550,132)	(750,314)	(995,660)
	Finance, insurance, real estate, and business services		(38,041)	(78,421)	(107,392)	(108,227)	(150,063)	(197,058)
	Public administration and defense and other services		(109,910)	(174,171)	(243,457)	(258,633)	(339,616)	(451,159)
Less: Imputed bank charges			20,484	26,640	35,462	42,598	55,286	72,600
Plus: Import duties			32,415	36,013	38,077	54,111	75,031	93,343
		Gross domestic product	1,417.214	2,031.686	2,574.774	3,008.783	3,949.023	5,185.732
			(In millions of cedis at 1975 prices)
Agriculture, forestry, and fishing			3,122	3,059	3,204	3,183	3,274	3,308
	Agriculture and livestock		(2,223)	(2,131)	(2,276)	(2,232)	(2,299)	(2,320)
	Cocoa		(453)	(466)	(457)	(467)	(483)	(488)
	Forestry and logging		(337)	(350)	(357)	(369)	(373)	(380)
	Fishing		(109)	(112)	(114)	(116)	(119)	(120)
Industrial production			930	995	1,032	1,091	1,138	1,170
	Mining and quarrying		(85)	(90)	(97)	(107)	(116)	(122)
	Manufacturing		(594)	(628)	(635)	(652)	(667)	(677)
	Electricity, water, and gas		(79)	(91)	(98)	(110)	(119)	(125)
	Construction		(172)	(185)	(202)	(222)	(236)	(246)
Services			2,762	2,981	3,167	3,411	3,650	3,890
	Transport, storage, and communications		(327)	(367)	(403)	(431)	(455)	(483)
	Wholesale and retail trade ^3/		(873)	(968)	(1,060)	(1,155)	(1,249)	(1,348)
	Finance, insurance, real estate, and business services		(586)	(628)	(662)	(690)	(731)	(769)
	Public administration and defense and other services		(977)	(1,018)	(1,042)	(1,135)	(1,215)	(1,290)
Less: Imputed bank charges			270	280	287	292	300	307
Plus: Import duties			88	99	101	105	109	113
		Gross domestic product	6.633	6.853	7.217	7.498	7.871	8.173
Memorandum items:			(Annual percentage changes)
	GDP deflator		28.3	38.7	20.4	12.5	25.0	26.5
	GDP at current market prices		34.8	43.4	26.7	16.9	31.2	31.3
	GDP at constant 1975 prices		5.1	3.3	5.3	3.9	5.0	3.8
	Per capita real GDP		2.4	0.7	2.7	1.0	1.9	0.7

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Including restaurants and hotels.

Table 1.

Ghana: Gross Domestic Product by Sector, 1988–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at current market prices)
Agriculture, forestry, and fishing			693,975	972,324	1,252,025	1,461,005	1,887,633	2,452,851
	Agriculture and livestock		(470,119)	(675,815)	(873,493)	(1,007,072)	(1,307,127)	(1,711,292)
	Cocoa		(137,532)	(184,218)	(244,603)	(294,606)	(367,259)	(466,716)
	Forestry and logging		(64,377)	(85,717)	(99,986)	(120,247)	(161,910)	(207,429)
	Fishing		(21,947)	(26,573)	(33,943)	(39,080)	(51,337)	(67,414)
Industrial production			237,012	322,171	411,812	487,002	631,843	840,089
	Mining and quarrying		(26,310)	(35,824)	(45,587)	(57,118)	(75,031)	(103,715)
	Manufacturing		(141,815)	(187,524)	(225,078)	(261,538)	(359,361)	(466,716)
	Electricity, water, and gas		(26,310)	(36,612)	(51,951)	(63,130)	(71,082)	(98,529)
	Construction		(42,578)	(62,211)	(89,195)	(105,217)	(126,369)	(171,129)
Services			474,297	727,818	908,322	1,049,263	1,409,801	1,872,049
	Transport, storage, and communications		(60,524)	(89,417)	(114,686)	(132,272)	(169,808)	(228,172)
	Wholesale and retail trade ^3/		(265,822)	(385,809)	(442,788)	(550,132)	(750,314)	(995,660)
	Finance, insurance, real estate, and business services		(38,041)	(78,421)	(107,392)	(108,227)	(150,063)	(197,058)
	Public administration and defense and other services		(109,910)	(174,171)	(243,457)	(258,633)	(339,616)	(451,159)
Less: Imputed bank charges			20,484	26,640	35,462	42,598	55,286	72,600
Plus: Import duties			32,415	36,013	38,077	54,111	75,031	93,343
		Gross domestic product	1,417.214	2,031.686	2,574.774	3,008.783	3,949.023	5,185.732
			(In millions of cedis at 1975 prices)
Agriculture, forestry, and fishing			3,122	3,059	3,204	3,183	3,274	3,308
	Agriculture and livestock		(2,223)	(2,131)	(2,276)	(2,232)	(2,299)	(2,320)
	Cocoa		(453)	(466)	(457)	(467)	(483)	(488)
	Forestry and logging		(337)	(350)	(357)	(369)	(373)	(380)
	Fishing		(109)	(112)	(114)	(116)	(119)	(120)
Industrial production			930	995	1,032	1,091	1,138	1,170
	Mining and quarrying		(85)	(90)	(97)	(107)	(116)	(122)
	Manufacturing		(594)	(628)	(635)	(652)	(667)	(677)
	Electricity, water, and gas		(79)	(91)	(98)	(110)	(119)	(125)
	Construction		(172)	(185)	(202)	(222)	(236)	(246)
Services			2,762	2,981	3,167	3,411	3,650	3,890
	Transport, storage, and communications		(327)	(367)	(403)	(431)	(455)	(483)
	Wholesale and retail trade ^3/		(873)	(968)	(1,060)	(1,155)	(1,249)	(1,348)
	Finance, insurance, real estate, and business services		(586)	(628)	(662)	(690)	(731)	(769)
	Public administration and defense and other services		(977)	(1,018)	(1,042)	(1,135)	(1,215)	(1,290)
Less: Imputed bank charges			270	280	287	292	300	307
Plus: Import duties			88	99	101	105	109	113
		Gross domestic product	6.633	6.853	7.217	7.498	7.871	8.173
Memorandum items:			(Annual percentage changes)
	GDP deflator		28.3	38.7	20.4	12.5	25.0	26.5
	GDP at current market prices		34.8	43.4	26.7	16.9	31.2	31.3
	GDP at constant 1975 prices		5.1	3.3	5.3	3.9	5.0	3.8
	Per capita real GDP		2.4	0.7	2.7	1.0	1.9	0.7

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Including restaurants and hotels.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1989–94

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at constant 1975 prices)
Total consumption expenditure			5,814	6,600	6,860	7,439	7,116	7,067
	Private sector		(4,743)	(5,513)	(5,713)	(6,157)	(5,684)	(5,575)
	Central Government		(1,071)	(1,087)	(1,147)	(1,282)	(1,432)	(1,492)
Total investment expenditure			828	872	1,003	892	1,878	1,988
	Gross fixed capital formation		(827)	(869)	(1,000)	(889)	(1,875)	(1,992)
	Change in stocks		(1)	(3)	(3)	(3)	(3)	(-4)
		Gross domestic expenditure	6,642	7,472	7,863	8,331	8,994	9,055
Exports of goods and nonfactor services			780	1,102	1,266	1,347	1,375	1,405
Imports of goods and nonfactor services			-790	-1,720	-1,912	-2,179	-2,498	-2,287
		Gross domestic product	6,633	6,853	7,217	7,498	7,871	8,173
Factor income paid abroad (net)			-95	-129	-137	-139	-129	-134
		Gross national product	6,537	6,724	7,079	7,359	7,742	8,039
Consumption of fixed capital			-408	-399	-417	-452	-521	-490
		National income (net)	6,129	6,325	6,663	6,907	7,221	7,548
Current transfers from abroad (net)			340	485	493	486	595	540
		Gross national disposable income	6,878	7,209	7,572	7,845	8,337	8,578
Per capita GDP (in cedis)			470	474	487	491	501	504
			(In millions of cedis at current market prices)
Total consumption expenditure			1,305,199	1,911,217	2,369,212	2,947,189	3,998,426	4,959,745
	Private sector		(1,175,300)	(1,689,237)	(2,075,032)	(2,547,112)	(3,438,932)	(4,212,832)
	Central Government		(129,899)	(221,980)	(294,180)	(400,077)	(559,494)	(746,913)
Total investment expenditure			219,668	292,563	409,389	385,124	584,456	824,531
	Gross fixed capital formation		(218,881)	(291,200)	(407,819)	(383,271)	(581,025)	(824,531)
	Change in stocks		(787)	(1,363)	(1,570)	(1,853)	(3,431)	(—)
		Gross domestic expenditure	1,524,867	2,203,780	2,778,601	3,332,313	4,582,882	5,784,276
Exports of goods and nonfactor services			240,085	312,592	404,742	482,853	775,985	1,314,655
Imports of goods and nonfactor services			-347,737	-487,994	-611,471	-806,387	-1,409,844	-1,913,200
Statistical discrepancy			—	3,308	2,902	—	-3,949	1
		Gross domestic product	1,417,214	2,031,686	2,574,774	3,008,783	3,949,023	5,185,732
Factor income paid abroad (net)			-31,806	-36,680	-43,913	-48,743	-72,871	-106,087
		Gross national product	1,385,408	1,995,007	2,530,861	2,960,040	3,876,152	5,079,645
Consumption of fixed capital			-86,455	-110,700	-130,984	-156,345	-230,291	-259,287
		National income (net)	1,298,953	1,884,306	2,399,877	2,803,691	3,645,859	4,820,358
Current transfers from abroad (net)			113,805	137,581	155,166	205,612	335,741	451,324
		Gross national disposable income	1,499,213	2,132,588	2,686,028	3,165,652	4,211,893	5,530,969
Per capita GDP (in cedis)			100,512	140,440	173,587	197,187	251,220	319,949

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at constant 1975 prices)
Total consumption expenditure			5,814	6,600	6,860	7,439	7,116	7,067
	Private sector		(4,743)	(5,513)	(5,713)	(6,157)	(5,684)	(5,575)
	Central Government		(1,071)	(1,087)	(1,147)	(1,282)	(1,432)	(1,492)
Total investment expenditure			828	872	1,003	892	1,878	1,988
	Gross fixed capital formation		(827)	(869)	(1,000)	(889)	(1,875)	(1,992)
	Change in stocks		(1)	(3)	(3)	(3)	(3)	(-4)
		Gross domestic expenditure	6,642	7,472	7,863	8,331	8,994	9,055
Exports of goods and nonfactor services			780	1,102	1,266	1,347	1,375	1,405
Imports of goods and nonfactor services			-790	-1,720	-1,912	-2,179	-2,498	-2,287
		Gross domestic product	6,633	6,853	7,217	7,498	7,871	8,173
Factor income paid abroad (net)			-95	-129	-137	-139	-129	-134
		Gross national product	6,537	6,724	7,079	7,359	7,742	8,039
Consumption of fixed capital			-408	-399	-417	-452	-521	-490
		National income (net)	6,129	6,325	6,663	6,907	7,221	7,548
Current transfers from abroad (net)			340	485	493	486	595	540
		Gross national disposable income	6,878	7,209	7,572	7,845	8,337	8,578
Per capita GDP (in cedis)			470	474	487	491	501	504
			(In millions of cedis at current market prices)
Total consumption expenditure			1,305,199	1,911,217	2,369,212	2,947,189	3,998,426	4,959,745
	Private sector		(1,175,300)	(1,689,237)	(2,075,032)	(2,547,112)	(3,438,932)	(4,212,832)
	Central Government		(129,899)	(221,980)	(294,180)	(400,077)	(559,494)	(746,913)
Total investment expenditure			219,668	292,563	409,389	385,124	584,456	824,531
	Gross fixed capital formation		(218,881)	(291,200)	(407,819)	(383,271)	(581,025)	(824,531)
	Change in stocks		(787)	(1,363)	(1,570)	(1,853)	(3,431)	(—)
		Gross domestic expenditure	1,524,867	2,203,780	2,778,601	3,332,313	4,582,882	5,784,276
Exports of goods and nonfactor services			240,085	312,592	404,742	482,853	775,985	1,314,655
Imports of goods and nonfactor services			-347,737	-487,994	-611,471	-806,387	-1,409,844	-1,913,200
Statistical discrepancy			—	3,308	2,902	—	-3,949	1
		Gross domestic product	1,417,214	2,031,686	2,574,774	3,008,783	3,949,023	5,185,732
Factor income paid abroad (net)			-31,806	-36,680	-43,913	-48,743	-72,871	-106,087
		Gross national product	1,385,408	1,995,007	2,530,861	2,960,040	3,876,152	5,079,645
Consumption of fixed capital			-86,455	-110,700	-130,984	-156,345	-230,291	-259,287
		National income (net)	1,298,953	1,884,306	2,399,877	2,803,691	3,645,859	4,820,358
Current transfers from abroad (net)			113,805	137,581	155,166	205,612	335,741	451,324
		Gross national disposable income	1,499,213	2,132,588	2,686,028	3,165,652	4,211,893	5,530,969
Per capita GDP (in cedis)			100,512	140,440	173,587	197,187	251,220	319,949

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1989–94

Source: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In percent of real GDP)
Agriculture, forestry, and fishing			47.1	44.6	44.4	42.5	41.6	40.5
		Agriculture and livestock	(33.5)	(31.1)	(31.5)	(29.8)	(29.2)	(28.4)
		Cocoa	(6.8)	(6.8)	(6.3)	(6.2)	(6.1)	(6.0)
		Forestry and logging	(5.1)	(5.1)	(4.9)	(4.9)	(4.7)	(4.6)
		Fishing	(1.6)	(1.6)	(1.6)	(1.5)	(1.5)	(1.5)
Industrial production			14.0	14.5	14.3	14.6	14.5	14.3
	Mining and quarrying		(1.3)	(1.3)	(1.3)	(1.4)	(1.5)	(1.5)
	Manufacturing		(8.9)	(9.2)	(8.8)	(8.7)	(8.5)	(8.3)
	Electricity, water, and gas		(1.2)	(1.3)	(1.4)	(1.5)	(1.5)	(1.5)
	Construction		(2.6)	(2.7)	(2.8)	(3.0)	(3.0)	(3.0)
Services			41.6	43.5	43.9	45.5	46.4	47.6
	Transport, storage, and communications		(4.9)	(5.4)	(5.6)	(5.8)	(5.8)	(5.9)
	Wholesale and retail trade		(13.2)	(14.1)	(14.7))	(15.4)	(15.9)	(16.5)
	Finance, insurance, real estate, and business services		(8.8)	(9.2)	(9.2)	(9.2)	(9.3)	(9.4)
	Public administration and defense and other services		(14.7)	(14.8)	(14.4)	(15.1)	(15.4)	(15.8)
Less: Imputed bank charges			4.1	4.1	4.0	3.9	3.8	3.8
Plus: Import duties			1.3	1.4	1.4	1.4	1.4	1.4
Gross domestic product			100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes in constant prices)
Agriculture, forestry, and fishing			4.2	-2.0	4.7	-0.6	2.8	1.1
		Agriculture and livestock	(5.1)	(-4.1)	(6.8)	(-1.9)	(3.0)	(0.9)
		Cocoa	(3.2)	(3.0)	(-2.0)	(2.1)	(3.5)	(1.0)
		Forestry and logging	(1.2)	(3.8)	(2.1)	(3.3)	(1.2)	(1.9)
		Fishing	(0.6)	(2.4)	(1.4)	(2.0)	(2.4)	(1.1)
Industrial production			2.6	6.9	3.7	5.8	4.3	2.8
	Mining and quarrying		(10.0)	(6.4)	(6.7)	(10.4)	(9.1)	(5.0)
	Manufacturing		(0.6)	(5.9)	(1.1)	(2.7)	(2.2)	(1.5)
	Electricity, water, and gas		(7.7)	(14.6)	(7.9)	(12.0)	(8.2)	(5.0)
	Construction		(4.2)	(7.3)	(9.1)	(10.1)	(6.3)	(4.1)
Services			6.7	7.9	6.3	7.7	7.0	6.6
	Transport, storage, and communications		(7.9)	(12.2)	(9.9)	(7.0)	(5.5)	(6.2)
	Wholesale and retail trade		(9.4)	(10.9)	(9.4)	(9.0)	(8.2)	(7.9)
	Finance, insurance, real estate, and business services		(3.9)	(7.3)	(5.4)	(4.2)	(5.8)	(5.3)
	Public administration and defense and other services		(5.6)	(4.2)	(2.4)	(8.9)	(7.1)	(6.1)
Gross domestic product			5.1	3.3	5.3	3.9	5.0	3.8

Source: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In percent of real GDP)
Agriculture, forestry, and fishing			47.1	44.6	44.4	42.5	41.6	40.5
		Agriculture and livestock	(33.5)	(31.1)	(31.5)	(29.8)	(29.2)	(28.4)
		Cocoa	(6.8)	(6.8)	(6.3)	(6.2)	(6.1)	(6.0)
		Forestry and logging	(5.1)	(5.1)	(4.9)	(4.9)	(4.7)	(4.6)
		Fishing	(1.6)	(1.6)	(1.6)	(1.5)	(1.5)	(1.5)
Industrial production			14.0	14.5	14.3	14.6	14.5	14.3
	Mining and quarrying		(1.3)	(1.3)	(1.3)	(1.4)	(1.5)	(1.5)
	Manufacturing		(8.9)	(9.2)	(8.8)	(8.7)	(8.5)	(8.3)
	Electricity, water, and gas		(1.2)	(1.3)	(1.4)	(1.5)	(1.5)	(1.5)
	Construction		(2.6)	(2.7)	(2.8)	(3.0)	(3.0)	(3.0)
Services			41.6	43.5	43.9	45.5	46.4	47.6
	Transport, storage, and communications		(4.9)	(5.4)	(5.6)	(5.8)	(5.8)	(5.9)
	Wholesale and retail trade		(13.2)	(14.1)	(14.7))	(15.4)	(15.9)	(16.5)
	Finance, insurance, real estate, and business services		(8.8)	(9.2)	(9.2)	(9.2)	(9.3)	(9.4)
	Public administration and defense and other services		(14.7)	(14.8)	(14.4)	(15.1)	(15.4)	(15.8)
Less: Imputed bank charges			4.1	4.1	4.0	3.9	3.8	3.8
Plus: Import duties			1.3	1.4	1.4	1.4	1.4	1.4
Gross domestic product			100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes in constant prices)
Agriculture, forestry, and fishing			4.2	-2.0	4.7	-0.6	2.8	1.1
		Agriculture and livestock	(5.1)	(-4.1)	(6.8)	(-1.9)	(3.0)	(0.9)
		Cocoa	(3.2)	(3.0)	(-2.0)	(2.1)	(3.5)	(1.0)
		Forestry and logging	(1.2)	(3.8)	(2.1)	(3.3)	(1.2)	(1.9)
		Fishing	(0.6)	(2.4)	(1.4)	(2.0)	(2.4)	(1.1)
Industrial production			2.6	6.9	3.7	5.8	4.3	2.8
	Mining and quarrying		(10.0)	(6.4)	(6.7)	(10.4)	(9.1)	(5.0)
	Manufacturing		(0.6)	(5.9)	(1.1)	(2.7)	(2.2)	(1.5)
	Electricity, water, and gas		(7.7)	(14.6)	(7.9)	(12.0)	(8.2)	(5.0)
	Construction		(4.2)	(7.3)	(9.1)	(10.1)	(6.3)	(4.1)
Services			6.7	7.9	6.3	7.7	7.0	6.6
	Transport, storage, and communications		(7.9)	(12.2)	(9.9)	(7.0)	(5.5)	(6.2)
	Wholesale and retail trade		(9.4)	(10.9)	(9.4)	(9.0)	(8.2)	(7.9)
	Finance, insurance, real estate, and business services		(3.9)	(7.3)	(5.4)	(4.2)	(5.8)	(5.3)
	Public administration and defense and other services		(5.6)	(4.2)	(2.4)	(8.9)	(7.1)	(6.1)
Gross domestic product			5.1	3.3	5.3	3.9	5.0	3.8

Source: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1989–94

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

^{^3/}Approximated by total central government capital expenditure, including capital outlays financed by external project aid.

^{^4/}Approximated by net lending to state enterprises by the Government; excluding investment financed by state enterprises’ savings and/or domestic borrowing, which is included in private investment.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1989–94

				1989	1990	1991	1992	1993 ^1/	1994 ^2/
				(In percent of nominal GDP)
Consumption				92.1	94.1	92.0	98.0	101.3	95.6
	Private sector			(82.9)	(83.1)	(80.6)	(84.7)	(87.1)	(81.2)
	Central Government			(9.2)	(10.9)	(11.4)	(13.3)	(14.2)	(14.4)
Gross investment				15.5	14.4	15.9	12.8	14.8	15.9
	Gross fixed investment			15.4	14.3	15.8	12.7	14.7	15.9
		Public sector		(7.8)	(6.8)	(7.7)	(8.5)	(10.5)	(11.5)
			Central Government ^3/	(5.1)	(4.7)	(5.6)	(6.5)	(8.1)	(8.8)
			State enterprises ^4/	(2.7)	(2.1)	(2.1)	(1.9)	(2.4)	(2.7)
		Private sector		(7.7)	(7.6)	(8.2)	(4.3)	(4.3)	(4.4)
	Change in stocks			0.1	0.1	0.1	0.1	0.1	—
Gross domestic expenditure				107.6	108.5	107.9	110.8	116.1	111.5
Exports of goods and nonfactor services				16.9	15.4	15.7	16.0	19.7	25.4
Imports of goods and nonfactor services				-24.5	-24.0	-23.7	-26.8	-35.7	-36.9
Statistical discrepancy				—	0.2	0.1	—	-0.1	—
Gross domestic product				100.0	100.0	100.0	100.0	99.9	100.0
				(Annual percentage changes in constant prices)
Consumption				3.6	13.5	3.9	8.4	-4.3	-0.7
	Private sector			(1.9)	(16.2)	(3.6)	(7.8)	(-7.7)	(-1.9)
	Central Government			(11.7)	(1.5)	(5.5)	(11.8)	(11.7)	(4.2)
Gross investment				7.6	5.3	15.1	-11.1	110.6	5.9
	Gross fixed investment			7.8	5.1	15.1	-11.1	110.9	6.2
		Public sector		(-4.6)	(-0.5)	(17.6)	(21.6)	(126.1)	(7.8)
		Private sector		(24.2)	(10.6)	(12.8)	(-42.0)	(80.7)	(2.3)
Gross domestic expenditure				4.1	12.5	5.2	5.9	8.0	0.7
Exports of goods and nonfactor services				11.4	41.2	14.9	6.4	2.1	2.2
Imports of goods and nonfactor services				2.6	117.7	11.2	14.0	14.6	-8.4
Gross domestic product				5.1	3.3	5.3	3.9	5.0	3.8
Gross national product				5.3	2.9	5.3	3.9	5.2	3.8
Gross national disposable income				6.1	4.8	5.0	3.6	6.3	2.9

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

^{^3/}Approximated by total central government capital expenditure, including capital outlays financed by external project aid.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1989–94

				1989	1990	1991	1992	1993 ^1/	1994 ^2/
				(In percent of nominal GDP)
Consumption				92.1	94.1	92.0	98.0	101.3	95.6
	Private sector			(82.9)	(83.1)	(80.6)	(84.7)	(87.1)	(81.2)
	Central Government			(9.2)	(10.9)	(11.4)	(13.3)	(14.2)	(14.4)
Gross investment				15.5	14.4	15.9	12.8	14.8	15.9
	Gross fixed investment			15.4	14.3	15.8	12.7	14.7	15.9
		Public sector		(7.8)	(6.8)	(7.7)	(8.5)	(10.5)	(11.5)
			Central Government ^3/	(5.1)	(4.7)	(5.6)	(6.5)	(8.1)	(8.8)
			State enterprises ^4/	(2.7)	(2.1)	(2.1)	(1.9)	(2.4)	(2.7)
		Private sector		(7.7)	(7.6)	(8.2)	(4.3)	(4.3)	(4.4)
	Change in stocks			0.1	0.1	0.1	0.1	0.1	—
Gross domestic expenditure				107.6	108.5	107.9	110.8	116.1	111.5
Exports of goods and nonfactor services				16.9	15.4	15.7	16.0	19.7	25.4
Imports of goods and nonfactor services				-24.5	-24.0	-23.7	-26.8	-35.7	-36.9
Statistical discrepancy				—	0.2	0.1	—	-0.1	—
Gross domestic product				100.0	100.0	100.0	100.0	99.9	100.0
				(Annual percentage changes in constant prices)
Consumption				3.6	13.5	3.9	8.4	-4.3	-0.7
	Private sector			(1.9)	(16.2)	(3.6)	(7.8)	(-7.7)	(-1.9)
	Central Government			(11.7)	(1.5)	(5.5)	(11.8)	(11.7)	(4.2)
Gross investment				7.6	5.3	15.1	-11.1	110.6	5.9
	Gross fixed investment			7.8	5.1	15.1	-11.1	110.9	6.2
		Public sector		(-4.6)	(-0.5)	(17.6)	(21.6)	(126.1)	(7.8)
		Private sector		(24.2)	(10.6)	(12.8)	(-42.0)	(80.7)	(2.3)
Gross domestic expenditure				4.1	12.5	5.2	5.9	8.0	0.7
Exports of goods and nonfactor services				11.4	41.2	14.9	6.4	2.1	2.2
Imports of goods and nonfactor services				2.6	117.7	11.2	14.0	14.6	-8.4
Gross domestic product				5.1	3.3	5.3	3.9	5.0	3.8
Gross national product				5.3	2.9	5.3	3.9	5.2	3.8
Gross national disposable income				6.1	4.8	5.0	3.6	6.3	2.9

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimates.

^{^3/}Approximated by total central government capital expenditure, including capital outlays financed by external project aid.

Table 5.

Ghana: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1984/85–1994/95

Source: Cocoa Board

^{^1/}Includes sales to processing companies; most of the processed products are then exported.

^{^2/}Including bonus payments until 1986/87, but excluding bonus payments thereafter.

^{^3/}Main crop

^{^4/}Midcrop

^{^5/}Estimates

Table 5.

Ghana: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1984/85–1994/95

Oct. 1- Sept. 30	Production			Consumption		Producer price ^2/	Payments to cocoa farmers	Export receipts (beans)
Oct. 1- Sept. 30	Main crop	Midcrop	Total	Domestic ^1/	Export	Producer price ^2/	Payments to cocoa farmers	Export receipts (beans)
	(Thousands of metric tons)					(Cedis per metric ton)	(In millions of cedis)
1984/85	165	9	174	20	162	30,000 ^3/ 56,600 ^4/	5,477	17,628
1985/86	205	14	219	25	193	56,600 ^3/ 85,500 ^4/	12,786	40,225
1986/87	218	9	227	22	205	85,500 ^3/ 150,000 ^4/	21,590	52,869
1987/88	173	15	188	20	168	150,000 ^3/ 165,000 ^4/	32,149	66,600
1988/89	290	15	300	20	281	165,000 ^3/ 174,400 ^4/	49,594	115,717
1989/90	282	13	295	20	275	174,400 ^3/ 224,000 ^4/	52,000	105,000
1990/91	261	32	293	20	242	224,000 ^3/ 251,200 ^4/	66,502	117,962
1991/92	229	13	242	23	254	251,200 ^3/ 258,000 ^4/	60,879	131,089
1992/93	262	49	311	30	281	258,000 ^3/ 308,000 ^4/	67,915	137,866
1993/94 ^5/	220	20	240	40	200	308,000 ^3/ 700,000 ^4/	86,784	243,805
1994/95 ^5/	260	30	290	30	260	700,000 ^3/ … ^4/	205,500	381,360

Source: Cocoa Board

^{^1/}Includes sales to processing companies; most of the processed products are then exported.

^{^2/}Including bonus payments until 1986/87, but excluding bonus payments thereafter.

^{^3/}Main crop

^{^4/}Midcrop

^{^5/}Estimates

Table 5.

Ghana: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1984/85–1994/95

Oct. 1- Sept. 30	Production			Consumption		Producer price ^2/	Payments to cocoa farmers	Export receipts (beans)
Oct. 1- Sept. 30	Main crop	Midcrop	Total	Domestic ^1/	Export	Producer price ^2/	Payments to cocoa farmers	Export receipts (beans)
	(Thousands of metric tons)					(Cedis per metric ton)	(In millions of cedis)
1984/85	165	9	174	20	162	30,000 ^3/ 56,600 ^4/	5,477	17,628
1985/86	205	14	219	25	193	56,600 ^3/ 85,500 ^4/	12,786	40,225
1986/87	218	9	227	22	205	85,500 ^3/ 150,000 ^4/	21,590	52,869
1987/88	173	15	188	20	168	150,000 ^3/ 165,000 ^4/	32,149	66,600
1988/89	290	15	300	20	281	165,000 ^3/ 174,400 ^4/	49,594	115,717
1989/90	282	13	295	20	275	174,400 ^3/ 224,000 ^4/	52,000	105,000
1990/91	261	32	293	20	242	224,000 ^3/ 251,200 ^4/	66,502	117,962
1991/92	229	13	242	23	254	251,200 ^3/ 258,000 ^4/	60,879	131,089
1992/93	262	49	311	30	281	258,000 ^3/ 308,000 ^4/	67,915	137,866
1993/94 ^5/	220	20	240	40	200	308,000 ^3/ 700,000 ^4/	86,784	243,805
1994/95 ^5/	260	30	290	30	260	700,000 ^3/ … ^4/	205,500	381,360

Source: Cocoa Board

^{^1/}Includes sales to processing companies; most of the processed products are then exported.

^{^2/}Including bonus payments until 1986/87, but excluding bonus payments thereafter.

^{^3/}Main crop

^{^4/}Midcrop

^{^5/}Estimates

Table 6.

Ghana: Operations of the Cocoa Board (Cocoa Division), 1988/89–1994/95 ^1/

Source: Cocoa Board.

^{^1/}Crop year ending September 30.

^{^2/}Mainly discount charges on bills drawn to finance the purchases of cocoa, export duty, and operations of the Cocoa Board.

^{^3/}Includes provision for doubtful debts and depreciation. Includes all other Cocoa Board costs in 1992/93.

^{^4/}Includes outlays for produce inspection, research, construction of feeder roads, and subsidies for insecticides and spraying. Includes a provision of 8.5 billion cedis for retrenchment in 1993/94.

Table 6.

Ghana: Operations of the Cocoa Board (Cocoa Division), 1988/89–1994/95 ^1/

			1988/89	1989/90	1990/91	1991/92	1992/93	1993/94 (Actual)	1994/95 (Budget)
			(In millions of cedis)
Revenue			119,753	116,882	134,560	141,983	168,302	261,160	460,433
	Exports		108,409	101,443	119,522	126,450	137,866	243,805	381,360
	Local deliveries		9,915	15,102	13,938	15,223	19,220	16,347	72,073
	Miscellaneous		271	27	206	310	11.216	7,008	7,000
	Other		1,158	310	894	—	—	—	—
Costs			72,898	84,105	105,600	109,848	138,034	147,451	306,411
	Producer proceeds		50,360	52,000	64,714	62,034	67,915	86,784	205,500
	Licensed buying agents		14,489	10,303	13,871	14,661	—	15,116	32,580
	Freight		1,815	2,343	2.406	1,857	—	16,862	31,238
	Finance costs ^2/		3,292	3,752	9,892	8,576	19,449	5,060	7,402
	Administration ^3/		2,376	3,583	3,800	11,406	4,661	4,108	3,523
	Other ^4/		566	12,124	10,917	11,314	46,009	19,521	26,168
Profits/Losses (-) before taxes			46,855	32,777	28,960	32,135	30,268	119,709	154,022
Duties paid			35,251	17,609	31,552	20,610	36,703	122,999	154,022
Profits/Losses (-) after taxes			11,604	15,168	-2,592	11,525	-6,435	-3,290	—
			(In thousands of metric tons)
Memorandum items:
	Purchases		300.0	295.0	287.9	247.0	312.0	255.0	290.0
	Shipments		301.0	295.0	272.0	262.0	260.0	283.0	290.0
		Exports	(281.0)	(262.0)	(242.5)	(238.0)	(231.0)	(261.0)	(260.0)
		Local deliveries	(20.0)	(33.0)	(29.5)	(24.0)	(29.0)	(22.0)	(30.0)
			(In cedis per metric ton)
	Value of exports		385,797	387,187	492,874	531,303	596,823	934,119	1,466,769
	Value of local deliveries		495,750	457,636	472.475	634,292	662,759	743,045	2.402,433
	Average price received		393,103	422,412	490,662	…	604,177	919,265	1,563,562
	Producer proceeds		167,866	176,271	224,779	…	217,676	340,329	708,621
	Total costs		243,003	285,102	366,794	…	442,417	578,239	1,056,590
	Duties paid		125,448	59,692	109,594	…	141,165	434,625	531,110

Source: Cocoa Board.

^{^1/}Crop year ending September 30.

^{^2/}Mainly discount charges on bills drawn to finance the purchases of cocoa, export duty, and operations of the Cocoa Board.

^{^3/}Includes provision for doubtful debts and depreciation. Includes all other Cocoa Board costs in 1992/93.

Table 6.

Ghana: Operations of the Cocoa Board (Cocoa Division), 1988/89–1994/95 ^1/

			1988/89	1989/90	1990/91	1991/92	1992/93	1993/94 (Actual)	1994/95 (Budget)
			(In millions of cedis)
Revenue			119,753	116,882	134,560	141,983	168,302	261,160	460,433
	Exports		108,409	101,443	119,522	126,450	137,866	243,805	381,360
	Local deliveries		9,915	15,102	13,938	15,223	19,220	16,347	72,073
	Miscellaneous		271	27	206	310	11.216	7,008	7,000
	Other		1,158	310	894	—	—	—	—
Costs			72,898	84,105	105,600	109,848	138,034	147,451	306,411
	Producer proceeds		50,360	52,000	64,714	62,034	67,915	86,784	205,500
	Licensed buying agents		14,489	10,303	13,871	14,661	—	15,116	32,580
	Freight		1,815	2,343	2.406	1,857	—	16,862	31,238
	Finance costs ^2/		3,292	3,752	9,892	8,576	19,449	5,060	7,402
	Administration ^3/		2,376	3,583	3,800	11,406	4,661	4,108	3,523
	Other ^4/		566	12,124	10,917	11,314	46,009	19,521	26,168
Profits/Losses (-) before taxes			46,855	32,777	28,960	32,135	30,268	119,709	154,022
Duties paid			35,251	17,609	31,552	20,610	36,703	122,999	154,022
Profits/Losses (-) after taxes			11,604	15,168	-2,592	11,525	-6,435	-3,290	—
			(In thousands of metric tons)
Memorandum items:
	Purchases		300.0	295.0	287.9	247.0	312.0	255.0	290.0
	Shipments		301.0	295.0	272.0	262.0	260.0	283.0	290.0
		Exports	(281.0)	(262.0)	(242.5)	(238.0)	(231.0)	(261.0)	(260.0)
		Local deliveries	(20.0)	(33.0)	(29.5)	(24.0)	(29.0)	(22.0)	(30.0)
			(In cedis per metric ton)
	Value of exports		385,797	387,187	492,874	531,303	596,823	934,119	1,466,769
	Value of local deliveries		495,750	457,636	472.475	634,292	662,759	743,045	2.402,433
	Average price received		393,103	422,412	490,662	…	604,177	919,265	1,563,562
	Producer proceeds		167,866	176,271	224,779	…	217,676	340,329	708,621
	Total costs		243,003	285,102	366,794	…	442,417	578,239	1,056,590
	Duties paid		125,448	59,692	109,594	…	141,165	434,625	531,110

Source: Cocoa Board.

^{^1/}Crop year ending September 30.

^{^2/}Mainly discount charges on bills drawn to finance the purchases of cocoa, export duty, and operations of the Cocoa Board.

^{^3/}Includes provision for doubtful debts and depreciation. Includes all other Cocoa Board costs in 1992/93.

Table 7.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1989–94

Source: Statistical Service, Quarterly Digest of Statistics.

Table 7.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1989–94

	Production						Acreage						Yield
	1989	1990	1991	1992	1993	1994	1989	1990	1991	1992	1993	1994	1989	1990	1991	1992	1993	1994
	(In thousands of metric tons)						(In thousands of hectares)						(In metric tons per hectare)
	2,320	2,717	5,702	5,662	5,972	5,779	415	323	535	552	532	540	8.00	8.41	10.66	10.26	11.23	10.70
	1,040	799	1,178	1,082	1,322	1,194	164	129	174	157	164	165	6.34	6.19	6.77	6.89	8.06	7.24
	1,200	815	1,297	1,202	1,236	1,245	207	119	203	196	173	191	5.80	6.85	6.39	6.13	7.14	6.52
Yams	1.280	877	2,632	2,331	2,720	2,561	217	142	227	224	207	219	5.90	6.18	11.59	10.41	13.14	11.69
Maize	715	553	932	731	961	875	567	465	610	607	637	618	1.26	1.19	1.53	1.20	1.51	1.42
Guinea corn	215	136	241	259	328	276	286	215	263	307	309	293	0.75	0.63	0.92	0.84	1.06	0.94
Millet	180	75	112	133	198	148	244	124	209	210	204	208	0.74	0.60	0.54	0.63	0.97	0.71
Rice	74	81	151	132	157	147	72	49	95	80	77	84	1.03	1.65	1.59	1.65	2.04	1.75

Source: Statistical Service, Quarterly Digest of Statistics.

Table 7.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1989–94

	Production						Acreage						Yield
	1989	1990	1991	1992	1993	1994	1989	1990	1991	1992	1993	1994	1989	1990	1991	1992	1993	1994
	(In thousands of metric tons)						(In thousands of hectares)						(In metric tons per hectare)
	2,320	2,717	5,702	5,662	5,972	5,779	415	323	535	552	532	540	8.00	8.41	10.66	10.26	11.23	10.70
	1,040	799	1,178	1,082	1,322	1,194	164	129	174	157	164	165	6.34	6.19	6.77	6.89	8.06	7.24
	1,200	815	1,297	1,202	1,236	1,245	207	119	203	196	173	191	5.80	6.85	6.39	6.13	7.14	6.52
Yams	1.280	877	2,632	2,331	2,720	2,561	217	142	227	224	207	219	5.90	6.18	11.59	10.41	13.14	11.69
Maize	715	553	932	731	961	875	567	465	610	607	637	618	1.26	1.19	1.53	1.20	1.51	1.42
Guinea corn	215	136	241	259	328	276	286	215	263	307	309	293	0.75	0.63	0.92	0.84	1.06	0.94
Millet	180	75	112	133	198	148	244	124	209	210	204	208	0.74	0.60	0.54	0.63	0.97	0.71
Rice	74	81	151	132	157	147	72	49	95	80	77	84	1.03	1.65	1.59	1.65	2.04	1.75

Source: Statistical Service, Quarterly Digest of Statistics.

Table 8.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1988–92

Sources: Statistical Service; and Ministry of Lands and Natural Resources.

Table 8.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1988–92

			1988	1989	1990	1991	1992
			(In thousands of cubic meters)
Logs			1,180	996	1,290	1,229	1,318
	Exports		330	201	155	215	161
	Sawmill intake		620	652	903	924	916
	Veneer/plywood intake		120	143	185	21	31
	Unrecorded uses and changes
		in stocks	110	—	47	69	210
Sawn timber			400	537	632	578	549
	Exports		170	154	202	183	232
	Local sales		130	212	310	202	200
	Own use		40	10	15	—	—
	Unrecorded uses and changes
		in stocks	60	161	105	193	117
Veneer			60	52	71	…	…
	Exports		21	15	17	…	…
	Local sales		10	6	6	…	…
	Own use		22	27	45	…	…
	Changes in stocks		8	4	3	…	…
Plywood			22	21	29	…	…
	Exports		1	1	2	…	…
	Local sales		18	19	26	…	…
	Changes in stocks		3	1	1	…	…

Sources: Statistical Service; and Ministry of Lands and Natural Resources.

Table 8.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1988–92

			1988	1989	1990	1991	1992
			(In thousands of cubic meters)
Logs			1,180	996	1,290	1,229	1,318
	Exports		330	201	155	215	161
	Sawmill intake		620	652	903	924	916
	Veneer/plywood intake		120	143	185	21	31
	Unrecorded uses and changes
		in stocks	110	—	47	69	210
Sawn timber			400	537	632	578	549
	Exports		170	154	202	183	232
	Local sales		130	212	310	202	200
	Own use		40	10	15	—	—
	Unrecorded uses and changes
		in stocks	60	161	105	193	117
Veneer			60	52	71	…	…
	Exports		21	15	17	…	…
	Local sales		10	6	6	…	…
	Own use		22	27	45	…	…
	Changes in stocks		8	4	3	…	…
Plywood			22	21	29	…	…
	Exports		1	1	2	…	…
	Local sales		18	19	26	…	…
	Changes in stocks		3	1	1	…	…

Sources: Statistical Service; and Ministry of Lands and Natural Resources.

Table 9.

Ghana: Domestic Fish Catch and Imports, 1989–93

Source: Ministry of Agriculture.

^{^1/}Excluding fish caught by foreign vessels.

^{^2/}Mostly frozen fish.

^{^3/}Value of total fish supply 1990 excludes value of fish imports.

Table 9.

Ghana: Domestic Fish Catch and Imports, 1989–93

		1989	1990	1991	1992	1993
			(In thousands of metric tons)
Total domestic marine catch
	catch ^1/	289	319	290	371	319
Volta Lake catch		46	46	45	45	40
Other inland catch		12	12	12	12	12
Landings from foreign
	vessels on contract	—	—	—	—	—
Imports of fish and fish
	products ^2/	23	23	3	3	37
Total fish supply		370	400	350	431	408
		(In millions of cedis)
Total domestic marine catch ^1/		91,941	112,984	122,536	192,755	236,461
Volta Lake catch		19,000	24,380	28,530	35,089	40,000
Other inland catch		4,800	6,360	7,560	9,357	1,200
Landings from foreign
	vessels on contract	—	—	—	—	—
Imports of fish and fish
	products ^2/	1,000	—	48,305	7,221	10,515
Value of total fish
	supply ^3/	116,741	143,724	153,304	244,422	298,976

Source: Ministry of Agriculture.

^{^1/}Excluding fish caught by foreign vessels.

^{^2/}Mostly frozen fish.

^{^3/}Value of total fish supply 1990 excludes value of fish imports.

Table 9.

Ghana: Domestic Fish Catch and Imports, 1989–93

		1989	1990	1991	1992	1993
			(In thousands of metric tons)
Total domestic marine catch
	catch ^1/	289	319	290	371	319
Volta Lake catch		46	46	45	45	40
Other inland catch		12	12	12	12	12
Landings from foreign
	vessels on contract	—	—	—	—	—
Imports of fish and fish
	products ^2/	23	23	3	3	37
Total fish supply		370	400	350	431	408
		(In millions of cedis)
Total domestic marine catch ^1/		91,941	112,984	122,536	192,755	236,461
Volta Lake catch		19,000	24,380	28,530	35,089	40,000
Other inland catch		4,800	6,360	7,560	9,357	1,200
Landings from foreign
	vessels on contract	—	—	—	—	—
Imports of fish and fish
	products ^2/	1,000	—	48,305	7,221	10,515
Value of total fish
	supply ^3/	116,741	143,724	153,304	244,422	298,976

Source: Ministry of Agriculture.

^{^1/}Excluding fish caught by foreign vessels.

^{^2/}Mostly frozen fish.

^{^3/}Value of total fish supply 1990 excludes value of fish imports.

Table 10.

Ghana: Mineral Production, 1987–94

Source: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 10.

Ghana: Mineral Production, 1987–94

		1987	1988	1989	1990	1991	1992	1993	1994 ^1/
		(In millions of cedis)
Value of output
	Gold	21,840.7	33,298.7	43,838.8	66,576.2	76,865.4	205,786.3	265,606.6	359,160.6
	Diamonds	609.9	502.2	919.3	1,076.1	4,658.3	8,498.0	3,389.1	10,040.5
	Manganese	1,286.5	1,448.4	3,708.6	6,616.3	9,333.5	12,811.0	10,185.1	11,251.1
	Bauxite	689.5	1,337.1	2,286.7	3,366.6	6,050.2	9,000.5	8,968.7	8,750.6
Volume		(In units specified)
	Gold (’000 kg)	10.2	11.6	13.2	16.5	26.1	31.4	38.6	42.6
	Diamonds (’000 carats)	441.9	215.8	171.1	150.4	419.4	584.5	222.0	371.1
	Manganese (’000 metric tons)	253.6	230.9	334.2	364.0	415.2	477.7	361.7	294.2
	Bauxite (’000 metric tons)	195.0	287.3	347.1	382.1	485.1	498.1	482.5	420.3
Unit values		(In cedis per unit)
	Gold (gram)	2,141	2,870	3,321	4,035	5,388	6,554	6,881	8,431
	Diamonds (carat)	1,537	2,327	5,373	8,485	11,107	14,539	15,266	27,056
	Manganese (metric ton)	5,073	6,273	11,097	18,177	22,477	26,818	28,159	38,243
	Bauxite (metric ton)	3,536	4,654	6,588	8,811	12,472	17,655	18,588	20,820

Source: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 10.

Ghana: Mineral Production, 1987–94

		1987	1988	1989	1990	1991	1992	1993	1994 ^1/
		(In millions of cedis)
Value of output
	Gold	21,840.7	33,298.7	43,838.8	66,576.2	76,865.4	205,786.3	265,606.6	359,160.6
	Diamonds	609.9	502.2	919.3	1,076.1	4,658.3	8,498.0	3,389.1	10,040.5
	Manganese	1,286.5	1,448.4	3,708.6	6,616.3	9,333.5	12,811.0	10,185.1	11,251.1
	Bauxite	689.5	1,337.1	2,286.7	3,366.6	6,050.2	9,000.5	8,968.7	8,750.6
Volume		(In units specified)
	Gold (’000 kg)	10.2	11.6	13.2	16.5	26.1	31.4	38.6	42.6
	Diamonds (’000 carats)	441.9	215.8	171.1	150.4	419.4	584.5	222.0	371.1
	Manganese (’000 metric tons)	253.6	230.9	334.2	364.0	415.2	477.7	361.7	294.2
	Bauxite (’000 metric tons)	195.0	287.3	347.1	382.1	485.1	498.1	482.5	420.3
Unit values		(In cedis per unit)
	Gold (gram)	2,141	2,870	3,321	4,035	5,388	6,554	6,881	8,431
	Diamonds (carat)	1,537	2,327	5,373	8,485	11,107	14,539	15,266	27,056
	Manganese (metric ton)	5,073	6,273	11,097	18,177	22,477	26,818	28,159	38,243
	Bauxite (metric ton)	3,536	4,654	6,588	8,811	12,472	17,655	18,588	20,820

Source: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 11.

Ghana: Index of Manufacturing Production, 1988–94

(1977 = 100)

Source: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

^{^2/}For large and medium-scale factories.

Table 11.

Ghana: Index of Manufacturing Production, 1988–94

(1977 = 100)

		Weights	1988	1989	1990	1991	1992	1993	1994 ^1/
Food products		15.00	53.6	48.0	57.5	59.3	62.8	63.6	61.8
Beverages		8.11	89.0	98.0	94.0	93.0	112.2	116.4	107.2
Tobacco and tobacco products		7.75	58.0	51.0	57.1	49.6	47.1	49.3	48.7
Textiles, wearing apparel, and leather goods		13.71	28.7	24.0	37.7	39.1	23.7	24.2	29.0
Sawmill and wood products		7.22	98.3	79.9	74.2	133.6	120.2	125.4	126.4
Paper products and printing		1.94	52.8	48.0	53.5	49.3	54.6	57.6	53.8
Petroleum products		19.00	67.7	87.2	70.5	92.2	65.0	87.6	81.6
Chemical products other than petroleum		6.56	67.5	62.9	57.6	44.7	56.7	54.9	52.1
Cement and other nonmetallic mineral products		2.98	73.4	100.0	117.3	125.6	177.0	180.1	160.9
Iron and steel products		3.25	18.3	12.0	5.2	…	356.0	402.3	379.2
Nonferrous metal basic industries		9.62	97.3	100.5	103.8	104.6	115.8	116.7	112.4
Cutlery and other nonferrous metal products		0.49	46.2	47.9	55.2	63.2	83.3	83.6	76.7
Electrical equipment and appliances		1.34	47.1	13.5	25.5	40.0	46.3	47.8	44.7
Transport equipment and other products		3.03	…	…	…	…	11.0	12.2	11.6
	Overall index	100.00	62.1	63.0	63.5	71.3	76.9	79.3	78.8
Memorandum items:
	Percentage change in overall index		9.3	1.4	0.8	12.3	7.9	3.1	-0.6
	Average capacity utilization (in percent) ^2/		40.0	40.6	…	…	…	…	…

Source: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

^{^2/}For large and medium-scale factories.

Table 11.

Ghana: Index of Manufacturing Production, 1988–94

(1977 = 100)

		Weights	1988	1989	1990	1991	1992	1993	1994 ^1/
Food products		15.00	53.6	48.0	57.5	59.3	62.8	63.6	61.8
Beverages		8.11	89.0	98.0	94.0	93.0	112.2	116.4	107.2
Tobacco and tobacco products		7.75	58.0	51.0	57.1	49.6	47.1	49.3	48.7
Textiles, wearing apparel, and leather goods		13.71	28.7	24.0	37.7	39.1	23.7	24.2	29.0
Sawmill and wood products		7.22	98.3	79.9	74.2	133.6	120.2	125.4	126.4
Paper products and printing		1.94	52.8	48.0	53.5	49.3	54.6	57.6	53.8
Petroleum products		19.00	67.7	87.2	70.5	92.2	65.0	87.6	81.6
Chemical products other than petroleum		6.56	67.5	62.9	57.6	44.7	56.7	54.9	52.1
Cement and other nonmetallic mineral products		2.98	73.4	100.0	117.3	125.6	177.0	180.1	160.9
Iron and steel products		3.25	18.3	12.0	5.2	…	356.0	402.3	379.2
Nonferrous metal basic industries		9.62	97.3	100.5	103.8	104.6	115.8	116.7	112.4
Cutlery and other nonferrous metal products		0.49	46.2	47.9	55.2	63.2	83.3	83.6	76.7
Electrical equipment and appliances		1.34	47.1	13.5	25.5	40.0	46.3	47.8	44.7
Transport equipment and other products		3.03	…	…	…	…	11.0	12.2	11.6
	Overall index	100.00	62.1	63.0	63.5	71.3	76.9	79.3	78.8
Memorandum items:
	Percentage change in overall index		9.3	1.4	0.8	12.3	7.9	3.1	-0.6
	Average capacity utilization (in percent) ^2/		40.0	40.6	…	…	…	…	…

Source: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

^{^2/}For large and medium-scale factories.

Table 12.

Ghana: Generation and Consumption of Electricity, 1987–93

(In millions of kilowatt-hours)

Source: Ministry of Fuel and Power.

^{^1/}Including amounts generated by diesel units operated by the Electricity Corporation of Ghana and mining companies.

^{^2/}Refers to Akosombo Township, Akosombo Textiles, and Aluworks and NED (1993 only).

Table 12.

Ghana: Generation and Consumption of Electricity, 1987–93

(In millions of kilowatt-hours)

		1987	1988	1989	1990	1991	1992	1993
Electricity generation		4,692	4,897	5,321	5,731	6,116	6,603	6,312
	Akosombo	3,881	3,996	4,383	4,827	5,150	5,566	5,280
	Kpong	796	811	847	893	959	1,036	1,011
	Other ^1/	15	90	90	11	7	1	21
Electricity consumption		4,578	4,782	5,116	5,537	5,768	6,188	6,197
	Electricity Corporation of Ghana	1,265	1,319	1,463	1,627	1,753	2,021	2,291
	Mines	284	297	300	315	408	419	469
	Volta Aluminum Company	2,475	2,745	2,788	2,789	2,795	2,854	2,822
	Exports	526	387	526	761	808	894	395
	Other ^2/	28	34	39	45	4	—	220

Source: Ministry of Fuel and Power.

^{^1/}Including amounts generated by diesel units operated by the Electricity Corporation of Ghana and mining companies.

^{^2/}Refers to Akosombo Township, Akosombo Textiles, and Aluworks and NED (1993 only).

Table 12.

Ghana: Generation and Consumption of Electricity, 1987–93

(In millions of kilowatt-hours)

		1987	1988	1989	1990	1991	1992	1993
Electricity generation		4,692	4,897	5,321	5,731	6,116	6,603	6,312
	Akosombo	3,881	3,996	4,383	4,827	5,150	5,566	5,280
	Kpong	796	811	847	893	959	1,036	1,011
	Other ^1/	15	90	90	11	7	1	21
Electricity consumption		4,578	4,782	5,116	5,537	5,768	6,188	6,197
	Electricity Corporation of Ghana	1,265	1,319	1,463	1,627	1,753	2,021	2,291
	Mines	284	297	300	315	408	419	469
	Volta Aluminum Company	2,475	2,745	2,788	2,789	2,795	2,854	2,822
	Exports	526	387	526	761	808	894	395
	Other ^2/	28	34	39	45	4	—	220

Source: Ministry of Fuel and Power.

^{^1/}Including amounts generated by diesel units operated by the Electricity Corporation of Ghana and mining companies.

^{^2/}Refers to Akosombo Township, Akosombo Textiles, and Aluworks and NED (1993 only).

Table 13.

Ghana: Savings and Investment, 1989–94

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Defined as gross national disposable income minus total consumption.

^{^4/}Gross national savings excluding external official transfers.

^{^5/}Including savings by state enterprises.

^{^6/}Approximated by the difference beetween total government revenue and grants, and current expenditure and special efficiency.

^{^7/}Approximated by total government capital expenditure, including outlays financed by external project aid.

^{^8/}Approximated by the net lending by the Government, excluding investment financed by state enterprises’ savings and/or domestic borrowing.

^{^9/}Gross national savings adjusted for statistical discrepancy.

Table 13.

Ghana: Savings and Investment, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at current market prices)
Gross national product			1,385,409	1,995,006	2,530,861	2,960,036	3,876,151	5,079,645
Net transfers from abroad			113,805	137,581	155,166	205,612	335,741	451,324
Gross national disposable income			1,499,214	2,132,586	2,686,027	3,165,648	4,211,891	5,530,969
Total consumption			1,305,199	1,911,217	2,369,212	2,947,189	3,998,426	4,959,745
Gross national savings ^3/			194,015	221,370	316,815	218,459	213,465	571,224
		Of which: domestically generated ^4/	(134,777)	(161,271)	(236,115)	(124,263)	(47,218)	(379,138)
	Private savings ^5/		114,737	127,988	159,515	196,883	85,467	149,936
	Government savings ^6/		79,278	93,383	157,300	21,575	127,999	421,288
Gross investment			219,668	292,563	409,389	385,124	584,455	824,531
	Public investment		109,914	138,543	198,258	254,869	414,228	596,501
		Central Government ^7/	72,139	95,299	145,195	196,792	318,244	455,816
		State enterprises ^8/	37,775	43,244	53,063	58,077	95,984	140,685
	Private investment		109,754	154,020	211,131	130,255	170,227	228,030
Statistical discrepancy			—	—	—	2,274	8,254	-96
Public sector financial balance			-30,636	-45,160	-40,958	-233,294	-286,229	-175,213
	Government savings ^6/		79,278	93,383	157,300	21,575	127,999	421,288
	Public investment		109,914	138,543	198,258	254,869	414,228	596,501
Private sector financial balance			4,983	-26,032	-51,616	68,902	-76,506	-78,190
	Private savings (including statistical discrepancy) ^5/		114,737	127,988	159,515	199,157	93,721	149,840
	Private investment		109,754	154,020	211,131	130,255	170,227	228,030
External current account balance			-25,654	-71,192	-92,574	-164,372	-362,735	-253,403
			(In percent of GDP)
Gross national disposable income			105.8	105.0	104.3	105.2	106.7	106.7
Total consumption			92.1	94.1	92.0	98.0	101.3	95.6
Gross national savings ^9/			13.7	10.9	12.3	7.3	5.6	11.0
	Of which: domestically generated ^4/		(9.5)	(7.9)	(9.2)	(4.2)	(1.4)	(7.3)
Gross investment			15.5	14.4	15.9	12.8	14.8	15.9
Statistical discrepancy			—	—	—	0.1	0.2	—
Public sector financial balance			-2.2	-2.2	-1.6	-7.8	-7.2	-3.4
	Government savings ^6/		5.6	4.6	6.1	0.7	3.2	8.1
	Public investment		7.8	6.8	7.7	8.5	10.5	11.5
Private sector financial balance			0.4	-1.3	-2.0	2.3	-1.9	-1.5
	Private savings (including statistical discrepancy) ^5/		8.1	6.3	6.2	6.6	2.4	2.9
	Private investment		7.7	7.6	8.2	4.3	4.3	4.4
External current account deficit			-1.8	-3.5	-3.6	-5.5	-9.2	-4.9

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Defined as gross national disposable income minus total consumption.

^{^4/}Gross national savings excluding external official transfers.

^{^5/}Including savings by state enterprises.

^{^6/}Approximated by the difference beetween total government revenue and grants, and current expenditure and special efficiency.

^{^7/}Approximated by total government capital expenditure, including outlays financed by external project aid.

^{^8/}Approximated by the net lending by the Government, excluding investment financed by state enterprises’ savings and/or domestic borrowing.

^{^9/}Gross national savings adjusted for statistical discrepancy.

Table 13.

Ghana: Savings and Investment, 1989–94

			1989	1990	1991	1992	1993 ^1/	1994 ^2/
			(In millions of cedis at current market prices)
Gross national product			1,385,409	1,995,006	2,530,861	2,960,036	3,876,151	5,079,645
Net transfers from abroad			113,805	137,581	155,166	205,612	335,741	451,324
Gross national disposable income			1,499,214	2,132,586	2,686,027	3,165,648	4,211,891	5,530,969
Total consumption			1,305,199	1,911,217	2,369,212	2,947,189	3,998,426	4,959,745
Gross national savings ^3/			194,015	221,370	316,815	218,459	213,465	571,224
		Of which: domestically generated ^4/	(134,777)	(161,271)	(236,115)	(124,263)	(47,218)	(379,138)
	Private savings ^5/		114,737	127,988	159,515	196,883	85,467	149,936
	Government savings ^6/		79,278	93,383	157,300	21,575	127,999	421,288
Gross investment			219,668	292,563	409,389	385,124	584,455	824,531
	Public investment		109,914	138,543	198,258	254,869	414,228	596,501
		Central Government ^7/	72,139	95,299	145,195	196,792	318,244	455,816
		State enterprises ^8/	37,775	43,244	53,063	58,077	95,984	140,685
	Private investment		109,754	154,020	211,131	130,255	170,227	228,030
Statistical discrepancy			—	—	—	2,274	8,254	-96
Public sector financial balance			-30,636	-45,160	-40,958	-233,294	-286,229	-175,213
	Government savings ^6/		79,278	93,383	157,300	21,575	127,999	421,288
	Public investment		109,914	138,543	198,258	254,869	414,228	596,501
Private sector financial balance			4,983	-26,032	-51,616	68,902	-76,506	-78,190
	Private savings (including statistical discrepancy) ^5/		114,737	127,988	159,515	199,157	93,721	149,840
	Private investment		109,754	154,020	211,131	130,255	170,227	228,030
External current account balance			-25,654	-71,192	-92,574	-164,372	-362,735	-253,403
			(In percent of GDP)
Gross national disposable income			105.8	105.0	104.3	105.2	106.7	106.7
Total consumption			92.1	94.1	92.0	98.0	101.3	95.6
Gross national savings ^9/			13.7	10.9	12.3	7.3	5.6	11.0
	Of which: domestically generated ^4/		(9.5)	(7.9)	(9.2)	(4.2)	(1.4)	(7.3)
Gross investment			15.5	14.4	15.9	12.8	14.8	15.9
Statistical discrepancy			—	—	—	0.1	0.2	—
Public sector financial balance			-2.2	-2.2	-1.6	-7.8	-7.2	-3.4
	Government savings ^6/		5.6	4.6	6.1	0.7	3.2	8.1
	Public investment		7.8	6.8	7.7	8.5	10.5	11.5
Private sector financial balance			0.4	-1.3	-2.0	2.3	-1.9	-1.5
	Private savings (including statistical discrepancy) ^5/		8.1	6.3	6.2	6.6	2.4	2.9
	Private investment		7.7	7.6	8.2	4.3	4.3	4.4
External current account deficit			-1.8	-3.5	-3.6	-5.5	-9.2	-4.9

Sources: Statistical Service; and staff estimates.

^{^1/}Revised estimates.

^{^2/}Estimate.

^{^3/}Defined as gross national disposable income minus total consumption.

^{^4/}Gross national savings excluding external official transfers.

^{^5/}Including savings by state enterprises.

^{^6/}Approximated by the difference beetween total government revenue and grants, and current expenditure and special efficiency.

^{^7/}Approximated by total government capital expenditure, including outlays financed by external project aid.

^{^8/}Approximated by the net lending by the Government, excluding investment financed by state enterprises’ savings and/or domestic borrowing.

^{^9/}Gross national savings adjusted for statistical discrepancy.

Table 14.

Ghana: Average Monthly Earnings per Employee, 1976–93 ^1/

(Cedis per month)

Source: Statistical Service.

^{^1/}December data for the year indicated.

^{^2/}Cedis per day.

^{^3/}From April 1983.

^{^4/}From April 1984.

^{^5/}From December 1984.

^{^6/}From July 1991.

^{^7/}Excludes allowances and other regularly paid bonuses and honoraria.

Table 14.

Ghana: Average Monthly Earnings per Employee, 1976–93 ^1/

(Cedis per month)

	All sectors	Agriculture, forestry, and fishing	Mining and quarrying	Manufacturing	Construction	Commerce	Transport, storage, and communications	Finance, insurance, etc.	Minimum wage ^2/
(Private sector)
1976	131	79	158	125	91	220	198	…	2.00
1977	232	153	152	209	140	434	354	229	3.00
1978	292	194	181	313	169	362	347	252	4.00
1979	369	237	185	374	202	561	360	322	4.00
1980	581	416	676	567	552	803	603	516	5.33
1981	672	683	785	713	…	…	955	647	12.00
1982	868	734	1,616	841	533	1,197	999	949	12.00
1983	1,301	1,173	1,643	1,345	842	1,529	1,701	962	25.00 ^3/
1984	3,280	2,973	4,074	3,940	1,615	2,958	2,671	2,602	35.00 ^4/
1985	4,702	3,264	5,994	5,535	3,032	4,781	6,509	7,331	70.00 ^5/
1986	7,956	5,454	6,480	8,453	4,970	8,240	11,846	15,179	90.00
1987	15,310	8,749	8,506	15,859	7,273	12,104	12,930	17,352	112.50
1988	18,660	13,317	14,433	21,755	8,502	17,811	22,170	22,131	146.25
1989	35,356	19,077	22,488	43,067	12,567	21,695	41,466	58,497	170.00
1990	39,566	23,094	27,340	51,482	18,766	28,485	36,121	63,985	218.00
1991	37,174	18,308	39,490	31,659	30,167	29,762	60,636	100,761	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
(Public sector)
1976	109	71	131	122	78	97	240	117	2.00
1977	212	155	296	293	158	213	191	238	3.00
1978	215	171	306	229	188	251	238	232	4.00
1979	269	182	374	311	222	260	316	277	4.00
1980	441	332	612	527	328	417	530	452	5.33
1981	579	490	862	631	516	481	614	557	12.00
1982	607	543	863	709	518	577	714	570	12.00
1983	1,071	833	2,214	1,256	891	859	1,014	928	25.00 ^3/
1984	2,122	2,199	3,354	2,399	1,564	1,405	2,302	2,080	35.00 ^4/
1985	3,461	2,675	10,534	4,108	2,474	2,689	3,503	4,254	70.00 ^5/
1986	7,333	5,787	12,024	9,520	5,109	5,395	10,312	7,597	90.00
1987	9,324	8,269	17,200	15,505	6,923	9,528	…	13,639	112.50
1988	12,738	10,379	11,331	20,047	8,836	12,393	17,802	19,098	146.25
1989	21,869	20,527	16,742	17,573	14,090	20,321	23,579	37,256 ^7/	170.00
1990	28,037	20,798	38,827	22,266	19,406	23,605	32,211	30,484 ^7/	218.00
1991	34,826	39,565	26,760	44,804	23,250	30,490	37,255	45,107	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
(Total economy)
1981	493	503	859	689	507	518	624	…	12.00
1982	645	559	870	787	521	767	721	…	12.00
1983	1,110	886	2,205	1,312	883	1,101	1,119	…	25.00 ^3/
1984	2,287	2,298	3,370	3,441	1,573	1,843	2,321	…	33.96 ^4/
1985	3,633	2,753	10,471	5,059	2,602	3,348	3,631	4,548	70.00 ^5/
1986	7,433	5,740	11,920	8,787	5,076	6,200	10,408	8,422	90.00
1987	10,524	7,955	17,017	15,216	6,882	9,483	…	13,877	112.50
1988	13,805	10,594	11,523	21,411	13,465	13,923	17,948	19,374	146.25
1989	24,257	19,608	17,177	36,793	13,879	20,857	26,013	43,068	170.00
1990	30,056	20,948	38,028	45,045	19,183	25,375	32,560	33,650	218.00
1991	35,212	39,231	27,417	34,226	25,738	30,689	39,119	50,016	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
1993	…	…	…	…	…	…	…	…	790.00

Source: Statistical Service.

^{^1/}December data for the year indicated.

^{^2/}Cedis per day.

^{^3/}From April 1983.

^{^4/}From April 1984.

^{^5/}From December 1984.

^{^6/}From July 1991.

^{^7/}Excludes allowances and other regularly paid bonuses and honoraria.

Table 14.

Ghana: Average Monthly Earnings per Employee, 1976–93 ^1/

(Cedis per month)

	All sectors	Agriculture, forestry, and fishing	Mining and quarrying	Manufacturing	Construction	Commerce	Transport, storage, and communications	Finance, insurance, etc.	Minimum wage ^2/
(Private sector)
1976	131	79	158	125	91	220	198	…	2.00
1977	232	153	152	209	140	434	354	229	3.00
1978	292	194	181	313	169	362	347	252	4.00
1979	369	237	185	374	202	561	360	322	4.00
1980	581	416	676	567	552	803	603	516	5.33
1981	672	683	785	713	…	…	955	647	12.00
1982	868	734	1,616	841	533	1,197	999	949	12.00
1983	1,301	1,173	1,643	1,345	842	1,529	1,701	962	25.00 ^3/
1984	3,280	2,973	4,074	3,940	1,615	2,958	2,671	2,602	35.00 ^4/
1985	4,702	3,264	5,994	5,535	3,032	4,781	6,509	7,331	70.00 ^5/
1986	7,956	5,454	6,480	8,453	4,970	8,240	11,846	15,179	90.00
1987	15,310	8,749	8,506	15,859	7,273	12,104	12,930	17,352	112.50
1988	18,660	13,317	14,433	21,755	8,502	17,811	22,170	22,131	146.25
1989	35,356	19,077	22,488	43,067	12,567	21,695	41,466	58,497	170.00
1990	39,566	23,094	27,340	51,482	18,766	28,485	36,121	63,985	218.00
1991	37,174	18,308	39,490	31,659	30,167	29,762	60,636	100,761	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
(Public sector)
1976	109	71	131	122	78	97	240	117	2.00
1977	212	155	296	293	158	213	191	238	3.00
1978	215	171	306	229	188	251	238	232	4.00
1979	269	182	374	311	222	260	316	277	4.00
1980	441	332	612	527	328	417	530	452	5.33
1981	579	490	862	631	516	481	614	557	12.00
1982	607	543	863	709	518	577	714	570	12.00
1983	1,071	833	2,214	1,256	891	859	1,014	928	25.00 ^3/
1984	2,122	2,199	3,354	2,399	1,564	1,405	2,302	2,080	35.00 ^4/
1985	3,461	2,675	10,534	4,108	2,474	2,689	3,503	4,254	70.00 ^5/
1986	7,333	5,787	12,024	9,520	5,109	5,395	10,312	7,597	90.00
1987	9,324	8,269	17,200	15,505	6,923	9,528	…	13,639	112.50
1988	12,738	10,379	11,331	20,047	8,836	12,393	17,802	19,098	146.25
1989	21,869	20,527	16,742	17,573	14,090	20,321	23,579	37,256 ^7/	170.00
1990	28,037	20,798	38,827	22,266	19,406	23,605	32,211	30,484 ^7/	218.00
1991	34,826	39,565	26,760	44,804	23,250	30,490	37,255	45,107	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
(Total economy)
1981	493	503	859	689	507	518	624	…	12.00
1982	645	559	870	787	521	767	721	…	12.00
1983	1,110	886	2,205	1,312	883	1,101	1,119	…	25.00 ^3/
1984	2,287	2,298	3,370	3,441	1,573	1,843	2,321	…	33.96 ^4/
1985	3,633	2,753	10,471	5,059	2,602	3,348	3,631	4,548	70.00 ^5/
1986	7,433	5,740	11,920	8,787	5,076	6,200	10,408	8,422	90.00
1987	10,524	7,955	17,017	15,216	6,882	9,483	…	13,877	112.50
1988	13,805	10,594	11,523	21,411	13,465	13,923	17,948	19,374	146.25
1989	24,257	19,608	17,177	36,793	13,879	20,857	26,013	43,068	170.00
1990	30,056	20,948	38,028	45,045	19,183	25,375	32,560	33,650	218.00
1991	35,212	39,231	27,417	34,226	25,738	30,689	39,119	50,016	460.00 ^6/
1992	…	…	…	…	…	…	…	…	460.00 ^6/
1993	…	…	…	…	…	…	…	…	790.00

Source: Statistical Service.

^{^1/}December data for the year indicated.

^{^2/}Cedis per day.

^{^3/}From April 1983.

^{^4/}From April 1984.

^{^5/}From December 1984.

^{^6/}From July 1991.

^{^7/}Excludes allowances and other regularly paid bonuses and honoraria.

Table 15.

Ghana: National Consumer Price Index, 1985–94

(Monthly averages: 1977 = 100)

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 15.

Ghana: National Consumer Price Index, 1985–94

(Monthly averages: 1977 = 100)

	Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
	(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1985	3,647.2	2,717.7	4,547.4	4,801.5	4,643.7	3,372.8	5,404.0	4,100.2	4,741.5	4,435.3	4,987.1
1986	4,543.1	3,268.8	5,777.3	6,369.4	5,732.6	4,807.3	6,829.0	4,754.5	6,364.6	5,317.0	5,917.2
1987	6,352.0	4,527.1	8,119.4	8,826.8	8,373.7	6,740.6	9,703.9	5,908.9	8,551.8	7,253.9	7,543.9
1988	8,343.9	6,071.0	10,545.2	11,478.5	10,884.0	9,134.5	12,327.1	7,519.2	11,163.0	9,038.9	10,170.9
1989	10,449.3	7,593.8	13,214.9	14,619.4	13,469.1	11,421.7	15,034.9	8,580.3	14,551.5	12,015.6	12,433.7
1990	14,341.5	10,643.8	17,922.8	19,342.5	17,422.5	17,284.9	19,861.4	11,663.7	21,778.1	16,647.8	16,231.4
1991	16,927.4	11,599.1	22,088.0	22,215.7	20,135.7	24,940.4	22,559.1	14,684.2	30,827.5	21,731.5	18,585.1
1992	18,629.8	12,800.4	24,275.6	23,486.1	21,875.4	30,069.0	23,869.1	15,627.3	31,500.5	25,185.9	20,747.9
1993	23,279.7	15,994.6	30,335.4	29,151.3	25,733.4	39,397.7	29,445.6	17,242.6	42,024.8	33,829.6	26,517.8
1994	29,069.5	20,160.5	37,697.8	35,994.0	32,586.9	46,084.1	37,624.7	19,582.6	49,862.0	45,666.9	32,432.3
1993
Q1	21,523.9	14,707.8	28,125.4	26,947.1	24,042.3	37,056.5	27,396.7	16,553.6	39,846.4	29,499.0	23,785.1
Q2	23,117.0	16,130.3	29,883.5	28,864.0	25,280.3	39,177.5	29,175.3	17,175.5	42,138.8	32,091.6	26,277.6
Q3	23,988.4	16,481.9	31,258.4	29,866.1	26,322.7	40,275.7	30,039.9	17,587.1	42,878.1	36,718.3	27,528.9
Q4	24,489.6	16,658.3	32,074.2	30,928.0	27,288.5	41,081.2	31,170.7	17,654.2	43,235.9	37,009.3	28,479.7
1994
Ql	26,278.5	17,733.6	34,554.3	32,944.1	29,011.5	43,592.0	33,648.2	18,908.3	47,325.9	42,546.8	29,998.2
Q2	27,966.7	19,249.6	36,409.2	34,869.0	31,057.5	45,305.0	36,167.9	19,317.5	49,302.3	43,267.1	31,481.2
Q3	29,756.0	20,809.0	38,421.2	36,803.8	33,560.5	46,411.8	38,570.4	19,749.8	50,331.0	45,900.7	32,902.8
Q4	32,276.6	22,849.7	41,406.6	39,358.8	36,718.1	49,027.4	42,112.3	20,354.8	52,488.9	50,953.1	35,347.0

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 15.

Ghana: National Consumer Price Index, 1985–94

(Monthly averages: 1977 = 100)

	Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
	(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1985	3,647.2	2,717.7	4,547.4	4,801.5	4,643.7	3,372.8	5,404.0	4,100.2	4,741.5	4,435.3	4,987.1
1986	4,543.1	3,268.8	5,777.3	6,369.4	5,732.6	4,807.3	6,829.0	4,754.5	6,364.6	5,317.0	5,917.2
1987	6,352.0	4,527.1	8,119.4	8,826.8	8,373.7	6,740.6	9,703.9	5,908.9	8,551.8	7,253.9	7,543.9
1988	8,343.9	6,071.0	10,545.2	11,478.5	10,884.0	9,134.5	12,327.1	7,519.2	11,163.0	9,038.9	10,170.9
1989	10,449.3	7,593.8	13,214.9	14,619.4	13,469.1	11,421.7	15,034.9	8,580.3	14,551.5	12,015.6	12,433.7
1990	14,341.5	10,643.8	17,922.8	19,342.5	17,422.5	17,284.9	19,861.4	11,663.7	21,778.1	16,647.8	16,231.4
1991	16,927.4	11,599.1	22,088.0	22,215.7	20,135.7	24,940.4	22,559.1	14,684.2	30,827.5	21,731.5	18,585.1
1992	18,629.8	12,800.4	24,275.6	23,486.1	21,875.4	30,069.0	23,869.1	15,627.3	31,500.5	25,185.9	20,747.9
1993	23,279.7	15,994.6	30,335.4	29,151.3	25,733.4	39,397.7	29,445.6	17,242.6	42,024.8	33,829.6	26,517.8
1994	29,069.5	20,160.5	37,697.8	35,994.0	32,586.9	46,084.1	37,624.7	19,582.6	49,862.0	45,666.9	32,432.3
1993
Q1	21,523.9	14,707.8	28,125.4	26,947.1	24,042.3	37,056.5	27,396.7	16,553.6	39,846.4	29,499.0	23,785.1
Q2	23,117.0	16,130.3	29,883.5	28,864.0	25,280.3	39,177.5	29,175.3	17,175.5	42,138.8	32,091.6	26,277.6
Q3	23,988.4	16,481.9	31,258.4	29,866.1	26,322.7	40,275.7	30,039.9	17,587.1	42,878.1	36,718.3	27,528.9
Q4	24,489.6	16,658.3	32,074.2	30,928.0	27,288.5	41,081.2	31,170.7	17,654.2	43,235.9	37,009.3	28,479.7
1994
Ql	26,278.5	17,733.6	34,554.3	32,944.1	29,011.5	43,592.0	33,648.2	18,908.3	47,325.9	42,546.8	29,998.2
Q2	27,966.7	19,249.6	36,409.2	34,869.0	31,057.5	45,305.0	36,167.9	19,317.5	49,302.3	43,267.1	31,481.2
Q3	29,756.0	20,809.0	38,421.2	36,803.8	33,560.5	46,411.8	38,570.4	19,749.8	50,331.0	45,900.7	32,902.8
Q4	32,276.6	22,849.7	41,406.6	39,358.8	36,718.1	49,027.4	42,112.3	20,354.8	52,488.9	50,953.1	35,347.0

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 16.

Ghana: National Consumer Price Index, 1985–94

(Percentage changes from the previous period)

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 16.

Ghana: National Consumer Price Index, 1985–94

(Percentage changes from the previous period)

	Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
	(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1985	10.4	-11.9	29.3	22.9	28.8	7.3	13.4	30.4	53.9	66.7	27.2
1986	24.6	20.3	27.0	32.7	23.4	42.5	26.4	16.0	34.2	19.9	18.6
1987	39.8	38.5	40.5	38.6	46.1	40.2	42.1	24.3	34.4	36.4	27.5
1988	31.4	34.1	29.9	30.0	30.0	35.5	27.0	27.3	30.5	24.6	34.8
1989	25.2	25.1	25.3	27.4	23.8	25.0	22.0	14.1	30.4	32.9	22.2
1990	37.2	40.2	35.6	32.3	29.4	51.3	32.1	35.9	49.7	38.6	30.5
1991	18.0	9.0	23.2	14.9	15.6	44.3	13.6	25.9	41.6	30.5	14.5
1992	10.1	10.4	9.9	5.7	8.6	20.6	5.8	6.4	2.2	15.9	11.6
1993	25.0	25.0	25.0	24.1	17.6	31.0	23.4	10.3	33.4	34.3	27.8
1994	24.9	26.0	24.3	23.5	26.6	17.0	27.8	13.6	18.6	35.0	22.3
1993
Ql	11.6	11.5	11.6	11.2	7.4	18.9	11.6	4.4	23.2	4.3	11.4
Q2	7.4	9.7	6.3	7.1	5.1	5.7	6.5	3.8	5.8	8.8	10.5
Q3	3.8	2.2	4.6	3.5	4.1	2.8	3.0	2.4	1.8	14.4	4.8
Q4	2.1	1.1	2.6	3.6	3.7	2.0	3.8	0.4	0.8	0.8	3.5
1994
Ql	7.3	6.5	7.7	6.5	6.3	6.1	7.9	7.1	9.5	15.0	5.3
Q2	6.4	8.5	5.4	5.8	7.1	3.9	7.5	2.2	4.2	1.7	4.9
Q3	6.4	8.1	5.5	5.5	8.1	2.4	6.6	2.2	2.1	6.1	4.5
Q4	8.5	9.8	7.8	6.9	9.4	5.6	9.2	3.1	4.3	11.0	7.4

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 16.

Ghana: National Consumer Price Index, 1985–94

(Percentage changes from the previous period)

	Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
	(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1985	10.4	-11.9	29.3	22.9	28.8	7.3	13.4	30.4	53.9	66.7	27.2
1986	24.6	20.3	27.0	32.7	23.4	42.5	26.4	16.0	34.2	19.9	18.6
1987	39.8	38.5	40.5	38.6	46.1	40.2	42.1	24.3	34.4	36.4	27.5
1988	31.4	34.1	29.9	30.0	30.0	35.5	27.0	27.3	30.5	24.6	34.8
1989	25.2	25.1	25.3	27.4	23.8	25.0	22.0	14.1	30.4	32.9	22.2
1990	37.2	40.2	35.6	32.3	29.4	51.3	32.1	35.9	49.7	38.6	30.5
1991	18.0	9.0	23.2	14.9	15.6	44.3	13.6	25.9	41.6	30.5	14.5
1992	10.1	10.4	9.9	5.7	8.6	20.6	5.8	6.4	2.2	15.9	11.6
1993	25.0	25.0	25.0	24.1	17.6	31.0	23.4	10.3	33.4	34.3	27.8
1994	24.9	26.0	24.3	23.5	26.6	17.0	27.8	13.6	18.6	35.0	22.3
1993
Ql	11.6	11.5	11.6	11.2	7.4	18.9	11.6	4.4	23.2	4.3	11.4
Q2	7.4	9.7	6.3	7.1	5.1	5.7	6.5	3.8	5.8	8.8	10.5
Q3	3.8	2.2	4.6	3.5	4.1	2.8	3.0	2.4	1.8	14.4	4.8
Q4	2.1	1.1	2.6	3.6	3.7	2.0	3.8	0.4	0.8	0.8	3.5
1994
Ql	7.3	6.5	7.7	6.5	6.3	6.1	7.9	7.1	9.5	15.0	5.3
Q2	6.4	8.5	5.4	5.8	7.1	3.9	7.5	2.2	4.2	1.7	4.9
Q3	6.4	8.1	5.5	5.5	8.1	2.4	6.6	2.2	2.1	6.1	4.5
Q4	8.5	9.8	7.8	6.9	9.4	5.6	9.2	3.1	4.3	11.0	7.4

Sources: Statistical Service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 17.

Ghana: National Consumer Price Index, 1987–94

(Year-on-year percentage changes)

Sources: Statistical service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 17.

Ghana: National Consumer Price Index, 1987–94

(Year-on-year percentage changes)

		Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
		(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1987		34.2	35.7	33.4	32.9	33.5	33.5	29.9	29.9	36.6	37.2	30.2
1988		26.6	26.5	26.6	26.8	26.4	32.1	22.6	21.7	24.9	26.6	30.4
1989		30.5	31.9	29.7	34.9	28.3	31.6	28.4	16.3	27.8	33.5	26.8
1990		35.9	32.0	38.1	24.2	24.9	58.2	26.9	39.3	89.4	56.0	24.0
1991		10.3	4.6	13.3	10.3	11.0	33.7	8.3	18.5	11.2	6.8	11.4
1992		13.3	17.0	11.5	8.2	9.0	16.0	8.1	5.8	3.9	29.4	13.6
1993		27.7	26.2	28.4	28.2	23.8	32.9	28.8	11.6	34.9	30.6	34.0
1994		34.2	41.4	30.6	28.7	36.4	21.6	36.6	17.2	22.8	40.2	25.9
1993
	January	21.5	23.9	20.3	14.7	14.1	32.1	15.0	6.8	25.8	31.2	21.1
	February	23.0	24.8	22.1	20.9	12.2	34.6	19.9	9.5	31.0	32.9	22.3
	March	23.3	24.3	22.7	21.0	15.3	30.3	21.3	8.3	30.8	34.0	20.5
	April	23.0	23.5	22.8	22.3	15.3	27.4	22.6	9.4	33.8	31.9	23.8
	May	23.9	23.6	24.1	24.5	16.5	30.2	22.1	9.9	35.3	31.5	25.6
	June	26.0	24.8	26.7	24.6	16.4	29.1	23.8	10.4	36.1	55.5	27.0
	July	25.2	23.7	25.9	26.4	16.7	30.4	25.3	10.0	36.7	39.3	29.0
	August	25.2	24.8	25.5	24.6	18.4	31.2	24.2	10.0	35.6	32.4	28.5
	September	26.9	26.9	26.9	26.8	20.6	31.9	24.6	15.4	34.6	32.5	34.2
	October	26.5	26.7	26.4	27.8	19.7	30.9	25.4	11.8	33.1	31.4	33.7
	November	26.6	25.9	27.0	26.8	22.1	31.7	26.6	10.7	32.9	30.6	32.3
	December	27.7	26.2	28.4	28.2	23.8	32.9	28.8	11.6	34.9	30.6	34.0
1994
	January	22.8	22.6	22.9	23.6	20.5	18.4	24.5	15.9	16.2	46.0	27.8
	February	22.0	20.6	22.7	22.1	20.2	17.2	22.3	12.7	19.5	43.3	25.9
	March	21.5	18.7	23.0	21.1	21.3	17.3	21.7	14.1	20.6	43.5	24.7
	April	21.1	18.9	22.2	20.3	21.0	16.9	21.6	12.6	18.4	42.8	20.2
	May	21.0	18.8	22.2	19.9	22.4	14.3	24.8	12.3	16.8	42.6	19.8
	June	20.9	20.3	21.2	22.2	25.1	15.8	25.5	12.5	15.8	21.6	19.4
	July	22.3	24.1	21.4	21.6	26.6	15.0	26.0	13.1	16.2	20.2	19.4
	August	23.7	26.0	22.5	23.7	27.3	15.5	28.9	14.2	17.4	20.5	20.0
	September	26.1	28.6	24.8	24.4	28.6	15.1	30.3	9.7	18.6	34.2	19.2
	October	29.4	33.2	27.5	25.7	32.9	17.1	33.3	13.7	19.9	35.9	22.2
	November	31.7	36.8	29.1	27.4	34.3	19.2	35.3	14.9	21.4	36.9	24.1
	December	34.2	41.4	30.6	28.7	36.4	21.6	36.6	17.2	22.8	40.2	25.9

Sources: Statistical service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 17.

Ghana: National Consumer Price Index, 1987–94

(Year-on-year percentage changes)

		Overall index	Food	Nonfood	Beverages and tobacco	Clothing and footwear	Rent, fuel, and power	Furnishings ^1/	Medical care and health	Transport and communications	Recreation ^2/	Miscellaneous ^3/
		(100.0)	(49.2)	(50.8)	(6.2)	(19.2)	(6.8)	(5.1)	(1.8)	(4.3)	(5.5)	(1.9)
1987		34.2	35.7	33.4	32.9	33.5	33.5	29.9	29.9	36.6	37.2	30.2
1988		26.6	26.5	26.6	26.8	26.4	32.1	22.6	21.7	24.9	26.6	30.4
1989		30.5	31.9	29.7	34.9	28.3	31.6	28.4	16.3	27.8	33.5	26.8
1990		35.9	32.0	38.1	24.2	24.9	58.2	26.9	39.3	89.4	56.0	24.0
1991		10.3	4.6	13.3	10.3	11.0	33.7	8.3	18.5	11.2	6.8	11.4
1992		13.3	17.0	11.5	8.2	9.0	16.0	8.1	5.8	3.9	29.4	13.6
1993		27.7	26.2	28.4	28.2	23.8	32.9	28.8	11.6	34.9	30.6	34.0
1994		34.2	41.4	30.6	28.7	36.4	21.6	36.6	17.2	22.8	40.2	25.9
1993
	January	21.5	23.9	20.3	14.7	14.1	32.1	15.0	6.8	25.8	31.2	21.1
	February	23.0	24.8	22.1	20.9	12.2	34.6	19.9	9.5	31.0	32.9	22.3
	March	23.3	24.3	22.7	21.0	15.3	30.3	21.3	8.3	30.8	34.0	20.5
	April	23.0	23.5	22.8	22.3	15.3	27.4	22.6	9.4	33.8	31.9	23.8
	May	23.9	23.6	24.1	24.5	16.5	30.2	22.1	9.9	35.3	31.5	25.6
	June	26.0	24.8	26.7	24.6	16.4	29.1	23.8	10.4	36.1	55.5	27.0
	July	25.2	23.7	25.9	26.4	16.7	30.4	25.3	10.0	36.7	39.3	29.0
	August	25.2	24.8	25.5	24.6	18.4	31.2	24.2	10.0	35.6	32.4	28.5
	September	26.9	26.9	26.9	26.8	20.6	31.9	24.6	15.4	34.6	32.5	34.2
	October	26.5	26.7	26.4	27.8	19.7	30.9	25.4	11.8	33.1	31.4	33.7
	November	26.6	25.9	27.0	26.8	22.1	31.7	26.6	10.7	32.9	30.6	32.3
	December	27.7	26.2	28.4	28.2	23.8	32.9	28.8	11.6	34.9	30.6	34.0
1994
	January	22.8	22.6	22.9	23.6	20.5	18.4	24.5	15.9	16.2	46.0	27.8
	February	22.0	20.6	22.7	22.1	20.2	17.2	22.3	12.7	19.5	43.3	25.9
	March	21.5	18.7	23.0	21.1	21.3	17.3	21.7	14.1	20.6	43.5	24.7
	April	21.1	18.9	22.2	20.3	21.0	16.9	21.6	12.6	18.4	42.8	20.2
	May	21.0	18.8	22.2	19.9	22.4	14.3	24.8	12.3	16.8	42.6	19.8
	June	20.9	20.3	21.2	22.2	25.1	15.8	25.5	12.5	15.8	21.6	19.4
	July	22.3	24.1	21.4	21.6	26.6	15.0	26.0	13.1	16.2	20.2	19.4
	August	23.7	26.0	22.5	23.7	27.3	15.5	28.9	14.2	17.4	20.5	20.0
	September	26.1	28.6	24.8	24.4	28.6	15.1	30.3	9.7	18.6	34.2	19.2
	October	29.4	33.2	27.5	25.7	32.9	17.1	33.3	13.7	19.9	35.9	22.2
	November	31.7	36.8	29.1	27.4	34.3	19.2	35.3	14.9	21.4	36.9	24.1
	December	34.2	41.4	30.6	28.7	36.4	21.6	36.6	17.2	22.8	40.2	25.9

Sources: Statistical service; and staff estimates.

^{^1/}Including furniture, furnishings, and household equipment and operations.

^{^2/}Including recreation, entertainment, education, and cultural services.

^{^3/}Including miscellaneous goods and services.

Table 18.

Ghana: Index of Wholesale Prices, 1985–90

Source: Central Bureau of Statistics.

Table 18.

Ghana: Index of Wholesale Prices, 1985–90

		Weights	1985	1986	1987	1988	1989	1990
		(Monthly averages: 1977=100)
Agriculture, forestry, and fishing		55.0	3,514.4	6,425.6	9,824.7	12,038.0	16,033.4	20,544.8
	Agricultural and livestock products	41.7	3,117.9	5,014.6	7,077.4	9,665.1	11,135.9	12,976.3
	Forestry and logging products	10.0	4,288.2	11,445.1	20,959.6	26,028.7	35,468.6	51,682.4
	Fish	3.3	6,383.7	8,832.2	10,906.4	13,342.6	19,345.2	21,825.4
Mining and quarrying products		1.6	5,854.5	8,210.9	12,510.0	19,388.1	29,965.0	39,057.6
Manufactures		41.4	6,161.8	9,157.1	11,935.8	16,125.0	20,508.1	27,733.6
	Food, beverages, and tobacco	14.7	5,344.5	8,539.6	11,680.5	14,735.7	19,867.9	26,102.9
	Textiles, wearing apparel, and leather products	7.3	7,124.9	9,589.4	12,599.9	19,091.6	24,126.8	27,196.2
	Wood and wood products, including furniture	0.4	3,072.9	3,838.3	3,469.8	3,927.4	5,097.6	8,904.7
	Chemicals and chemical, petroleum, coal, rubber, and plastic products	9.0	6,497.7	9,967.3	12,247.6	16,332.0	20,247.1	31,030.6
	Nonmetallic mineral products, except products of petroleum and coal	1.8	7,830.0	12,185.8	19,392.0	24,499.3	29,513.2	42,503.4
	Basic metal products	3.8	9,772.8	12,675.9	14,748.6	19,763.0	24,418.3	40,265.3
	Fabricated metal products, machinery, and equipment	4.4	2,643.8	8,046.8	6,184.3	9,546.9	11,524.7	12,407.7
Electricity, gas, and water		2.0	4,389.6	7,781.3	8,528.7	12,637.7	17,707.9	17,707.9
	Overall index	100.0	4,624.9	7,564.0	10,692.0	14,405.4	18,084.5	23,747.0
		(Annual percentage changes)
Agriculture, forestry, and fishing			31.4	82.8	52.9	22.5	33.2	28.1
Mining and quarrying products			181.7	40.2	52.4	55.0	54.6	50.3
Manufactures			82.8	48.6	30.3	35.1	27.2	35.2
Electricity, gas, and water			38.9	77.3	9.6	48.2	40.3	—
	Overall index		56.3	63.5	41.4	34.7	25.5	31.3

Source: Central Bureau of Statistics.

Table 18.

Ghana: Index of Wholesale Prices, 1985–90

		Weights	1985	1986	1987	1988	1989	1990
		(Monthly averages: 1977=100)
Agriculture, forestry, and fishing		55.0	3,514.4	6,425.6	9,824.7	12,038.0	16,033.4	20,544.8
	Agricultural and livestock products	41.7	3,117.9	5,014.6	7,077.4	9,665.1	11,135.9	12,976.3
	Forestry and logging products	10.0	4,288.2	11,445.1	20,959.6	26,028.7	35,468.6	51,682.4
	Fish	3.3	6,383.7	8,832.2	10,906.4	13,342.6	19,345.2	21,825.4
Mining and quarrying products		1.6	5,854.5	8,210.9	12,510.0	19,388.1	29,965.0	39,057.6
Manufactures		41.4	6,161.8	9,157.1	11,935.8	16,125.0	20,508.1	27,733.6
	Food, beverages, and tobacco	14.7	5,344.5	8,539.6	11,680.5	14,735.7	19,867.9	26,102.9
	Textiles, wearing apparel, and leather products	7.3	7,124.9	9,589.4	12,599.9	19,091.6	24,126.8	27,196.2
	Wood and wood products, including furniture	0.4	3,072.9	3,838.3	3,469.8	3,927.4	5,097.6	8,904.7
	Chemicals and chemical, petroleum, coal, rubber, and plastic products	9.0	6,497.7	9,967.3	12,247.6	16,332.0	20,247.1	31,030.6
	Nonmetallic mineral products, except products of petroleum and coal	1.8	7,830.0	12,185.8	19,392.0	24,499.3	29,513.2	42,503.4
	Basic metal products	3.8	9,772.8	12,675.9	14,748.6	19,763.0	24,418.3	40,265.3
	Fabricated metal products, machinery, and equipment	4.4	2,643.8	8,046.8	6,184.3	9,546.9	11,524.7	12,407.7
Electricity, gas, and water		2.0	4,389.6	7,781.3	8,528.7	12,637.7	17,707.9	17,707.9
	Overall index	100.0	4,624.9	7,564.0	10,692.0	14,405.4	18,084.5	23,747.0
		(Annual percentage changes)
Agriculture, forestry, and fishing			31.4	82.8	52.9	22.5	33.2	28.1
Mining and quarrying products			181.7	40.2	52.4	55.0	54.6	50.3
Manufactures			82.8	48.6	30.3	35.1	27.2	35.2
Electricity, gas, and water			38.9	77.3	9.6	48.2	40.3	—
	Overall index		56.3	63.5	41.4	34.7	25.5	31.3

Source: Central Bureau of Statistics.

Table 19.

Ghana: Average Wholesale Prices of Selected Agricultural Commodities, 1987–94

(In cedis per unit)

Source: Ministry of Agriculture.

Table 19.

Ghana: Average Wholesale Prices of Selected Agricultural Commodities, 1987–94

(In cedis per unit)

	Unit of measurement	1987	1988	1989	1990	1991	1992	1993	1994
Maize	100 kg.	5,371	6,816	5,424	8,633	9,434	10,048	11,938	13,863
Millet	93 kg.	5,857	9,502	10,633	10,956	14,362	14,632	17,060	18,357
Guinea corn	109 kg.	5,738	7,434	9,415	10,603	13,404	14,544	17,169	17,918
Rice	100 kg.	10,475	10,767	18,132	18,503	19,277	21,179	26,970	35,164
Yams	100 tubers	13,820	18,023	23,668	30,102	29,469	29,070	43,582	53,310
Cocoyams	91 kg.	4,406	2,406	5,354	7,984	7,680	9,117	11,725	16,017
Cassava	91 kg.	3,595	4,674	2,510	4,274	4,000	4,048	5,342	5,733
Plantain	16 kg.	469	496	698	1,109	887	1,069	1,698	1,940
Cowpeas	109 kg.	10,023	14,992	17,734	20,479	23,059	21,861	30,988	35,991
Tomatoes	51 kg.	3,249	2,662	4,934	6,969	11,150	13,380	24,352	14,575
Groundnuts	82 kg.	10,495	12,056	16,275	17,205	20,670	25,973	33,114	34,576

Source: Ministry of Agriculture.

Table 19.

Ghana: Average Wholesale Prices of Selected Agricultural Commodities, 1987–94

(In cedis per unit)

	Unit of measurement	1987	1988	1989	1990	1991	1992	1993	1994
Maize	100 kg.	5,371	6,816	5,424	8,633	9,434	10,048	11,938	13,863
Millet	93 kg.	5,857	9,502	10,633	10,956	14,362	14,632	17,060	18,357
Guinea corn	109 kg.	5,738	7,434	9,415	10,603	13,404	14,544	17,169	17,918
Rice	100 kg.	10,475	10,767	18,132	18,503	19,277	21,179	26,970	35,164
Yams	100 tubers	13,820	18,023	23,668	30,102	29,469	29,070	43,582	53,310
Cocoyams	91 kg.	4,406	2,406	5,354	7,984	7,680	9,117	11,725	16,017
Cassava	91 kg.	3,595	4,674	2,510	4,274	4,000	4,048	5,342	5,733
Plantain	16 kg.	469	496	698	1,109	887	1,069	1,698	1,940
Cowpeas	109 kg.	10,023	14,992	17,734	20,479	23,059	21,861	30,988	35,991
Tomatoes	51 kg.	3,249	2,662	4,934	6,969	11,150	13,380	24,352	14,575
Groundnuts	82 kg.	10,495	12,056	16,275	17,205	20,670	25,973	33,114	34,576

Source: Ministry of Agriculture.

Table 20.

Ghana: Retail Prices of Major Petroleum Products, December 1979–February 1995

(In cedis per liter) ^4/

Source: Ministry of Fuel and Power.

^{^1/}Aviation turbine kerosene.

^{^2/}Residual fuel oil.

^{^3/}Liquefied petroleum gas.

^{^4/}Except LPG, which is in cedis/kg.

Table 20.

Ghana: Retail Prices of Major Petroleum Products, December 1979–February 1995

(In cedis per liter) ^4/

Date of Price Change	Premium gasoline	Regular gasoline	Kerosene	Gas oil	ATK ^1/	RFO ^2/	LPG ^3/
December 1, 1979	1.65	1.54	0.77	…	…	…	…
November 6, 1980	2.31	2.20	1.10	1.32	…	…	0.18
January 15, 1981 September 7, 1981	2.49	2.27	1.21	1.43	…	…	0.18
October 1, 1982	2.71	2.49	1.10	1.87	1.28	0.71	0.18
April 22, 1983	5.50	4.73	2.90	3.50	3.63	3.02	0.37
October 11, 1983	7.70	6.71	4.40	5.28	5.77	3.13	0.57
September 13,1984	13.20	12.32	7.70	10.12	9.90	5.90	1.58
October 5, 1984	18.70	17.60	10.12	15.40	14.30	9.35	2.06
April 19, 1985	20.90	19.80	11.00	17.60	15.76	10.30	2.23
September 9, 1985	23.10	22.00	12.10	18.70	17.60	10.30	1.39
January 16, 1986	33.00	31.90	19.80	28.60	26.40	16.50	3.33
March 20, 1986	30.80	29.70	17.60	25.30	25.30	14.30	3.33
June 30, 1986	33.00	31.90	17.60	28.60	26.40	14.30	3.33
February 1, 1987	41.79	39.60	24.20	36.30	37.40	26.40	4.40
January 16, 1988	51.69	50.59	37.40	49.49	48.39	29.92	6.60
January 13, 1989	60.60	59.50	41.80	55.10	…	…	88.18
January 11, 1990	79.30	…	59.40	72.70	75.05	…	100.00
March 31, 1990	88.10	…	66.00	81.40	67.13	…	100.00
September 2, 1990	133.00	…	100.00	111.00	93.48	…	100.00
November 3, 1990	222.00	…	178.00	189.00	180.38	…	100.00
January 3, 1991	222.00	…	178.00	189.00	180.38	…	100.00
March 29, 1991	200.00	…	156.00	166.00	139.32	…	100.00
February 3, 1992	200.00	…	156.00	166.00	139.32	…	100.00
September 19, 1992	222.00	…	156.00	188.00	161.32	…	100.00
January 6, 1993	355.00	…	250.00	302.00	258.00	…	120.00
January 17, 1994	422.00	…	275.00	360.00	…	…	200.00
February 2, 1995	522.00	…	333.00	450.00	…	162.86	275.86

Source: Ministry of Fuel and Power.

^{^1/}Aviation turbine kerosene.

^{^2/}Residual fuel oil.

^{^3/}Liquefied petroleum gas.

^{^4/}Except LPG, which is in cedis/kg.

Table 20.

Ghana: Retail Prices of Major Petroleum Products, December 1979–February 1995

(In cedis per liter) ^4/

Date of Price Change	Premium gasoline	Regular gasoline	Kerosene	Gas oil	ATK ^1/	RFO ^2/	LPG ^3/
December 1, 1979	1.65	1.54	0.77	…	…	…	…
November 6, 1980	2.31	2.20	1.10	1.32	…	…	0.18
January 15, 1981 September 7, 1981	2.49	2.27	1.21	1.43	…	…	0.18
October 1, 1982	2.71	2.49	1.10	1.87	1.28	0.71	0.18
April 22, 1983	5.50	4.73	2.90	3.50	3.63	3.02	0.37
October 11, 1983	7.70	6.71	4.40	5.28	5.77	3.13	0.57
September 13,1984	13.20	12.32	7.70	10.12	9.90	5.90	1.58
October 5, 1984	18.70	17.60	10.12	15.40	14.30	9.35	2.06
April 19, 1985	20.90	19.80	11.00	17.60	15.76	10.30	2.23
September 9, 1985	23.10	22.00	12.10	18.70	17.60	10.30	1.39
January 16, 1986	33.00	31.90	19.80	28.60	26.40	16.50	3.33
March 20, 1986	30.80	29.70	17.60	25.30	25.30	14.30	3.33
June 30, 1986	33.00	31.90	17.60	28.60	26.40	14.30	3.33
February 1, 1987	41.79	39.60	24.20	36.30	37.40	26.40	4.40
January 16, 1988	51.69	50.59	37.40	49.49	48.39	29.92	6.60
January 13, 1989	60.60	59.50	41.80	55.10	…	…	88.18
January 11, 1990	79.30	…	59.40	72.70	75.05	…	100.00
March 31, 1990	88.10	…	66.00	81.40	67.13	…	100.00
September 2, 1990	133.00	…	100.00	111.00	93.48	…	100.00
November 3, 1990	222.00	…	178.00	189.00	180.38	…	100.00
January 3, 1991	222.00	…	178.00	189.00	180.38	…	100.00
March 29, 1991	200.00	…	156.00	166.00	139.32	…	100.00
February 3, 1992	200.00	…	156.00	166.00	139.32	…	100.00
September 19, 1992	222.00	…	156.00	188.00	161.32	…	100.00
January 6, 1993	355.00	…	250.00	302.00	258.00	…	120.00
January 17, 1994	422.00	…	275.00	360.00	…	…	200.00
February 2, 1995	522.00	…	333.00	450.00	…	162.86	275.86

Source: Ministry of Fuel and Power.

^{^1/}Aviation turbine kerosene.

^{^2/}Residual fuel oil.

^{^3/}Liquefied petroleum gas.

^{^4/}Except LPG, which is in cedis/kg.

Table 21.

Ghana: Central Government Operations and Financing, 1988–94

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Excludes capital expenditure financed through external project grants and loans.

^{^2/}Totals may differ from the sum of components due to rounding.

^{^3/}Includes pensions to government employees.

^{^4/}Includes provision for redeployment, retraining, and relocation of public sector employees.

^{^5/}Deposits in a special blocked account at the Bank of Ghana (BOG) to back up the issuance of Bank of Ghana bonds for the purpose of replacing nonperforming bank assets, as well as to cover other costs of financial sector reform.

^{^6/}Includes capital expenditure financed through external project grants and loans. These data are subject to a certain degree of estimation error.

^{^7/}Defined as total revenue and grants (broad coverage excluding divestiture receipts) minus current expenditure and special efficiency outlays.

Table 21.

Ghana: Central Government Operations and Financing, 1988–94

				1988	1989	1990	1991	1992	1993	1994 Prov.
Narrow coverage ^1/				(In billions of cedis) ^2/
	Total revenue and grants			153.8	214.5	267.3	390.6	366.3	7242	1,270.6
		Revenue		142.2	193.2	239.5	354.4	333.6	657.6	1,231.1
			Taxes on income and property	40.5	45.9	55.1	62.4	62.1	110.3	170.5
			Taxes on international transactions	50.0	76.5	92.8	119.2	110.9	176.0	361.6
			Taxes on domestic goods and services	38.7	52.1	71.7	137.9	128.8	222.9	309.0
			Nontax revenue	13.0	18.6	19.8	34.9	31.7	148.4	389.9
		Foreign grants		11.6	21.3	27.8	36.3	32.7	66.6	39.5
	Total expenditure and net lending			149.9	204.2	264.0	351.6	510.7	821.6	1,156.8
		Recurrent expenditure		111.0	148.6	198.2	263.7	373.3	643.5	896.9
			Wages and salaries	49.5	62.9	82.3	105.6	171.1	227.6	297.1
			Interest	12.0	18.7	27.3	42.8	61.0	134.8	230.5
			Other goods and services	26.3	35.8	45.0	60.5	692	1412	2012
			Subsidies and transfers ^3/	23.2	312	43.6	54.8	71.9	139.9	168.1
		Capital expenditure and net lending		35.9	45.9	57.8	78.6	110.3	127.3	195.9
			Capital expenditure	29.9	38.2	48.3	672	98.4	119.3	187.7
			Net lending	6.0	7.7	9.5	11.4	11.9	8.0	8.3
		Special efficiency ^4/		3.0	9.6	8.0	9.3	27.1	50.8	64.0
	Surplus or deficit (-)
		Including foreign grants		3.9	10.4	3.4	39.0	-144.4	-97.3	113.8
		Excluding foreign grants		-7.6	-11.0	-24.5	2.7	-177.1	-164.0	74.3
	Financing			-3.9	-10.4	-3.4	-39.0	144.4	97.3	-113.8
		Foreign (net)		2.3	4.9	24.6	12.7	0.3	52.0	-85.0
			Borrowing	42.5	542	58.3	52.0	43.1	118.0	30.0
			Repayments	-40.3	-49.2	-33.7	-39.3	-42.8	-66.1	-115.0
		Domestic (net)		-6.2	-15.3	-28.0	-51.7	1442	45.4	-28.8
			Banking system	-112	-21.4	-20.8	-50.7	102.5	-22.1	-34.3
			Social security	7.3	-2.5	3.8	—	13.8	-18.3	—
			Financial sector reform ^5/	—	—	-16.5	-5.3	3.8	—	—
			Other	-22	8.7	5.6	4.2	24.0	85.8	5.5
				(In percent of GDP) ^2/
	Total revenue and grants			14.6	15.1	13.2	15.2	12.2	18.3	24.5
		Of which: revenue		(13.5)	(13.6)	(11.8)	(13.8)	(11.1)	(16.7)	(23.7)
	Total expenditure and net lending			14.3	14.4	13.0	13.7	17.0	20.8	22.3
	Surplus or deficit (-)
		Including foreign grants		0.4	0.7	0.2	1.5	-4.8	-2.5	22
		Excluding foreign grants		-0.7	-0.8	-1.2	0.1	-5.9	-42	1.4
Broad coverage ^6/
	Total revenue and grants
			In billions of cedis	168.9	238.1	296.7	429.6	425.1	822.3	1,398.7
			In percent of GDP	16.1	16.8	14.6	16.7	14.1	20.8	27.0
	Total expenditure and net lending
			In billions of cedis	198.4	268.2	341.4	463.5	668.3	1,108.5	1,573.9
			In percent of GDP	18.9	18.9	16.8	18.0	22.2	28.1	30.4
	Current savings ^7/
			In billions of cedis	54.8	79.8	90.5	156.6	24.7	42.2	159.5
			In percent of GDP	5.2	5.6	4.5	6.1	0.8	1.1	3.1
		Excluding foreign grants
			In billions of cedis	28.2	34.9	33.3	81.3	-66.8	-122.4	18.4
			In percent of GDP	2.7	2.5	1.6	3.2	-22	-3.1	0.4
	Overall deficit (-)
			In billions of cedis	-29.5	-30.1	-44.7	-33.9	-2432	-286.2	-175.2
			In percent of GDP	-2.8	-2.1	-2.2	-1.3	-8.1	-7.2	-3.4
		Excluding foreign grants
			In billions of cedis	-56.1	-75.0	-101.9	-109.2	-334.7	-450.9	-342.8
			In percent of GDP	-5.3	-5.3	-5.0	-4.2	-11.1	-11.4	-6.6

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Excludes capital expenditure financed through external project grants and loans.

^{^2/}Totals may differ from the sum of components due to rounding.

^{^3/}Includes pensions to government employees.

^{^4/}Includes provision for redeployment, retraining, and relocation of public sector employees.

^{^6/}Includes capital expenditure financed through external project grants and loans. These data are subject to a certain degree of estimation error.

^{^7/}Defined as total revenue and grants (broad coverage excluding divestiture receipts) minus current expenditure and special efficiency outlays.

Table 21.

Ghana: Central Government Operations and Financing, 1988–94

				1988	1989	1990	1991	1992	1993	1994 Prov.
Narrow coverage ^1/				(In billions of cedis) ^2/
	Total revenue and grants			153.8	214.5	267.3	390.6	366.3	7242	1,270.6
		Revenue		142.2	193.2	239.5	354.4	333.6	657.6	1,231.1
			Taxes on income and property	40.5	45.9	55.1	62.4	62.1	110.3	170.5
			Taxes on international transactions	50.0	76.5	92.8	119.2	110.9	176.0	361.6
			Taxes on domestic goods and services	38.7	52.1	71.7	137.9	128.8	222.9	309.0
			Nontax revenue	13.0	18.6	19.8	34.9	31.7	148.4	389.9
		Foreign grants		11.6	21.3	27.8	36.3	32.7	66.6	39.5
	Total expenditure and net lending			149.9	204.2	264.0	351.6	510.7	821.6	1,156.8
		Recurrent expenditure		111.0	148.6	198.2	263.7	373.3	643.5	896.9
			Wages and salaries	49.5	62.9	82.3	105.6	171.1	227.6	297.1
			Interest	12.0	18.7	27.3	42.8	61.0	134.8	230.5
			Other goods and services	26.3	35.8	45.0	60.5	692	1412	2012
			Subsidies and transfers ^3/	23.2	312	43.6	54.8	71.9	139.9	168.1
		Capital expenditure and net lending		35.9	45.9	57.8	78.6	110.3	127.3	195.9
			Capital expenditure	29.9	38.2	48.3	672	98.4	119.3	187.7
			Net lending	6.0	7.7	9.5	11.4	11.9	8.0	8.3
		Special efficiency ^4/		3.0	9.6	8.0	9.3	27.1	50.8	64.0
	Surplus or deficit (-)
		Including foreign grants		3.9	10.4	3.4	39.0	-144.4	-97.3	113.8
		Excluding foreign grants		-7.6	-11.0	-24.5	2.7	-177.1	-164.0	74.3
	Financing			-3.9	-10.4	-3.4	-39.0	144.4	97.3	-113.8
		Foreign (net)		2.3	4.9	24.6	12.7	0.3	52.0	-85.0
			Borrowing	42.5	542	58.3	52.0	43.1	118.0	30.0
			Repayments	-40.3	-49.2	-33.7	-39.3	-42.8	-66.1	-115.0
		Domestic (net)		-6.2	-15.3	-28.0	-51.7	1442	45.4	-28.8
			Banking system	-112	-21.4	-20.8	-50.7	102.5	-22.1	-34.3
			Social security	7.3	-2.5	3.8	—	13.8	-18.3	—
			Financial sector reform ^5/	—	—	-16.5	-5.3	3.8	—	—
			Other	-22	8.7	5.6	4.2	24.0	85.8	5.5
				(In percent of GDP) ^2/
	Total revenue and grants			14.6	15.1	13.2	15.2	12.2	18.3	24.5
		Of which: revenue		(13.5)	(13.6)	(11.8)	(13.8)	(11.1)	(16.7)	(23.7)
	Total expenditure and net lending			14.3	14.4	13.0	13.7	17.0	20.8	22.3
	Surplus or deficit (-)
		Including foreign grants		0.4	0.7	0.2	1.5	-4.8	-2.5	22
		Excluding foreign grants		-0.7	-0.8	-1.2	0.1	-5.9	-42	1.4
Broad coverage ^6/
	Total revenue and grants
			In billions of cedis	168.9	238.1	296.7	429.6	425.1	822.3	1,398.7
			In percent of GDP	16.1	16.8	14.6	16.7	14.1	20.8	27.0
	Total expenditure and net lending
			In billions of cedis	198.4	268.2	341.4	463.5	668.3	1,108.5	1,573.9
			In percent of GDP	18.9	18.9	16.8	18.0	22.2	28.1	30.4
	Current savings ^7/
			In billions of cedis	54.8	79.8	90.5	156.6	24.7	42.2	159.5
			In percent of GDP	5.2	5.6	4.5	6.1	0.8	1.1	3.1
		Excluding foreign grants
			In billions of cedis	28.2	34.9	33.3	81.3	-66.8	-122.4	18.4
			In percent of GDP	2.7	2.5	1.6	3.2	-22	-3.1	0.4
	Overall deficit (-)
			In billions of cedis	-29.5	-30.1	-44.7	-33.9	-2432	-286.2	-175.2
			In percent of GDP	-2.8	-2.1	-2.2	-1.3	-8.1	-7.2	-3.4
		Excluding foreign grants
			In billions of cedis	-56.1	-75.0	-101.9	-109.2	-334.7	-450.9	-342.8
			In percent of GDP	-5.3	-5.3	-5.0	-4.2	-11.1	-11.4	-6.6

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Excludes capital expenditure financed through external project grants and loans.

^{^2/}Totals may differ from the sum of components due to rounding.

^{^3/}Includes pensions to government employees.

^{^4/}Includes provision for redeployment, retraining, and relocation of public sector employees.

^{^6/}Includes capital expenditure financed through external project grants and loans. These data are subject to a certain degree of estimation error.

^{^7/}Defined as total revenue and grants (broad coverage excluding divestiture receipts) minus current expenditure and special efficiency outlays.

Table 22.

Ghana: Central Government Revenue and Grants, 1988–94

Source: Ministry of Finance

Table 22.

Ghana: Central Government Revenue and Grants, 1988–94

					1988	1989	1990	1991	1992	1993	1994 Prov.
					(In millions of cedis)
Narrow coverage
	Tax revenue				129,222	174,522	219,677	319,453	301,834	509,152	841,123
		Taxes on income, profits, and capital gains			40,514	45,939	55,143	62,444	62,101	110,299	170,497
			Individual		11,097	12,323	17,430	18,734	21,124	44,317	62,330
				Personal	(6,017)	(7,214)	(10,836)	(11,700)	(15,680)	(36,981)	(51,458)
				Self-employed	(5,080)	(5,109)	(6,594)	(7,034)	(5,444)	(7,336)	(10,872)
			Corporate		27,649	31,380	33,985	39,907	34,507	54,330	89,491
			Other		1,768	2,236	3,728	3,803	6,470	11,652	16,676
		Taxes on domestic goods and services			38,683	52,069	71,719	137,857	128,799	222,868	309,008
			Sales taxes		12,342	17,861	23,405	29,530	27,527	31,248	49,761
			Excise duties except petroleum		14,891	19,139	22,917	29,552	30,954	39,727	57,547
			Petroleum revenue		11,450	15,069	25,397	78,775	70,318	151,893	201,700
		Taxes on international trade and transactions			50,025	76,514	92,815	119,152	110,934	175,985	361,618
			Import taxes		25,561	45,099	65,631	82,999	90,574	140,237	215,461
				Customs duties	(14,323)	(24,261)	(34,508)	(43,501)	(49,545)	(72,107)	(106,084)
				Sales taxes on imports	(9,551)	(18,502)	(27,809)	(34,901)	(35,423)	(54,612)	(86,783)
				Special tax	(1,292)	(2,080)	(2,490)	(3,745)	(5,310)	(7,584)	(4,987)
				Other import charges	(395)	(256)	(824)	(852)	(296)	(5,934)	(17,607)
			Export duty - cocoa		24,464	31,415	27,184	36,153	20,360	35,748	146,157
	Nontax revenue				13,016	18,648	19,824	34,906	31,726	148,429	389,949
		Of which: divestiture receipts			(—)	(—)	(—)	(—)	(—)	(85,750)	(261,778)
	Grants				11,553	21,343	27,821	36,261	32,696	66,629	39,483
		Total revenue and grants			153,791	214,513	267,322	390,620	366,256	724,210	1,270,555
					(In percent of GDP)
	Taxes on income and property				3.9	3.2	2.7	2.4	2.1	2.8	3.3
	Taxes on domestic goods and services				3.7	3.7	3.5	5.4	4.3	5.6	6.0
	Taxes on international trade and transactions				4.8	5.4	4.6	4.6	3.7	4.5	7.0
	Nontax revenue				1.2	1.3	1.0	1.4	1.1	3.8	7.5
	Grants				1.1	1.5	1.4	1.4	1.1	1.7	0.8
	Total revenue and grants				14.6	15.1	13.2	15.2	12.2	18.3	24.5
Memorandum item:
Broad coverage
	Total revenue and grants
		In millions of cedis			168,858	238,111	296,705	429,628	425,088	822,271	1,398,686
		In percent of GDP			16.1	16.8	14.6	16.7	14.1	20.8	27.0

Source: Ministry of Finance

Table 22.

Ghana: Central Government Revenue and Grants, 1988–94

					1988	1989	1990	1991	1992	1993	1994 Prov.
					(In millions of cedis)
Narrow coverage
	Tax revenue				129,222	174,522	219,677	319,453	301,834	509,152	841,123
		Taxes on income, profits, and capital gains			40,514	45,939	55,143	62,444	62,101	110,299	170,497
			Individual		11,097	12,323	17,430	18,734	21,124	44,317	62,330
				Personal	(6,017)	(7,214)	(10,836)	(11,700)	(15,680)	(36,981)	(51,458)
				Self-employed	(5,080)	(5,109)	(6,594)	(7,034)	(5,444)	(7,336)	(10,872)
			Corporate		27,649	31,380	33,985	39,907	34,507	54,330	89,491
			Other		1,768	2,236	3,728	3,803	6,470	11,652	16,676
		Taxes on domestic goods and services			38,683	52,069	71,719	137,857	128,799	222,868	309,008
			Sales taxes		12,342	17,861	23,405	29,530	27,527	31,248	49,761
			Excise duties except petroleum		14,891	19,139	22,917	29,552	30,954	39,727	57,547
			Petroleum revenue		11,450	15,069	25,397	78,775	70,318	151,893	201,700
		Taxes on international trade and transactions			50,025	76,514	92,815	119,152	110,934	175,985	361,618
			Import taxes		25,561	45,099	65,631	82,999	90,574	140,237	215,461
				Customs duties	(14,323)	(24,261)	(34,508)	(43,501)	(49,545)	(72,107)	(106,084)
				Sales taxes on imports	(9,551)	(18,502)	(27,809)	(34,901)	(35,423)	(54,612)	(86,783)
				Special tax	(1,292)	(2,080)	(2,490)	(3,745)	(5,310)	(7,584)	(4,987)
				Other import charges	(395)	(256)	(824)	(852)	(296)	(5,934)	(17,607)
			Export duty - cocoa		24,464	31,415	27,184	36,153	20,360	35,748	146,157
	Nontax revenue				13,016	18,648	19,824	34,906	31,726	148,429	389,949
		Of which: divestiture receipts			(—)	(—)	(—)	(—)	(—)	(85,750)	(261,778)
	Grants				11,553	21,343	27,821	36,261	32,696	66,629	39,483
		Total revenue and grants			153,791	214,513	267,322	390,620	366,256	724,210	1,270,555
					(In percent of GDP)
	Taxes on income and property				3.9	3.2	2.7	2.4	2.1	2.8	3.3
	Taxes on domestic goods and services				3.7	3.7	3.5	5.4	4.3	5.6	6.0
	Taxes on international trade and transactions				4.8	5.4	4.6	4.6	3.7	4.5	7.0
	Nontax revenue				1.2	1.3	1.0	1.4	1.1	3.8	7.5
	Grants				1.1	1.5	1.4	1.4	1.1	1.7	0.8
	Total revenue and grants				14.6	15.1	13.2	15.2	12.2	18.3	24.5
Memorandum item:
Broad coverage
	Total revenue and grants
		In millions of cedis			168,858	238,111	296,705	429,628	425,088	822,271	1,398,686
		In percent of GDP			16.1	16.8	14.6	16.7	14.1	20.8	27.0

Source: Ministry of Finance

Table 23.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1988–94

Source: Ministry of Finance

Table 23.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1988–94

				1988	1989	1990	1991	1992	1993	1994 Prov.
				(In millions of cedis)
Narrow coverage
	Current expenditure			111,004	148,643	198,193	263,714	373,258	643,467	896,851
		Expenditure on goods and services		75,797	98,652	127,260	166,109	240,308	368,799	498,311
			Wages and salaries	49,464	62,890	82,280	105,571	171,100	227,597	297,092
			Other goods and services	26,333	35,762	44,980	60,538	69,208	141,202	201,219
		Interest payments		11,961	18,744	27,318	42,828	61,004	134,778	230,485
			Domestic	5,929	7,938	17,513	29,627	34,949	94,340	166,449
			External	6,032	10,806	9,805	13,201	26,055	40,438	64,036
		Subsidies and transfers		23,246	31,247	43,615	54,777	71,946	139,890	168,055
			Subventions	14,107	18,014	26,907	33,618	41,019	79,756	94,815
			Pensions and gratuities	5,824	8,344	10,932	13,502	18,582	36,150	36,740
			Social security	3,315	4,889	5,776	7,657	12,335	23,984	36,500
	Capital expenditure and net lending			35,869	45,897	57,787	78,581	110,326	127,283	195,912
		Capital expenditure		29,886	38,200	48,300	67,228	98,449	119,254	187,653
		Net lending		5,983	7,697	9,487	11,353	11,877	8,029	8,259
	Special efficiency			3,007	9,623	7,980	9,320	27,106	50,805	63,999
		Of which: end-of-service benefits		(—)	(—)	(—)	(—)	(19,900)	(32,840)	(27,673)
		Total expenditure and net lending		149,880	204,163	263,960	351,615	510,690	821,555	1,156,762
				(In percent of GDP)
	Current expenditure			10.6	10.5	9.8	10.2	12.4	16.3	17.3
	Expenditure on goods and services			7.2	7.0	6.3	6.5	8.0	9.3	9.6
	Wages and salaries			4.7	4.4	4.0	4.1	5.7	5.8	5.7
	Interest payments			1.1	1.3	1.3	1.7	2.0	3.4	4.4
	Subsidies and transfers			2.2	2.2	2.1	2.1	2.4	3.5	3.2
	Capital expenditure and net lending			3.4	3.2	2.8	3.1	3.7	3.2	3.8
	Special efficiency			0.3	0.7	0.4	0.4	0.9	1.3	1.2
	Total expenditure and net lending			14.3	14.4	13.0	13.7	17.0	20.8	22.3
Memorandum item:
Broad coverage
	Total expenditure and net lending
			In millions of cedis	198,363	268,180	341,376	463,524	668,305	1,108,500	1,573,899
			In percent of GDP	18.9	18.9	16.8	18.0	22.2	28.1	30.4

Source: Ministry of Finance

Table 23.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1988–94

				1988	1989	1990	1991	1992	1993	1994 Prov.
				(In millions of cedis)
Narrow coverage
	Current expenditure			111,004	148,643	198,193	263,714	373,258	643,467	896,851
		Expenditure on goods and services		75,797	98,652	127,260	166,109	240,308	368,799	498,311
			Wages and salaries	49,464	62,890	82,280	105,571	171,100	227,597	297,092
			Other goods and services	26,333	35,762	44,980	60,538	69,208	141,202	201,219
		Interest payments		11,961	18,744	27,318	42,828	61,004	134,778	230,485
			Domestic	5,929	7,938	17,513	29,627	34,949	94,340	166,449
			External	6,032	10,806	9,805	13,201	26,055	40,438	64,036
		Subsidies and transfers		23,246	31,247	43,615	54,777	71,946	139,890	168,055
			Subventions	14,107	18,014	26,907	33,618	41,019	79,756	94,815
			Pensions and gratuities	5,824	8,344	10,932	13,502	18,582	36,150	36,740
			Social security	3,315	4,889	5,776	7,657	12,335	23,984	36,500
	Capital expenditure and net lending			35,869	45,897	57,787	78,581	110,326	127,283	195,912
		Capital expenditure		29,886	38,200	48,300	67,228	98,449	119,254	187,653
		Net lending		5,983	7,697	9,487	11,353	11,877	8,029	8,259
	Special efficiency			3,007	9,623	7,980	9,320	27,106	50,805	63,999
		Of which: end-of-service benefits		(—)	(—)	(—)	(—)	(19,900)	(32,840)	(27,673)
		Total expenditure and net lending		149,880	204,163	263,960	351,615	510,690	821,555	1,156,762
				(In percent of GDP)
	Current expenditure			10.6	10.5	9.8	10.2	12.4	16.3	17.3
	Expenditure on goods and services			7.2	7.0	6.3	6.5	8.0	9.3	9.6
	Wages and salaries			4.7	4.4	4.0	4.1	5.7	5.8	5.7
	Interest payments			1.1	1.3	1.3	1.7	2.0	3.4	4.4
	Subsidies and transfers			2.2	2.2	2.1	2.1	2.4	3.5	3.2
	Capital expenditure and net lending			3.4	3.2	2.8	3.1	3.7	3.2	3.8
	Special efficiency			0.3	0.7	0.4	0.4	0.9	1.3	1.2
	Total expenditure and net lending			14.3	14.4	13.0	13.7	17.0	20.8	22.3
Memorandum item:
Broad coverage
	Total expenditure and net lending
			In millions of cedis	198,363	268,180	341,376	463,524	668,305	1,108,500	1,573,899
			In percent of GDP	18.9	18.9	16.8	18.0	22.2	28.1	30.4

Source: Ministry of Finance

Table 24.

Ghana: Functional Classification of Central Government Expenditure, 1988–94

Source: Ministry of Finance

Table 24.

Ghana: Functional Classification of Central Government Expenditure, 1988–94

		1988	1989	1990	1991	1992	1993	1994 Prov.
General public services		31,598	37,919	49,479	41,732	58,450	83,918	145,432
Defense		4,603	6,106	9,006	15,230	23,242	39,481	33,853
Public order and safety		—	—	—	17,155	21,479	30,838	73,544
Education		36,995	47,692	64,835	78,801	118,363	179,234	255,792
Health		12,880	19,853	25,706	28,654	39,450	56,639	79,551
Social security and welfare		9,904	14,379	18,389	23,884	34,630	57,752	40,776
	Social security and assistance	9,139	13,233	13,792	21,1595	30,927	51,936	27,494
	Welfare	765	1,146	4,597	2,725	3,703	5,816	13,282
Housing and community amenities		5,002	5,170	6,607	7,481	8,639	12,403	8,707
Other community and social services		2,195	3,860	6,872	7,810	7,026	10,087	20,558
Economic services		25,754	33,124	38,282	54,773	82,691	129,721	110,059
	Agriculture, forestry, and fishing	5,004	9,142	10,438	12,378	19,815	28,449	26,752
	Mining, manufacturing, and construction	1,617	2,184	2,625	3,186	7,682	11,029	8,344
	Electricity, gas, steam, and water	323	14	1,048	1,102	4,889	7,019	—
	Roads	12,444	14,883	16,089	28,168	42,639	72,218	17,667
	Other transport and communications	2,535	2,352	3,248	4,325	5,054	7,256	43,226
	Other economic services	3,831	4,549	4,834	5,614	2,612	3,750	14,070
Interest on public debt		11,961	18,744	27,316	42,828	61,004	134,778	230,485
Other purpose		—	—	—	12,594	16,734	27,870	85,747
Special efficiency		3,007	9,623	7,980	9,320	27,106	50,805	63,999
	Total expenditure	143,899	196,470	254,472	340,262	498,814	813,526	1,148,503
		(In percent of GDP)
Education		3.5	3.4	3.2	3.1	3.9	4.5	4.9
Health		1.2	1.4	1.3	1.1	1.3	1.4	1.5
Social security and welfare		0.9	1.0	0.9	0.9	1.2	1.5	0.8
Economic services		2.4	2.3	1.9	2.1	2.7	3.3	2.1
Total expenditure		13.7	13.9	12.5	13.2	16.6	20.6	22.1

Source: Ministry of Finance

Table 24.

Ghana: Functional Classification of Central Government Expenditure, 1988–94

		1988	1989	1990	1991	1992	1993	1994 Prov.
General public services		31,598	37,919	49,479	41,732	58,450	83,918	145,432
Defense		4,603	6,106	9,006	15,230	23,242	39,481	33,853
Public order and safety		—	—	—	17,155	21,479	30,838	73,544
Education		36,995	47,692	64,835	78,801	118,363	179,234	255,792
Health		12,880	19,853	25,706	28,654	39,450	56,639	79,551
Social security and welfare		9,904	14,379	18,389	23,884	34,630	57,752	40,776
	Social security and assistance	9,139	13,233	13,792	21,1595	30,927	51,936	27,494
	Welfare	765	1,146	4,597	2,725	3,703	5,816	13,282
Housing and community amenities		5,002	5,170	6,607	7,481	8,639	12,403	8,707
Other community and social services		2,195	3,860	6,872	7,810	7,026	10,087	20,558
Economic services		25,754	33,124	38,282	54,773	82,691	129,721	110,059
	Agriculture, forestry, and fishing	5,004	9,142	10,438	12,378	19,815	28,449	26,752
	Mining, manufacturing, and construction	1,617	2,184	2,625	3,186	7,682	11,029	8,344
	Electricity, gas, steam, and water	323	14	1,048	1,102	4,889	7,019	—
	Roads	12,444	14,883	16,089	28,168	42,639	72,218	17,667
	Other transport and communications	2,535	2,352	3,248	4,325	5,054	7,256	43,226
	Other economic services	3,831	4,549	4,834	5,614	2,612	3,750	14,070
Interest on public debt		11,961	18,744	27,316	42,828	61,004	134,778	230,485
Other purpose		—	—	—	12,594	16,734	27,870	85,747
Special efficiency		3,007	9,623	7,980	9,320	27,106	50,805	63,999
	Total expenditure	143,899	196,470	254,472	340,262	498,814	813,526	1,148,503
		(In percent of GDP)
Education		3.5	3.4	3.2	3.1	3.9	4.5	4.9
Health		1.2	1.4	1.3	1.1	1.3	1.4	1.5
Social security and welfare		0.9	1.0	0.9	0.9	1.2	1.5	0.8
Economic services		2.4	2.3	1.9	2.1	2.7	3.3	2.1
Total expenditure		13.7	13.9	12.5	13.2	16.6	20.6	22.1

Source: Ministry of Finance

Table 25.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1988–94

(In millions of cedis; end of period)

Source: Bank of Ghana

^{^1/}Estimate.

^{^2/}For 1990-94, the estimates refer to total debt held by financial intermediaries and the nonfinancial sector.

^{^3/}Public enterprises and the nonfinancial private sector.

Table 25.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1988–94

(In millions of cedis; end of period)

		1988	1989	1990	1991	1992	1993	1994 ^1/
Domestic debt		53,477	61,207	45,941	48,428	226,697	473,474	496,384
	Monetary authorities	21,991	13,686	13,691	16,667	155,138	306,914	314,546
	Deposit money banks	8,157	6,357	2,948	858	280	275	275
	Social security fund	14,478	11,928	18,430	18,430	32,261	94,525	82,874
	Financial intermediaries ^2/	—	5,208	10,872	12,473	39,018	71,760	98,689
	Nonfinancial sector ^3/	8,851	24,028	…	…	…	…	…
Memorandum item:
	Domestic debt as a percent of GDP	5.1	4.3	2.3	1.9	7.5	12.0	9.6

Source: Bank of Ghana

^{^1/}Estimate.

^{^2/}For 1990-94, the estimates refer to total debt held by financial intermediaries and the nonfinancial sector.

^{^3/}Public enterprises and the nonfinancial private sector.

Table 25.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1988–94

(In millions of cedis; end of period)

		1988	1989	1990	1991	1992	1993	1994 ^1/
Domestic debt		53,477	61,207	45,941	48,428	226,697	473,474	496,384
	Monetary authorities	21,991	13,686	13,691	16,667	155,138	306,914	314,546
	Deposit money banks	8,157	6,357	2,948	858	280	275	275
	Social security fund	14,478	11,928	18,430	18,430	32,261	94,525	82,874
	Financial intermediaries ^2/	—	5,208	10,872	12,473	39,018	71,760	98,689
	Nonfinancial sector ^3/	8,851	24,028	…	…	…	…	…
Memorandum item:
	Domestic debt as a percent of GDP	5.1	4.3	2.3	1.9	7.5	12.0	9.6

Source: Bank of Ghana

^{^1/}Estimate.

^{^2/}For 1990-94, the estimates refer to total debt held by financial intermediaries and the nonfinancial sector.

^{^3/}Public enterprises and the nonfinancial private sector.

Table 26.

Ghana: Operations of the Social Security and National Investment Trust, 1988–94

(In millions of cedis)

Source: Socia1 Security and National Insurance Trust.

^{^1/}Combined employer/employee contributions from the sector shown.

^{^2/}Emigration, death, survivor, disability, sickness, and unemployment benefits.

^{^3/}Acquisition of offices, workers’ accomodations, and real estate developments for leasing.

^{^4/}Includes loans to the Bank fo Housing and Construction and the State Housing Corporation, as well as investment in an equipment leasing company.

Table 26.

Ghana: Operations of the Social Security and National Investment Trust, 1988–94

(In millions of cedis)

		1988	1989	1990	1991	1992	1993	1994 Prov.
Contributions ^1/		9,615.8	13,261.5	17,356.2	20,656.5	32,360.5	86,099.8	83,352.2
	From central government	4,603.8	6,827.8	8,045.4	10,507.3	12,084.6	54,029.7	39,820.2
	From others	5,012.0	6,433.7	9,310.8	10,149.2	20,275.9	32,070.1	43,532.0
Property income		2,898.4	4,612.0	6,711.7	8,954.3	10,287.2	18,850.3	27,344.7
	From central government stock	2,839.0	4,241.8	5,980.8	7,207.9	7,782.6	13,473.0	20,679.3
	Other	59,4	370,2	730,9	1,746.4	2,504.6	5,377.3	6,665.4
	Total revenue	12,514.2	17,873.5	24,067.9	29,610.8	42,647.7	104,950.1	110,696.9
Administrative expenditures		2,099.5	2,604.1	3,562.3	4,998.8	6,947.7	9,933.15	17,765.8
	Wages and salaries	557.5	785.7	1,204.8	2,306.7	3,467.2	4,956.6	9,869.4
	Other	1,542.0	1,818.4	2,357.5	2,692.1	3,480.5	4,976.5	7,896.4
Transfers to households		432.9	594.4	956.8	786.5	1,448.8	3,321.3	8,123.9
	Superannuation benefits	359.1	506.7	856.7	501.8	549.9	703.5	1,128.5
	Others ^2/	73.8	87.7	100.1	284.7	898.9	2,617.8	6,995.4
Acquisition of fixed capital assets ^3/		1,964.7	6,263.9	13,133.2	17,675.7	11,850.8	18,903.5	24,722.1
	Total expenditure	4,497.1	9,462.4	17,652.3	23,461.0	20,247.3	32,157.9	50,611.8
Surplus		8,017.1	8,411.1	6,415.5	6,149.8	22,400.4	72,792.2	60,085.1
Financing		-8,017.1	-8,411.1	-6,415.5	-6,149.8	-22,400.4	-72,792.2	-60,085.1
	Acquisition of central government securities	100,0	270.0	-3,689.0	148.1	-14,838.5	-57,790.9	7,901.6
	Short-term deposits	-8,303.4	-8,001.0	-12.0	-1,650.0	-1,889.0	1,128.0	-14,484.6
	Other ^4/	—	-1,431.4	-1,470.3	-438.9	-934.3	-14,950.1	-58,712.5
	Unidentified	186.3	751.3	-1,244.1	-4,209.0	-4,738.6	-1,179.2	5,210.4
Memorandum item:
	Interest accruing to members’ accounts	628.3	942.5	1,378.1	…	…	…	…

Source: Socia1 Security and National Insurance Trust.

^{^1/}Combined employer/employee contributions from the sector shown.

^{^2/}Emigration, death, survivor, disability, sickness, and unemployment benefits.

^{^3/}Acquisition of offices, workers’ accomodations, and real estate developments for leasing.

^{^4/}Includes loans to the Bank fo Housing and Construction and the State Housing Corporation, as well as investment in an equipment leasing company.

Table 26.

Ghana: Operations of the Social Security and National Investment Trust, 1988–94

(In millions of cedis)

		1988	1989	1990	1991	1992	1993	1994 Prov.
Contributions ^1/		9,615.8	13,261.5	17,356.2	20,656.5	32,360.5	86,099.8	83,352.2
	From central government	4,603.8	6,827.8	8,045.4	10,507.3	12,084.6	54,029.7	39,820.2
	From others	5,012.0	6,433.7	9,310.8	10,149.2	20,275.9	32,070.1	43,532.0
Property income		2,898.4	4,612.0	6,711.7	8,954.3	10,287.2	18,850.3	27,344.7
	From central government stock	2,839.0	4,241.8	5,980.8	7,207.9	7,782.6	13,473.0	20,679.3
	Other	59,4	370,2	730,9	1,746.4	2,504.6	5,377.3	6,665.4
	Total revenue	12,514.2	17,873.5	24,067.9	29,610.8	42,647.7	104,950.1	110,696.9
Administrative expenditures		2,099.5	2,604.1	3,562.3	4,998.8	6,947.7	9,933.15	17,765.8
	Wages and salaries	557.5	785.7	1,204.8	2,306.7	3,467.2	4,956.6	9,869.4
	Other	1,542.0	1,818.4	2,357.5	2,692.1	3,480.5	4,976.5	7,896.4
Transfers to households		432.9	594.4	956.8	786.5	1,448.8	3,321.3	8,123.9
	Superannuation benefits	359.1	506.7	856.7	501.8	549.9	703.5	1,128.5
	Others ^2/	73.8	87.7	100.1	284.7	898.9	2,617.8	6,995.4
Acquisition of fixed capital assets ^3/		1,964.7	6,263.9	13,133.2	17,675.7	11,850.8	18,903.5	24,722.1
	Total expenditure	4,497.1	9,462.4	17,652.3	23,461.0	20,247.3	32,157.9	50,611.8
Surplus		8,017.1	8,411.1	6,415.5	6,149.8	22,400.4	72,792.2	60,085.1
Financing		-8,017.1	-8,411.1	-6,415.5	-6,149.8	-22,400.4	-72,792.2	-60,085.1
	Acquisition of central government securities	100,0	270.0	-3,689.0	148.1	-14,838.5	-57,790.9	7,901.6
	Short-term deposits	-8,303.4	-8,001.0	-12.0	-1,650.0	-1,889.0	1,128.0	-14,484.6
	Other ^4/	—	-1,431.4	-1,470.3	-438.9	-934.3	-14,950.1	-58,712.5
	Unidentified	186.3	751.3	-1,244.1	-4,209.0	-4,738.6	-1,179.2	5,210.4
Memorandum item:
	Interest accruing to members’ accounts	628.3	942.5	1,378.1	…	…	…	…

Source: Socia1 Security and National Insurance Trust.

^{^1/}Combined employer/employee contributions from the sector shown.

^{^2/}Emigration, death, survivor, disability, sickness, and unemployment benefits.

^{^3/}Acquisition of offices, workers’ accomodations, and real estate developments for leasing.

^{^4/}Includes loans to the Bank fo Housing and Construction and the State Housing Corporation, as well as investment in an equipment leasing company.

Table 27.

Ghana: Summary of Financial Operations of Select Major State-Owned Enterprises, 1988–94

(In millions of cedis)

Source: State Enterprise Commission; and staff estimates.

^{^1/}Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30; 1994 figures based on actual and b

^{^2/}Cocoa Board revenues are net of export duty paid on cocoa.

^{^3/}Excludes Ghana Post and Telecommunications Corporation and Ghana Railways Corporation in 1993 and Ghana Airways Corporati

Table 27.

Ghana: Summary of Financial Operations of Select Major State-Owned Enterprises, 1988–94

(In millions of cedis)

			1988	1989	1990	1991	1992	1993	1994
Electricity Corporation of Ghana
	Revenues		8,138	9,633	11,061	14,466	24,458	46330	72,853
	Costs		12,600	6,558	10,604	17,202	25,826	36305	45,986
		Of which: wages and salaries	(…)	(1,027)	(1,029)	(…)	(…)	(4,414)	(5,698)
	Gross profit		4,462	3,075	477	-2,736	-1368	10,225	26,867
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		1,202	4326	480	480	480	36,789	…
	Foreign financing of investment		1,985	1,496	—	—	—	18,309	…
Ghana Airways Corporation
	Revenues		12,755	14,614	19,274	25,576	30,248	38,153	…
	Costs		12,274	14,161	19,138	25,008	29,982	36,358	…
		Of which: wages and salaries	(567)	(…)	(…)	(…)	(1,138)	(3,537)	(…)
	Gross profit		481	453	136	568	266	1,795	…
	Tax paid		112	107	264	60	20	—	…
	Dividend payments		—	—	336	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		125	364	464	137	363	149,901	…
	Foreign financing of investment		244	—	—	—	—	941,200	…
Ghana Cocoa Board (Cocoa Division) ^1/
	Revenues ^2/		66,656	88,187	100,207	107,599	123,930	134,760	184,784
	Costs		55,713	75,700	89,479	106,662	116,895	140,388	187,191
		Of which: wages and salaries	(…)	(…)	(…)	(…)	(…)	(…)	(58,252)
	Gross profit		10,942	12,488	10,728	937	7,035	-5,629	-2,408
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		—	—	—	223,886	223,886	223386	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Oil Company Limited
	Revenues		11,580	15,476	29,568	48,208	48,508	76,411	83,125
	Costs		10,970	14,700	28,777	46,756	48,107	76,086	78,156
		Of which: wages and salaries	(…)	(198)	(233)	(…)	(290)	(812)	(11,222)
	Gross profit		610	776	791	1,452	401	325	4,969
	Tax paid		211	149	224	378	—	—	…
	Dividend payments		15	30	15	100	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		417	110	110	110	110	—	…
	Foreign financing of investment		417	—	—	—	—	—	…
Ghana Ports and Harbours Authority
	Revenues		7,404	10,660	16,648	18,086	24,369	36,401	45,000
	Costs		6,163	8,955	8,972	18,128	17,955	24,164	23,335
		Of which: wages and salaries	(3,812)	(2,526)	(1,980)	(3,052)	(4,578)	(8,047)	(10,800)
	Gross profit		1,241	1,705	7,676	-42	6,414	12,2x37	21,465
	Tax paid		15	10	64	1,297	—	—	…
	Dividend payments		—	70	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		51	6,137	—	8,134	—	—	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Post and Telecommunications Corp.
	Revenues		6,091	10,200	15389	20,138	26,318	…	48,990
	Costs		4,918	8348	12,553	18,203	24,430	…	25,691
		Of which: wages and salaries	(2,522)	(1,651)	(924)	(1,155)	(1,733)	(…)	(9,640)
	Gross profit		1,173	1,852	2,836	1,935	1,888	…	23,299
	Tax paid		—	—	—	—	—	…	…
	Dividend payments		—	—	—	—	—	…	…
	Subvention receipts		—	—	—	—	—	…	…
	Net lending receipts		—	—	—	—	—	…	…
	Investment		10317	28,160	—	—	—	…	…
	Foreign financing of investment		9,932	8,941	—	—	—	…	…
Ghana Railway Corporation
	Revenues		1,765	2,236	2,809	4,214	4,925	…	8,157
	Costs		2,942	3,300	3,316	4,974	5,710	…	10330
		Of which: wages and salaries	(…)	(…)	(1,852)	(2,778)	(…)	(…)	(5,002)
	Gross profit		-1,177	-1,064	-507	-760	-785	…	-2,173
	Tax paid		—	—	—	—	—	…	…
	Dividend payments		—	—	—	—	—	…	…
	Subvention receipts		214	214	—	—	—	…	…
	Net lending receipts		—	—	—	—	—	…	…
	Investment		—	—	—	—	—	…	…
	Foreign financing of investment		—	—	—	—	—	…	…
Ghana Supply Commission
	Revenues		208	307	634	1,006	942	1,119	1,068
	Costs		210	230	454	464	540	714	800
		Of which: wages and salaries	(50)	(58)	(74)	(147)	(265)	(460)	(450)
	Gross profit		-2	77	180	542	402	405	268
	Tax paid		12	5	6	45	33	55	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		13	381	125	1328	1,458	1,796	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Water and Sewerage Corporation
	Revenues		5,176	5,200	7,264	9,309	15,005	21,249	23,130
	Costs		5,415	4,700	13,189	11,681	10,659	7,832	17,172
		Of which: wages and salaries	(1,500)	(1,600)	(1,622)	(1323)	(1323)	(4,726)	(6,902)
	Gross profit		-239	500	-5,925	-2372	4,346	13,417	5,958
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		57	—	4,767	6,204	6,204	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		318	18,290	335	192	192	45	…
	Foreign financing of investment		742	1,200	—	—	—	—	…
State Shipping Corporation
	Revenues		3,671	7,092	3,479	6,150	4,635	7,058	5,154
	Costs		3,827	7,699	3,854	6,881	6,944	7,472	3,628
		Of which: wages and salaries	(296)	(304)	(…)	(…)	(…)	(1,164)	(1,026)
	Gross profit		-156	-607	-375	-731	-2309	-414	1,526
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		3	3	—	—	—	—	…
	Foreign financing of investment		—	—	—	—	—	—	…
TEMA Oil Refinary
	Revenues		1,901	3,168	3375	6,810	7,635	11,496	15,387
	Costs		1,692	2,481	3,435	4309	6357	6,192	12,823
		Of which: wages and salaries	(…)	(…)	(…)	(612)	(918)	(863)	(929)
	Gross profit		209	687	440	2,601	1,078	5304	2,564
	Tax paid		27	32	25	63	714	714	…
	Dividend payments		—	—	2	2	2	2	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		—	—	34	34	34	1,968
	Foreign financing of investment		—	—	—	—	—	1,122	…
Volta River Authority
	Revenues		20,945	29,350	39,437	48,654	64,070	89,415	94,313
	Costs		15,418	16,909	27,508	32,865	33,824	71,763	53,136
		Of which: wages and salaries	(729)	(1300)	(686)	(1,126)	(…)	(6,413)	(4,347)
	Gross profit		5,527	12,441	11,929	15,789	30,246	17,652	41,177
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	4,045	…
	Investment		9,911	—	4376	7,833	7,833	7,600	…
	Foreign financing of investment		3,159	11,500	—	—	—	—	…
Total ^3/
	Revenues		146,290	196,123	249,665	310,216	375,043	46,2592	581,961
	Costs		132,142	163,741	221379	293,033	327,429	40,7574	458,448
		Of which: wages and salaries	(9,476)	(8,664)	(8,400)	(10,393)	(10,445)	(30,436)	(11,4268)
	Grots profit		14,147	32,383	28,386	17,183	47,614	55,317	12,3513
		(In percent of total revenues)	9.7	163	2.1	5.5	12.7	12.0	21.2
	Tax paid		377	303	583	1,843	767	769	…
		(In percent of total profit)	2.7	0.9	11.4	10.7	1.6	1.4	…
	Dividend payments		15	100	353	102	2	2	…
	Subvention receipts		271	214	4,767	6,204	6,204	0	…
	Net lending receipts		0	0	0	0	0	4,045	…
	Investment		22357	57,771	5,924	24,2334	23,4356	421,985	…
	Foreign financing of investment		16,479	23,137	0	0	0	960,631	…
Memorandum item:
Ghana National Petroleum Corporation
	Revenues		37,186	44365	88,997	…	…	…	…
	Costs		33,773	46,790	90,215	…	…	…	…
		Of which: wages and salaries	(…)	(61)	(…)	(…)	(…)	(…)	(…)
	Gross profit		3,413	-1,925	-1318	…	…	…	…
	Tax paid		—	—	—	…	…	…	…
	Dividend payments		—	—	—	…	…	…	…
	Subvention receipts		—	—	—	…	…	…	…
	Net lending receipts		—	—	—	…	…	…	…
	Investment		—-	551	706	…	…	…	…
	Foreign financing of investment		—	606	—	…	…	…	…

Source: State Enterprise Commission; and staff estimates.

^{^1/}Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30; 1994 figures based on actual and b

^{^2/}Cocoa Board revenues are net of export duty paid on cocoa.

^{^3/}Excludes Ghana Post and Telecommunications Corporation and Ghana Railways Corporation in 1993 and Ghana Airways Corporati

Table 27.

Ghana: Summary of Financial Operations of Select Major State-Owned Enterprises, 1988–94

(In millions of cedis)

			1988	1989	1990	1991	1992	1993	1994
Electricity Corporation of Ghana
	Revenues		8,138	9,633	11,061	14,466	24,458	46330	72,853
	Costs		12,600	6,558	10,604	17,202	25,826	36305	45,986
		Of which: wages and salaries	(…)	(1,027)	(1,029)	(…)	(…)	(4,414)	(5,698)
	Gross profit		4,462	3,075	477	-2,736	-1368	10,225	26,867
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		1,202	4326	480	480	480	36,789	…
	Foreign financing of investment		1,985	1,496	—	—	—	18,309	…
Ghana Airways Corporation
	Revenues		12,755	14,614	19,274	25,576	30,248	38,153	…
	Costs		12,274	14,161	19,138	25,008	29,982	36,358	…
		Of which: wages and salaries	(567)	(…)	(…)	(…)	(1,138)	(3,537)	(…)
	Gross profit		481	453	136	568	266	1,795	…
	Tax paid		112	107	264	60	20	—	…
	Dividend payments		—	—	336	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		125	364	464	137	363	149,901	…
	Foreign financing of investment		244	—	—	—	—	941,200	…
Ghana Cocoa Board (Cocoa Division) ^1/
	Revenues ^2/		66,656	88,187	100,207	107,599	123,930	134,760	184,784
	Costs		55,713	75,700	89,479	106,662	116,895	140,388	187,191
		Of which: wages and salaries	(…)	(…)	(…)	(…)	(…)	(…)	(58,252)
	Gross profit		10,942	12,488	10,728	937	7,035	-5,629	-2,408
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		—	—	—	223,886	223,886	223386	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Oil Company Limited
	Revenues		11,580	15,476	29,568	48,208	48,508	76,411	83,125
	Costs		10,970	14,700	28,777	46,756	48,107	76,086	78,156
		Of which: wages and salaries	(…)	(198)	(233)	(…)	(290)	(812)	(11,222)
	Gross profit		610	776	791	1,452	401	325	4,969
	Tax paid		211	149	224	378	—	—	…
	Dividend payments		15	30	15	100	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		417	110	110	110	110	—	…
	Foreign financing of investment		417	—	—	—	—	—	…
Ghana Ports and Harbours Authority
	Revenues		7,404	10,660	16,648	18,086	24,369	36,401	45,000
	Costs		6,163	8,955	8,972	18,128	17,955	24,164	23,335
		Of which: wages and salaries	(3,812)	(2,526)	(1,980)	(3,052)	(4,578)	(8,047)	(10,800)
	Gross profit		1,241	1,705	7,676	-42	6,414	12,2x37	21,465
	Tax paid		15	10	64	1,297	—	—	…
	Dividend payments		—	70	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		51	6,137	—	8,134	—	—	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Post and Telecommunications Corp.
	Revenues		6,091	10,200	15389	20,138	26,318	…	48,990
	Costs		4,918	8348	12,553	18,203	24,430	…	25,691
		Of which: wages and salaries	(2,522)	(1,651)	(924)	(1,155)	(1,733)	(…)	(9,640)
	Gross profit		1,173	1,852	2,836	1,935	1,888	…	23,299
	Tax paid		—	—	—	—	—	…	…
	Dividend payments		—	—	—	—	—	…	…
	Subvention receipts		—	—	—	—	—	…	…
	Net lending receipts		—	—	—	—	—	…	…
	Investment		10317	28,160	—	—	—	…	…
	Foreign financing of investment		9,932	8,941	—	—	—	…	…
Ghana Railway Corporation
	Revenues		1,765	2,236	2,809	4,214	4,925	…	8,157
	Costs		2,942	3,300	3,316	4,974	5,710	…	10330
		Of which: wages and salaries	(…)	(…)	(1,852)	(2,778)	(…)	(…)	(5,002)
	Gross profit		-1,177	-1,064	-507	-760	-785	…	-2,173
	Tax paid		—	—	—	—	—	…	…
	Dividend payments		—	—	—	—	—	…	…
	Subvention receipts		214	214	—	—	—	…	…
	Net lending receipts		—	—	—	—	—	…	…
	Investment		—	—	—	—	—	…	…
	Foreign financing of investment		—	—	—	—	—	…	…
Ghana Supply Commission
	Revenues		208	307	634	1,006	942	1,119	1,068
	Costs		210	230	454	464	540	714	800
		Of which: wages and salaries	(50)	(58)	(74)	(147)	(265)	(460)	(450)
	Gross profit		-2	77	180	542	402	405	268
	Tax paid		12	5	6	45	33	55	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		13	381	125	1328	1,458	1,796	…
	Foreign financing of investment		—	—	—	—	—	—	…
Ghana Water and Sewerage Corporation
	Revenues		5,176	5,200	7,264	9,309	15,005	21,249	23,130
	Costs		5,415	4,700	13,189	11,681	10,659	7,832	17,172
		Of which: wages and salaries	(1,500)	(1,600)	(1,622)	(1323)	(1323)	(4,726)	(6,902)
	Gross profit		-239	500	-5,925	-2372	4,346	13,417	5,958
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		57	—	4,767	6,204	6,204	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		318	18,290	335	192	192	45	…
	Foreign financing of investment		742	1,200	—	—	—	—	…
State Shipping Corporation
	Revenues		3,671	7,092	3,479	6,150	4,635	7,058	5,154
	Costs		3,827	7,699	3,854	6,881	6,944	7,472	3,628
		Of which: wages and salaries	(296)	(304)	(…)	(…)	(…)	(1,164)	(1,026)
	Gross profit		-156	-607	-375	-731	-2309	-414	1,526
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		3	3	—	—	—	—	…
	Foreign financing of investment		—	—	—	—	—	—	…
TEMA Oil Refinary
	Revenues		1,901	3,168	3375	6,810	7,635	11,496	15,387
	Costs		1,692	2,481	3,435	4309	6357	6,192	12,823
		Of which: wages and salaries	(…)	(…)	(…)	(612)	(918)	(863)	(929)
	Gross profit		209	687	440	2,601	1,078	5304	2,564
	Tax paid		27	32	25	63	714	714	…
	Dividend payments		—	—	2	2	2	2	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	—	…
	Investment		—	—	34	34	34	1,968
	Foreign financing of investment		—	—	—	—	—	1,122	…
Volta River Authority
	Revenues		20,945	29,350	39,437	48,654	64,070	89,415	94,313
	Costs		15,418	16,909	27,508	32,865	33,824	71,763	53,136
		Of which: wages and salaries	(729)	(1300)	(686)	(1,126)	(…)	(6,413)	(4,347)
	Gross profit		5,527	12,441	11,929	15,789	30,246	17,652	41,177
	Tax paid		—	—	—	—	—	—	…
	Dividend payments		—	—	—	—	—	—	…
	Subvention receipts		—	—	—	—	—	—	…
	Net lending receipts		—	—	—	—	—	4,045	…
	Investment		9,911	—	4376	7,833	7,833	7,600	…
	Foreign financing of investment		3,159	11,500	—	—	—	—	…
Total ^3/
	Revenues		146,290	196,123	249,665	310,216	375,043	46,2592	581,961
	Costs		132,142	163,741	221379	293,033	327,429	40,7574	458,448
		Of which: wages and salaries	(9,476)	(8,664)	(8,400)	(10,393)	(10,445)	(30,436)	(11,4268)
	Grots profit		14,147	32,383	28,386	17,183	47,614	55,317	12,3513
		(In percent of total revenues)	9.7	163	2.1	5.5	12.7	12.0	21.2
	Tax paid		377	303	583	1,843	767	769	…
		(In percent of total profit)	2.7	0.9	11.4	10.7	1.6	1.4	…
	Dividend payments		15	100	353	102	2	2	…
	Subvention receipts		271	214	4,767	6,204	6,204	0	…
	Net lending receipts		0	0	0	0	0	4,045	…
	Investment		22357	57,771	5,924	24,2334	23,4356	421,985	…
	Foreign financing of investment		16,479	23,137	0	0	0	960,631	…
Memorandum item:
Ghana National Petroleum Corporation
	Revenues		37,186	44365	88,997	…	…	…	…
	Costs		33,773	46,790	90,215	…	…	…	…
		Of which: wages and salaries	(…)	(61)	(…)	(…)	(…)	(…)	(…)
	Gross profit		3,413	-1,925	-1318	…	…	…	…
	Tax paid		—	—	—	…	…	…	…
	Dividend payments		—	—	—	…	…	…	…
	Subvention receipts		—	—	—	…	…	…	…
	Net lending receipts		—	—	—	…	…	…	…
	Investment		—-	551	706	…	…	…	…
	Foreign financing of investment		—	606	—	…	…	…	…

Source: State Enterprise Commission; and staff estimates.

^{^1/}Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30; 1994 figures based on actual and b

^{^2/}Cocoa Board revenues are net of export duty paid on cocoa.

^{^3/}Excludes Ghana Post and Telecommunications Corporation and Ghana Railways Corporation in 1993 and Ghana Airways Corporati

Table 28.

Ghana: Public Investment Program, 1993–95 ^1/

(In millions of cedis)

Source: Data provided by the Ghanaian authorities.

^{^1/}Formulated on the basis of a ¢ 620/US$1 exchange rate (end-June 1993) for foreign sources of funding.

^{^2/}Program of Actions to Mitigate the Social Costs of Adjustment.

Table 28.

Ghana: Public Investment Program, 1993–95 ^1/

(In millions of cedis)

		1993-95 Investment by sector	Percentage distribution	1993 Investment by sector	Percentage distribution	1994 Investment by sector	Percentage distribution	1995 Investment by sector	Percentage distribution
Directly productive sectors		187,680	14.0	73,140	18.3	63,058	13.9	51,482	10.6
	Agriculture	(74,635)	(5.6)	(26,727)	(6.7)	(25,458)	(5.6)	(22,450)	(4.6)
	Industry	(40,929)	(3.1)	(13,853)	(3.5)	(16,387)	(3.6)	(10,689)	(2.2)
	Mining and forestry	(72,116)	(5.4)	(32,560)	(8.2)	(21,213)	(4.7)	(18,343)	(3.8)
Economic infrastructure		938,437	70.0	275,708	69.2	321,495	70.7	341,234	69.9
	Water	(149,207)	(11.1)	(41,675)	(10.5)	(55,827)	(12.3)	(51,705)	(10.6)
	Transport and communication	(228,411)	(17.0)	(61,827)	(15.5)	(82,537)	(18.1)	(84,047)	(17.2)
	Energy	(206,376)	(15.4)	(75,055)	(18.8)	(64,700)	(14.2)	(66,621)	(13.7)
	Roads and highways	(305,507)	(22.8)	(85,240)	(21.4)	(103,305)	(22.7)	(116,962)	(24.0)
	Works and housing	(48,936)	(3.6)	(11,911)	(3.0)	(15,126)	(3.3)	(21,899)	(4.5)
Social and administrative sectors		212,662	15.9	49,120	12.3	69,489	15.3	94,053	19.3
	Education	(95,383)	(7.1)	(21,655)	(5.4)	(32,413)	(7.1)	(41,315)	(8.5)
	Health	(57,461)	(4.3)	(13,444)	(3.4)	(19,950)	(4.4)	(24,067)	(4.9)
	Local gov’t and community development	(23,876)	(1.8)	(3,528)	(0.9)	(6,298)	(1.4)	(14,050)	(2.9)
	PAMSCAD ^2/	(1,462)	(0.1)	(1,462)	(0.4)	(0)	(0.0)	(0)	(0.0)
	Other	(8,537)	(0.6)	(2,136)	(0.5)	(2,777)	(0.6)	(3,624)	(0.7)
	Multisectoral projects	(25,943)	(1.9)	(6,895)	(1.7)	(8,051)	(1.8)	(10,997)	(2.3)
Culture		2,600	0.2	651	0.2	846	0.2	1,103	0.2
	Total	1,341,379	100.0	398,619	100.0	454,888	100.0	487,872	100.0

Source: Data provided by the Ghanaian authorities.

^{^1/}Formulated on the basis of a ¢ 620/US$1 exchange rate (end-June 1993) for foreign sources of funding.

^{^2/}Program of Actions to Mitigate the Social Costs of Adjustment.

Table 28.

Ghana: Public Investment Program, 1993–95 ^1/

(In millions of cedis)

		1993-95 Investment by sector	Percentage distribution	1993 Investment by sector	Percentage distribution	1994 Investment by sector	Percentage distribution	1995 Investment by sector	Percentage distribution
Directly productive sectors		187,680	14.0	73,140	18.3	63,058	13.9	51,482	10.6
	Agriculture	(74,635)	(5.6)	(26,727)	(6.7)	(25,458)	(5.6)	(22,450)	(4.6)
	Industry	(40,929)	(3.1)	(13,853)	(3.5)	(16,387)	(3.6)	(10,689)	(2.2)
	Mining and forestry	(72,116)	(5.4)	(32,560)	(8.2)	(21,213)	(4.7)	(18,343)	(3.8)
Economic infrastructure		938,437	70.0	275,708	69.2	321,495	70.7	341,234	69.9
	Water	(149,207)	(11.1)	(41,675)	(10.5)	(55,827)	(12.3)	(51,705)	(10.6)
	Transport and communication	(228,411)	(17.0)	(61,827)	(15.5)	(82,537)	(18.1)	(84,047)	(17.2)
	Energy	(206,376)	(15.4)	(75,055)	(18.8)	(64,700)	(14.2)	(66,621)	(13.7)
	Roads and highways	(305,507)	(22.8)	(85,240)	(21.4)	(103,305)	(22.7)	(116,962)	(24.0)
	Works and housing	(48,936)	(3.6)	(11,911)	(3.0)	(15,126)	(3.3)	(21,899)	(4.5)
Social and administrative sectors		212,662	15.9	49,120	12.3	69,489	15.3	94,053	19.3
	Education	(95,383)	(7.1)	(21,655)	(5.4)	(32,413)	(7.1)	(41,315)	(8.5)
	Health	(57,461)	(4.3)	(13,444)	(3.4)	(19,950)	(4.4)	(24,067)	(4.9)
	Local gov’t and community development	(23,876)	(1.8)	(3,528)	(0.9)	(6,298)	(1.4)	(14,050)	(2.9)
	PAMSCAD ^2/	(1,462)	(0.1)	(1,462)	(0.4)	(0)	(0.0)	(0)	(0.0)
	Other	(8,537)	(0.6)	(2,136)	(0.5)	(2,777)	(0.6)	(3,624)	(0.7)
	Multisectoral projects	(25,943)	(1.9)	(6,895)	(1.7)	(8,051)	(1.8)	(10,997)	(2.3)
Culture		2,600	0.2	651	0.2	846	0.2	1,103	0.2
	Total	1,341,379	100.0	398,619	100.0	454,888	100.0	487,872	100.0

Source: Data provided by the Ghanaian authorities.

^{^1/}Formulated on the basis of a ¢ 620/US$1 exchange rate (end-June 1993) for foreign sources of funding.

^{^2/}Program of Actions to Mitigate the Social Costs of Adjustment.

Table 29.

Ghana: Summary of the Monetary Survey, 1988–94 ^1/

(In millions of cedis: end of period)

Source: Bank of Ghana.

^{^1/}Including the accounts of the secondary banks since 1984 and of the Discount House since 1988.

^{^2/}Based since early 1989 on the revised classification of the foreign assets and liabilities of the Bank of Ghana and the Ghana Commercial Bank.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

^{^4/}The revaluation losses of the Bank of Ghana accumulated by end-1989 were taken over by the Government in January 1990, and losses accumulated through end-1993 were taken over by the Government in December 1993.

Table 29.

Ghana: Summary of the Monetary Survey, 1988–94 ^1/

(In millions of cedis: end of period)

			1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^2/			-141,302	-121,302	-80,502	-38,387	-109,181	-112,471	35,123
	Bank of Ghana		-136,798	-156,968	-144,827	-106,427	-210,844	-237,375	-154,418
	Deposit money banks		-4,504	35,678	64,325	68,040	101,663	124,904	189,542
Net domestic assets			116,631	96,305	361,025	361,503	581,379	811,341	827,329
	Claims on Government (net)		12,409	-2,110	288,630	253,662	356,159	550,264	515,705
		Bank of Ghana	7,775	-3,871	291,332	270,520	378,402	613,439	584,634
		Deposit money banks	3,233	-6,583	-13,574	-16,858	-22,243	-63,175	-68,929
		Discount House	1,401	8,344	10,872	—	—	—	—
	Cocoa financing		25,229	23,747	29,681	35,410	55,235	29,322	7,942
	Claims on the rest rest of the economy		68,605	81,373	77,870	119,102	163,041	247,038	443,667
		Claims on public entitles ^3/	10,422	19,674	13,791	27,650	24,240	59,065	170,345
		Claims on nonbank financial	—	—	—	—	—	—	—
		Claims on the private sector	58,183	61,699	64,079	91,452	138,801	187,973	273,332
	Other Items (net)		10,388	-6,706	-35,156	-46,671	6,944	-15,283	-139,998
Revaluation account ^4/			224,990	276,189	13,852	27,647	58,278	33,211	201,276
Assets - Liabilities			200,319	251,203	294,375	350,763	530,476	732,081	1,063,725
Money and quasi-money			189,187	240,071	283,242	339,632	519,343	661,574	967,361
	Money		139,031	185,153	216,958	235,747	360,685	461,347	693,543
	Quasi-money		50,156	54,918	66,284	103,885	158,658	200,227	273,818
Counterpart to SDR allocations			11,132	11,132	11,132	11,132	11,132	70,507	96,364

Source: Bank of Ghana.

^{^1/}Including the accounts of the secondary banks since 1984 and of the Discount House since 1988.

^{^2/}Based since early 1989 on the revised classification of the foreign assets and liabilities of the Bank of Ghana and the Ghana Commercial Bank.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

Table 29.

Ghana: Summary of the Monetary Survey, 1988–94 ^1/

(In millions of cedis: end of period)

			1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^2/			-141,302	-121,302	-80,502	-38,387	-109,181	-112,471	35,123
	Bank of Ghana		-136,798	-156,968	-144,827	-106,427	-210,844	-237,375	-154,418
	Deposit money banks		-4,504	35,678	64,325	68,040	101,663	124,904	189,542
Net domestic assets			116,631	96,305	361,025	361,503	581,379	811,341	827,329
	Claims on Government (net)		12,409	-2,110	288,630	253,662	356,159	550,264	515,705
		Bank of Ghana	7,775	-3,871	291,332	270,520	378,402	613,439	584,634
		Deposit money banks	3,233	-6,583	-13,574	-16,858	-22,243	-63,175	-68,929
		Discount House	1,401	8,344	10,872	—	—	—	—
	Cocoa financing		25,229	23,747	29,681	35,410	55,235	29,322	7,942
	Claims on the rest rest of the economy		68,605	81,373	77,870	119,102	163,041	247,038	443,667
		Claims on public entitles ^3/	10,422	19,674	13,791	27,650	24,240	59,065	170,345
		Claims on nonbank financial	—	—	—	—	—	—	—
		Claims on the private sector	58,183	61,699	64,079	91,452	138,801	187,973	273,332
	Other Items (net)		10,388	-6,706	-35,156	-46,671	6,944	-15,283	-139,998
Revaluation account ^4/			224,990	276,189	13,852	27,647	58,278	33,211	201,276
Assets - Liabilities			200,319	251,203	294,375	350,763	530,476	732,081	1,063,725
Money and quasi-money			189,187	240,071	283,242	339,632	519,343	661,574	967,361
	Money		139,031	185,153	216,958	235,747	360,685	461,347	693,543
	Quasi-money		50,156	54,918	66,284	103,885	158,658	200,227	273,818
Counterpart to SDR allocations			11,132	11,132	11,132	11,132	11,132	70,507	96,364

Source: Bank of Ghana.

^{^1/}Including the accounts of the secondary banks since 1984 and of the Discount House since 1988.

^{^2/}Based since early 1989 on the revised classification of the foreign assets and liabilities of the Bank of Ghana and the Ghana Commercial Bank.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

Table 30.

Ghana: Summary Accounts of the Bank of Ghana, 1988–94

(In millions of cedis: end of period)

Source: Bank of Ghana.

^{^1/}Revised classified of foreign assets and liabilities since 1989.

^{^2/}The revaluation losses of the Bank of Ghana were taken over by the Government in January 1990 and December 1993. The revaluation account also includes the exchange equalization account.

^{^3/}Includes 50 cedi deposits before reclassification and unclassified liabilities.

^{^4/}Includes allocation of SDRs and net unclassified liabilities.

Table 30.

Ghana: Summary Accounts of the Bank of Ghana, 1988–94

(In millions of cedis: end of period)

				1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^1/				-136,798	-156,968	-144,827	-106,427	-210,844	-237,375	-154,418
	Assets			68,728	74,479	96,839	186,662	170,165	352,233	662,843
	Liabilities			-64,951	-110,465	-154,99	-224,492	-337,750	-510,527	-728,119
	Net bilateral accounts			8,043	1,876	14,883	22,655	17,311	20,180	28,676
	Payments arrears			-14,948	-5,251	—	—	—	—	—
	Net use of Fund credit			-133,670	-117,606	-101,558	-91,252	-60,570	-99,261	-117,818
Net domestic assets				17,452	20,004	292,571	285,907	384,183	661,8713	736,8553
	Central Government (net)			7,775	-3,871	291,332	270,520	378,402	613,439	584,634
		Net credit		7,775	-3,871	-20,438	-56,963	50,919	69,707	40,902
			Credit	21,991	13,686	13,691	16,667	155,138	306,914	358,986
			Deposits	-14,216	-17,558	-34,129	-73,630	-104,219	-237,207	-318,084
		Revaluation losses ^2/		—	—	311,770	327,483	327,483	543,732	543,732
	Rest of public sector (net)			-13,143	-8,069	-12,996	-7,141	1,606	33,329	145,095
		Credit		1,249	2,347	2,952	5,945	3,790	36,626	148,587
		Deposits		-14,392	-10,417	-15,948	-13,086	-2,184	-3,297	-3,492
	Cocoa financing (gross)			16,679	22,938	3,851	14,378	—	8,116	170
	Nonbank financial Intermediaries			—	—	—	—	—	—	—
	Credit to banks			6,071	8,961	10,367	8,148	4,169	6,824	6,650
	Claims on private sector			70	46	17	2	6	5	3
Revaluation account ^2/				222,946	273,547	10,794	27,647	58,278	33,211	201,276
Assets = Liabilities				103,600	136,583	158,538	207,127	231,617	457,549	783,411
Liabilities to banks				24,642	33,348	35,004	27,682	60,892	32,784	89,509
	Currency			9,174	8,575	8,585	9,431	13,774	17,306	23,339
	Deposits			14,560	23,855	25,500	17,332	46,199	14,559	65,251
	Special deposits ^3/			908	919	919	919	919	919	919
Nonbank financial intermediaries				—	—	—	—	—	—	—
Liabilities to private sector				65,113	82,973	80,162	90,646	183,682	222,728	369,194
	Currency			65,037	82,917	80,045	89,925	183,481	222,203	368,800
	Deposits			76	56	117	721	201	525	395
Other items (net) ^4/				13,846	20,262	43,372	88,799	-12,957	202,037	324,708

Source: Bank of Ghana.

^{^1/}Revised classified of foreign assets and liabilities since 1989.

^{^2/}The revaluation losses of the Bank of Ghana were taken over by the Government in January 1990 and December 1993. The revaluation account also includes the exchange equalization account.

^{^3/}Includes 50 cedi deposits before reclassification and unclassified liabilities.

^{^4/}Includes allocation of SDRs and net unclassified liabilities.

Table 30.

Ghana: Summary Accounts of the Bank of Ghana, 1988–94

(In millions of cedis: end of period)

				1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^1/				-136,798	-156,968	-144,827	-106,427	-210,844	-237,375	-154,418
	Assets			68,728	74,479	96,839	186,662	170,165	352,233	662,843
	Liabilities			-64,951	-110,465	-154,99	-224,492	-337,750	-510,527	-728,119
	Net bilateral accounts			8,043	1,876	14,883	22,655	17,311	20,180	28,676
	Payments arrears			-14,948	-5,251	—	—	—	—	—
	Net use of Fund credit			-133,670	-117,606	-101,558	-91,252	-60,570	-99,261	-117,818
Net domestic assets				17,452	20,004	292,571	285,907	384,183	661,8713	736,8553
	Central Government (net)			7,775	-3,871	291,332	270,520	378,402	613,439	584,634
		Net credit		7,775	-3,871	-20,438	-56,963	50,919	69,707	40,902
			Credit	21,991	13,686	13,691	16,667	155,138	306,914	358,986
			Deposits	-14,216	-17,558	-34,129	-73,630	-104,219	-237,207	-318,084
		Revaluation losses ^2/		—	—	311,770	327,483	327,483	543,732	543,732
	Rest of public sector (net)			-13,143	-8,069	-12,996	-7,141	1,606	33,329	145,095
		Credit		1,249	2,347	2,952	5,945	3,790	36,626	148,587
		Deposits		-14,392	-10,417	-15,948	-13,086	-2,184	-3,297	-3,492
	Cocoa financing (gross)			16,679	22,938	3,851	14,378	—	8,116	170
	Nonbank financial Intermediaries			—	—	—	—	—	—	—
	Credit to banks			6,071	8,961	10,367	8,148	4,169	6,824	6,650
	Claims on private sector			70	46	17	2	6	5	3
Revaluation account ^2/				222,946	273,547	10,794	27,647	58,278	33,211	201,276
Assets = Liabilities				103,600	136,583	158,538	207,127	231,617	457,549	783,411
Liabilities to banks				24,642	33,348	35,004	27,682	60,892	32,784	89,509
	Currency			9,174	8,575	8,585	9,431	13,774	17,306	23,339
	Deposits			14,560	23,855	25,500	17,332	46,199	14,559	65,251
	Special deposits ^3/			908	919	919	919	919	919	919
Nonbank financial intermediaries				—	—	—	—	—	—	—
Liabilities to private sector				65,113	82,973	80,162	90,646	183,682	222,728	369,194
	Currency			65,037	82,917	80,045	89,925	183,481	222,203	368,800
	Deposits			76	56	117	721	201	525	395
Other items (net) ^4/				13,846	20,262	43,372	88,799	-12,957	202,037	324,708

Source: Bank of Ghana.

^{^1/}Revised classified of foreign assets and liabilities since 1989.

^{^2/}The revaluation losses of the Bank of Ghana were taken over by the Government in January 1990 and December 1993. The revaluation account also includes the exchange equalization account.

^{^3/}Includes 50 cedi deposits before reclassification and unclassified liabilities.

^{^4/}Includes allocation of SDRs and net unclassified liabilities.

Table 31.

Ghana: Summary Accounts of Deposit Money Banks, 1988–94 ^1/

(In millions of cedis: end of period)

Source Bank of Ghana.

^{^1/}Effective 1984, the coverage of the accounts for the deposit money banks was extended to include the seven so-called secondary banks, in addition to the three large commercial banks.

^{^2/}Including the revised classification of the foreign assets and liabilities of the Ghana Commercial Bank effective January 1989; the counterpart of these adjustments was reflected in net unclassified assets.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

^{^4/}Comprises largely margins against contingent liabilities and deposits required for the opening of letters of credit.

Table 31.

Ghana: Summary Accounts of Deposit Money Banks, 1988–94 ^1/

(In millions of cedis: end of period)

				1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^2/				-4,504	35,678	64,325	68,040	101,663	124,903	189,542
	Assets			18,907	70,677	102,800	119,663	162,043	257,222	426,762
	Liabilities			-23,411	-34,999	-38,475	-51,623	-60,380	-132,319	-237,220
Cash and balance with Bank of Ghana				35,967	45,052	42,716	61,671	81,014	43,881	90,939
	Cash and demand deposits			23,806	38,070	33,651	59,323	78,713	41,580	88,741
	Special deposits			12,161	6,982	9,065	2,348	2,301	2,301	2,198
Net domestic assets				75,073	26,411	79,785	144,532	182,894	290,167	486,226
	Central Government (net)			3,233	-6,583	13,574	16,858	-22,243	-63,175	-68,929
			Credit	(8,157)	(6,357)	(2,948)	(858)	(280)	(275)	(275)
			Deposits	(-4,924)	(-12,940)	(-16,522)	(-17,716)	(-22,523)	(-63,450)	(-69,204)
	Rest of public sector ^3/			-12,864	-25,561	-36,176	-36,394	-71,930	-106,557	-124,410
		Credit		(9,173)	(17,327)	(10,839)	(21,705)	(20,450)	(22,439)	(21,757)
		Deposits		(-22,037)	(-42,888)	(-47,015)	(-58,099)	(-92,380)	(-128,996)	(-146,167)
	Cocoa financing (gross)			4,321	809	13,207	13,222	48,019	20,535	7,772
	Private sector credit			58,113	61,094	63,272	88,783	138,516	187,339	273,264
	Nat unclassified assets ^2/			23,070	-3,348	53,056	95,779	90,532	252,025	398,528
Revaluation account				2,044	2,642	3,058	—	—	—	—
Assets - Liabilities				109,380	109,783	189,884	274,243	365,571	458,951	766,707
Liabilities to the Bank of Ghana				3,923	3,731	1,074	1,623	2,146	5,811	19,754
Special Accounts ^4/				4,439	4,802	2,712	5,860	6,586	3,097	1,341
Liabilities to private sector				87,646	103,793	140,118	190,803	266,643	318,169	495,714
	Demand deposits			44,363	55,538	80,443	98,408	132,746	158,326	262,437
	Savings deposits			33,700	43,799	54,825	78,300	114,870	135,648	200,164
	Time deposits			9,583	4,456	4,850	14,095	19,027	24,195	33,113
Capital and reserves				13,372	-2,544	47,978	75,958	90,196	131,876	249,898

Source Bank of Ghana.

^{^1/}Effective 1984, the coverage of the accounts for the deposit money banks was extended to include the seven so-called secondary banks, in addition to the three large commercial banks.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

^{^4/}Comprises largely margins against contingent liabilities and deposits required for the opening of letters of credit.

Table 31.

Ghana: Summary Accounts of Deposit Money Banks, 1988–94 ^1/

(In millions of cedis: end of period)

				1988	1989	1990	1991	1992	1993	1994
Net foreign assets ^2/				-4,504	35,678	64,325	68,040	101,663	124,903	189,542
	Assets			18,907	70,677	102,800	119,663	162,043	257,222	426,762
	Liabilities			-23,411	-34,999	-38,475	-51,623	-60,380	-132,319	-237,220
Cash and balance with Bank of Ghana				35,967	45,052	42,716	61,671	81,014	43,881	90,939
	Cash and demand deposits			23,806	38,070	33,651	59,323	78,713	41,580	88,741
	Special deposits			12,161	6,982	9,065	2,348	2,301	2,301	2,198
Net domestic assets				75,073	26,411	79,785	144,532	182,894	290,167	486,226
	Central Government (net)			3,233	-6,583	13,574	16,858	-22,243	-63,175	-68,929
			Credit	(8,157)	(6,357)	(2,948)	(858)	(280)	(275)	(275)
			Deposits	(-4,924)	(-12,940)	(-16,522)	(-17,716)	(-22,523)	(-63,450)	(-69,204)
	Rest of public sector ^3/			-12,864	-25,561	-36,176	-36,394	-71,930	-106,557	-124,410
		Credit		(9,173)	(17,327)	(10,839)	(21,705)	(20,450)	(22,439)	(21,757)
		Deposits		(-22,037)	(-42,888)	(-47,015)	(-58,099)	(-92,380)	(-128,996)	(-146,167)
	Cocoa financing (gross)			4,321	809	13,207	13,222	48,019	20,535	7,772
	Private sector credit			58,113	61,094	63,272	88,783	138,516	187,339	273,264
	Nat unclassified assets ^2/			23,070	-3,348	53,056	95,779	90,532	252,025	398,528
Revaluation account				2,044	2,642	3,058	—	—	—	—
Assets - Liabilities				109,380	109,783	189,884	274,243	365,571	458,951	766,707
Liabilities to the Bank of Ghana				3,923	3,731	1,074	1,623	2,146	5,811	19,754
Special Accounts ^4/				4,439	4,802	2,712	5,860	6,586	3,097	1,341
Liabilities to private sector				87,646	103,793	140,118	190,803	266,643	318,169	495,714
	Demand deposits			44,363	55,538	80,443	98,408	132,746	158,326	262,437
	Savings deposits			33,700	43,799	54,825	78,300	114,870	135,648	200,164
	Time deposits			9,583	4,456	4,850	14,095	19,027	24,195	33,113
Capital and reserves				13,372	-2,544	47,978	75,958	90,196	131,876	249,898

Source Bank of Ghana.

^{^1/}Effective 1984, the coverage of the accounts for the deposit money banks was extended to include the seven so-called secondary banks, in addition to the three large commercial banks.

^{^3/}The nonperforming bank loans to state enterprises were replaced in 1990 with medium-term Bank of Ghana bonds or were in part offset against Bank of Ghana loans to banks.

^{^4/}Comprises largely margins against contingent liabilities and deposits required for the opening of letters of credit.

Table 32.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1988–94

Source: Bank of Ghana.

^{^1/}Excludes loans and advances to the Cocoa Board.

^{^2/}Includes loans and advances to the Cocoa Board.

Table 32.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1988–94

		1988	1989	1990	1991	1992	1993	1994
		(In millions of cedis; end of period)
Agriculture, forestry and fishing ^1/		9,886.3	11,476.6	12,158.3	12,431.8	14,715	17,257.0	24,425.4
Mining and quarrying		1,421.7	1,927.6	1,032.8	1,163.4	2,460.1	3,168.5	5,370.8
Manufacturing		20,901.6	26,847.1	22,882.9	23,024.4	37,943.9	51,187.1	86,554.3
Construction		7,815.9	8,868.4	10,588.1	14,393.3	27,039.1	32,776.7	43,579.6
Electricity, gas, and water		69.0	326.1	286.1	1,579.0	3,421	5,832.7	6,155.8
Commerce		14,716.1	16,903.5	16,012.6	25,875.0	44,458.8	66,073.9	89,322.9
	Imports	(4,416.6)	(4,207.8)	(4,140.3)	(5,940.5)	(12,519.1)	(14,923.9)	(18,898.0)
	Exports	(2,595.6)	(3,169.7)	(3,376.9)	(4,733.0)	(8,952.9)	(12,340.5)	(19,994.8)
	Domestic ^2/	(7,703.9)	(9,526.0)	(8,495.4)	(15,201.5)	(22,986.8)	(38,809.5)	(50,430.1)
Transport, storage, and communications		5,567.4	5,811.0	4,427.2	5,321.9	5,594.3	6,863.3	8,334.3
Services		4,915.9	5,738.7	6,310.5	7,163.2	11,033.7	13,757.7	18,596.4
Miscellaneous		935.0	1,632.0	2,673.5	2,918.2	4,604.4	10,142.2	12,885.8
	Total	66,228.9	79,531.6	76,372.0	93,870.2	151,271.5	207,059.1	295,225.3
		(Shares in total: in percent)
Agriculture, forestry, and fishing ^1/		14.9	14.4	15.9	13.2	9.7	8.3	8.3
Mining and quarrying		2.1	2.4	1.4	1.2	1.6	1.5	1.8
Manufacturing		31.6	33.8	30.0	24.5	25.1	24.7	29.3
Construction		11.8	11.2	13.9	15.3	17.9	15.8	14.8
Electricity, gas, and water		0.1	0.4	0.4	1.7	2.3	2.8	2.1
Commerce		22.2	21.3	21.0	27.6	29.4	31.9	30.3
	Imports	6.7	5.3	5.4	6.3	8.3	7.2	6.4
	Exports	3.9	4.0	4.4	5.0	5.9	6.0	6.8
	Domestic	11.6	12.0	11.1	16.2	15.2	18.7	17.1
Transport, storage, and communications		8.4	7.3	5.8	5.7	3.7	3.3	2.8
Services		7.4	7.2	8.3	7.6	7.3	6.6	6.3
Miscellaneous		1.4	2.1	3.5	3.1	3.0	4.9	4.4
	Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0
		(Annual percentage changes)
Agriculture, forestry, and fishing ^1/		-24.1	16.1	5.9	2.2	18.4	17.3	41.5
Mining and quarrying		-53.7	35.6	-46.4	12.6	111.5	28.8	69.5
Manufacturing		35.1	28.4	-14.8	0.6	64.8	34.9	69.1
Construction		24.7	13.5	19.4	35.9	87.9	21.2	33.0
Electricity, gas, and water		-59.3	373.5	-12.4	451.9	116.7	70.5	5.5
Commerce		40.4	14.9	-5.3	61.6	71.8	48.6	35.2
	Imports	26.1	-4.7	-1.6	43.5	110.7	19.2	26.6
	Exports	-2.4	22.1	6.5	40.2	89.2	37.8	62.0
	Domestic ^2/	78.4	23.7	-10.8	78.9	51.2	68.8	29.9
Transport, storage, and communications		166.9	4.4	-23.8	20.2	5.1	22.7	21.4
Services		56.7	16.7	10.0	13.5	54.0	24.7	35.2
Miscellaneous		-14.1	74.5	63.8	9.2	57.8	120.3	27.1
	Total	20.9	20.1	-4.0	22.9	61.1	36.9	42.6

Source: Bank of Ghana.

^{^1/}Excludes loans and advances to the Cocoa Board.

^{^2/}Includes loans and advances to the Cocoa Board.

Table 32.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1988–94

		1988	1989	1990	1991	1992	1993	1994
		(In millions of cedis; end of period)
Agriculture, forestry and fishing ^1/		9,886.3	11,476.6	12,158.3	12,431.8	14,715	17,257.0	24,425.4
Mining and quarrying		1,421.7	1,927.6	1,032.8	1,163.4	2,460.1	3,168.5	5,370.8
Manufacturing		20,901.6	26,847.1	22,882.9	23,024.4	37,943.9	51,187.1	86,554.3
Construction		7,815.9	8,868.4	10,588.1	14,393.3	27,039.1	32,776.7	43,579.6
Electricity, gas, and water		69.0	326.1	286.1	1,579.0	3,421	5,832.7	6,155.8
Commerce		14,716.1	16,903.5	16,012.6	25,875.0	44,458.8	66,073.9	89,322.9
	Imports	(4,416.6)	(4,207.8)	(4,140.3)	(5,940.5)	(12,519.1)	(14,923.9)	(18,898.0)
	Exports	(2,595.6)	(3,169.7)	(3,376.9)	(4,733.0)	(8,952.9)	(12,340.5)	(19,994.8)
	Domestic ^2/	(7,703.9)	(9,526.0)	(8,495.4)	(15,201.5)	(22,986.8)	(38,809.5)	(50,430.1)
Transport, storage, and communications		5,567.4	5,811.0	4,427.2	5,321.9	5,594.3	6,863.3	8,334.3
Services		4,915.9	5,738.7	6,310.5	7,163.2	11,033.7	13,757.7	18,596.4
Miscellaneous		935.0	1,632.0	2,673.5	2,918.2	4,604.4	10,142.2	12,885.8
	Total	66,228.9	79,531.6	76,372.0	93,870.2	151,271.5	207,059.1	295,225.3
		(Shares in total: in percent)
Agriculture, forestry, and fishing ^1/		14.9	14.4	15.9	13.2	9.7	8.3	8.3
Mining and quarrying		2.1	2.4	1.4	1.2	1.6	1.5	1.8
Manufacturing		31.6	33.8	30.0	24.5	25.1	24.7	29.3
Construction		11.8	11.2	13.9	15.3	17.9	15.8	14.8
Electricity, gas, and water		0.1	0.4	0.4	1.7	2.3	2.8	2.1
Commerce		22.2	21.3	21.0	27.6	29.4	31.9	30.3
	Imports	6.7	5.3	5.4	6.3	8.3	7.2	6.4
	Exports	3.9	4.0	4.4	5.0	5.9	6.0	6.8
	Domestic	11.6	12.0	11.1	16.2	15.2	18.7	17.1
Transport, storage, and communications		8.4	7.3	5.8	5.7	3.7	3.3	2.8
Services		7.4	7.2	8.3	7.6	7.3	6.6	6.3
Miscellaneous		1.4	2.1	3.5	3.1	3.0	4.9	4.4
	Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0
		(Annual percentage changes)
Agriculture, forestry, and fishing ^1/		-24.1	16.1	5.9	2.2	18.4	17.3	41.5
Mining and quarrying		-53.7	35.6	-46.4	12.6	111.5	28.8	69.5
Manufacturing		35.1	28.4	-14.8	0.6	64.8	34.9	69.1
Construction		24.7	13.5	19.4	35.9	87.9	21.2	33.0
Electricity, gas, and water		-59.3	373.5	-12.4	451.9	116.7	70.5	5.5
Commerce		40.4	14.9	-5.3	61.6	71.8	48.6	35.2
	Imports	26.1	-4.7	-1.6	43.5	110.7	19.2	26.6
	Exports	-2.4	22.1	6.5	40.2	89.2	37.8	62.0
	Domestic ^2/	78.4	23.7	-10.8	78.9	51.2	68.8	29.9
Transport, storage, and communications		166.9	4.4	-23.8	20.2	5.1	22.7	21.4
Services		56.7	16.7	10.0	13.5	54.0	24.7	35.2
Miscellaneous		-14.1	74.5	63.8	9.2	57.8	120.3	27.1
	Total	20.9	20.1	-4.0	22.9	61.1	36.9	42.6

Source: Bank of Ghana.

^{^1/}Excludes loans and advances to the Cocoa Board.

^{^2/}Includes loans and advances to the Cocoa Board.

Table 33.

Ghana: Reserve Ratios of Commercial Banks, 1988–94

(End-of-period figures)

Sources: Bank of Ghana; and staff estimates.

^{^1/}Includes deposits with the Bank of Ghana.

^{^2/}Comprises treasury bills, government securities, Bank of Ghana bills, cocoa bills, and grain cotton bills, and export finance bills.

^{^3/}Cash reserve requirements on demand deposits.

^{^4/}Cash reserve requirements on time and savings deposits.

Table 33.

Ghana: Reserve Ratios of Commercial Banks, 1988–94

(End-of-period figures)

		Deposits	Actual reserves				Reserve ratios
		subject to	Cash ^1/	Other	Total		Cash ^1/			Other assets ^2/		Total
		reserve		assets ^2/			Minimum		Actual	Minimum	Actual	Actual	Excess
		ratois					Demand ^3/	Time ^4/
		(In millions of cedis)				(In percent of deposits subject to reserve requirements)
1988
	March	85,542.3	20,013.9	12,314.4	32,328.3		25.0	12.5	23.4	10.0	14.4	37.8	2.9
	June	98,751.0	26,165.0	11,326.0	37,491.0		25.0	12.5	26.5	10.0	11.5	38.0	8.2
	September	100,421.0	24,919.0	13,925.0	38,844.0		25.0	12.5	24.8	10.0	13.9	38.7	9.0
	December	110,612.0	28,123.0	18,308.0	46,431.0		30.0	12.5	25.4	10.0	16.6	42.0	12.1
1989
	March	120,214.0	34,842.0	18,362.0	53,204.0		30.0	10.0	29.0	15.0	15.3	44.3	7.6
	June	133,259.0	37,220.0	22,568.0	59,788.0		30.0	10.0	27.9	15.0	16.9	44.9	7.9
	September	131,364.0	34,008.0	24,248.0	58,256.0		30.0	10.0	25.9	15.0	18.5	44.3	7.4
	December	148,091.9	40,953.0	23,816.5	64,769.5		30.0	10.0	27.7	15.0	61.1	43.7	6.5
1990
	March	157,853.0	46,864.0	45,576.0	92,440.0		27.0	27.0	29.7	15.0	28.9	58.6	16.6
	June	165,725.0	49,755.0	33,455.0	83,210.0		27.0	27.0	30.0	15.0	20.2	50.2	8.2
	September	163,112.6	56,196.6	28,482.4	84,679.0		27.0	27.0	34.5	15.0	17.5	51.9	9.9
	December	192,249.3	58,032.6	51,512.6	109,545.2		22.0	22.0	30.2	20.0	26.8	57.0	15.0
1991
	March	212,252.5	58,689.4	71,560.0	130,249.4		22.0	22.0	27.7	20.0	33.7	61.4	19.4
	June	210,972.6	55,357.9	61,937.8	117,295.7		22.0	22.0	26.2	20.0	29.4	55.6	13.6
	September	214,576.3	44,344.4	80,891.0	125,235.4		18.0	18.0	20.7	24.0	37.7	58.4	16.4
	December	246,346.1	32,209.5	77,368.4	129,577.9		18.0	18.0	13.1	24.0	31.4	52.6	10.6
1992
	March	260,630.2	51,864.7	98,874.7	150,739.4		18.0	18.0	19.9	24.0	37.9	57.8	15.8
	June	280,443.8	58,399.7	113,359.3	171,759.0		18.0	18.0	20.8	24.0	40.4	61.2	24.9
	September	304,602.3	60,659.4	136,228.0	196,887.4		18.0	18.0	19.9	24.0	44.7	64.6	23.5
	December	344,303.1	69,919.0	140,760.3	218,687.3		18.0	18.0	20.3	24.0	40.9	63.5	21.5
1993
	March	350,051.1	57,800.6	181,178.1	238,978.7		10.0	10.0	16.5	32.0	51.8	68.3	26.3
	June	362,426.6	45,188.9	209,269.4	254,458.4		10.0	10.0	12.5	47.0	57.7	70.2	13.2
	September	381,874.7	46,326.7	220,641.2	266,967.9		10.0	10.0	12.1	47.0	57.8	69.9	12.9
	December	418,701.0	38,747.8	264,394.0	303,141.8		5.0	5.0	9.3	52.0	63.1	72.4	15.4
1994
	March	459,539.8	30,679.1	313,427.3	344,106.4		5.0	5.0	6.7	52.0	68.2	74.9	17.9
	June	507,205.6	42,834.4	341,650.6	384,485.0		5.0	5.0	8.4	52.0	67.4	75.8	18.8
	September	546,504.0	48,294.9	366,575.4	414,870.3		5.0	5.0	8.8	52.0	67.1	75.9	18.9
	December	623,457.8	60,187.7	433,056.0	493,243.7		5.0	5.0	9.7	52.0	69.5	79.1	22.1

Sources: Bank of Ghana; and staff estimates.

^{^1/}Includes deposits with the Bank of Ghana.

^{^2/}Comprises treasury bills, government securities, Bank of Ghana bills, cocoa bills, and grain cotton bills, and export finance bills.

^{^3/}Cash reserve requirements on demand deposits.

^{^4/}Cash reserve requirements on time and savings deposits.

Table 33.

Ghana: Reserve Ratios of Commercial Banks, 1988–94

(End-of-period figures)

		Deposits	Actual reserves				Reserve ratios
		subject to	Cash ^1/	Other	Total		Cash ^1/			Other assets ^2/		Total
		reserve		assets ^2/			Minimum		Actual	Minimum	Actual	Actual	Excess
		ratois					Demand ^3/	Time ^4/
		(In millions of cedis)				(In percent of deposits subject to reserve requirements)
1988
	March	85,542.3	20,013.9	12,314.4	32,328.3		25.0	12.5	23.4	10.0	14.4	37.8	2.9
	June	98,751.0	26,165.0	11,326.0	37,491.0		25.0	12.5	26.5	10.0	11.5	38.0	8.2
	September	100,421.0	24,919.0	13,925.0	38,844.0		25.0	12.5	24.8	10.0	13.9	38.7	9.0
	December	110,612.0	28,123.0	18,308.0	46,431.0		30.0	12.5	25.4	10.0	16.6	42.0	12.1
1989
	March	120,214.0	34,842.0	18,362.0	53,204.0		30.0	10.0	29.0	15.0	15.3	44.3	7.6
	June	133,259.0	37,220.0	22,568.0	59,788.0		30.0	10.0	27.9	15.0	16.9	44.9	7.9
	September	131,364.0	34,008.0	24,248.0	58,256.0		30.0	10.0	25.9	15.0	18.5	44.3	7.4
	December	148,091.9	40,953.0	23,816.5	64,769.5		30.0	10.0	27.7	15.0	61.1	43.7	6.5
1990
	March	157,853.0	46,864.0	45,576.0	92,440.0		27.0	27.0	29.7	15.0	28.9	58.6	16.6
	June	165,725.0	49,755.0	33,455.0	83,210.0		27.0	27.0	30.0	15.0	20.2	50.2	8.2
	September	163,112.6	56,196.6	28,482.4	84,679.0		27.0	27.0	34.5	15.0	17.5	51.9	9.9
	December	192,249.3	58,032.6	51,512.6	109,545.2		22.0	22.0	30.2	20.0	26.8	57.0	15.0
1991
	March	212,252.5	58,689.4	71,560.0	130,249.4		22.0	22.0	27.7	20.0	33.7	61.4	19.4
	June	210,972.6	55,357.9	61,937.8	117,295.7		22.0	22.0	26.2	20.0	29.4	55.6	13.6
	September	214,576.3	44,344.4	80,891.0	125,235.4		18.0	18.0	20.7	24.0	37.7	58.4	16.4
	December	246,346.1	32,209.5	77,368.4	129,577.9		18.0	18.0	13.1	24.0	31.4	52.6	10.6
1992
	March	260,630.2	51,864.7	98,874.7	150,739.4		18.0	18.0	19.9	24.0	37.9	57.8	15.8
	June	280,443.8	58,399.7	113,359.3	171,759.0		18.0	18.0	20.8	24.0	40.4	61.2	24.9
	September	304,602.3	60,659.4	136,228.0	196,887.4		18.0	18.0	19.9	24.0	44.7	64.6	23.5
	December	344,303.1	69,919.0	140,760.3	218,687.3		18.0	18.0	20.3	24.0	40.9	63.5	21.5
1993
	March	350,051.1	57,800.6	181,178.1	238,978.7		10.0	10.0	16.5	32.0	51.8	68.3	26.3
	June	362,426.6	45,188.9	209,269.4	254,458.4		10.0	10.0	12.5	47.0	57.7	70.2	13.2
	September	381,874.7	46,326.7	220,641.2	266,967.9		10.0	10.0	12.1	47.0	57.8	69.9	12.9
	December	418,701.0	38,747.8	264,394.0	303,141.8		5.0	5.0	9.3	52.0	63.1	72.4	15.4
1994
	March	459,539.8	30,679.1	313,427.3	344,106.4		5.0	5.0	6.7	52.0	68.2	74.9	17.9
	June	507,205.6	42,834.4	341,650.6	384,485.0		5.0	5.0	8.4	52.0	67.4	75.8	18.8
	September	546,504.0	48,294.9	366,575.4	414,870.3		5.0	5.0	8.8	52.0	67.1	75.9	18.9
	December	623,457.8	60,187.7	433,056.0	493,243.7		5.0	5.0	9.7	52.0	69.5	79.1	22.1

Sources: Bank of Ghana; and staff estimates.

^{^1/}Includes deposits with the Bank of Ghana.

^{^2/}Comprises treasury bills, government securities, Bank of Ghana bills, cocoa bills, and grain cotton bills, and export finance bills.

^{^3/}Cash reserve requirements on demand deposits.

^{^4/}Cash reserve requirements on time and savings deposits.

Table 34.

Ghana: Interest Rate Structure of Banks, March 1992–December 1994

(In percent per annum)

Source: Bank of Ghana.

^{^1/}Discount rates on financial instruments; end-period data.

^{^2/}Thirty-day Bank of Ghana instruments were introduced in February 1991.

^{^3/}Three- and five-year Bank of ghana instruments were introduced in November 1991.

^{^4/}Weighted average of monthly lending and deposit rates.

Table 34.

Ghana: Interest Rate Structure of Banks, March 1992–December 1994

(In percent per annum)

			1992				1993				1994
			March	June	Sept.	Dec.	March	June	Sept.	Dec.	March	June	Sept.	Dec.
Money market rates ^1/
Bank of Ghana instruments
		30-day ^2/	16.5	16.5	18.0	25.0	30.0	30.0	30.0	30.0	24.00	24.00	24.50	24.50
		91-day	18.0	18.0	20.0	28.0	31.9	32.0	32.0	32.0	27.00	27.00	27.77	29.50
		180-day	17.5	17.5	19.8	27.5	29.4	30.0	30.0	30.0	26.50	25.35	25.50	28.00
		1-year	19.3	19.3	23.0	29.3	33.0	33.3	33.3	33.3	28.25	28.25	29.05	32.55
		2-year	19.5	19.5	24.0	29.5	33.7	33.8	33.8	33.8	28.50	28.50	29.15	32.60
		3-year ^3/	19.8	19.8	25.0	29.8	34.0	34.3	34.3	34.3	28.75	28.75	29.25	32.65
		5-year ^3/	20.0	20.0	26.0	30.0	34.5	35.0	35.0	35.0	29.00	29.00	29.50	32.70
	Treasury bills (91-day)		18.0	18.0	19.3	25.4	29.5	32.0	32.0	32.0	27.00	27.00	28.61	29.50
	Bank of Ghana rediscount rate		20.0	20.0	26.0	30.0	35.0	35.0	35.0	35.0	30.00	30.00	30.00	33.00
Commercial bank rates ^4/
	Demand deposits		4.3	4.2	4.4	4.9	6.6	5.5	6.0	5.7	5.83	6.02	6.13	6.99
	Savings deposits		13.6	12.8	12.7	13.9	16.7	19.6	19.8	19.8	17.91	17.30	17.44	18.28
	Time deposits
		3-month	16.0	15.5	15.6	17.5	19.3	25.2	25.8	26.5	22.39	20.62	22.76	24.21
		6-month	16.8	16.1	16.1	18.0	21.6	25.6	26.0	26.7	23.14	23.27	23.36	24.81
		12—month	17.2	16.9	16.9	18.5	22.7	26.4	27.5	27.4	23.39	25.42	24.00	26.48
		24-month	16.8	16.9	17.1	19.0	23.6	28.9	27.5	28.8	25.75	25.05	25.40	26.79
	Certificates of deposit		15.9	14.7	14.2	16.4	19.2	24.5	24.0	23.8	20.05	20.58	20.49	20.69
	Lending rates
		Agriculture	22.1	21.7	21.7	23.5	25.3	30.1	30.8	31.5	26.83	28.23	28.20	29.49
		Export trade	21.8	21.7	21.7	26.6	25.3	29.6	30.3	30.6	26.78	27.42	27.42	28.16
		Manufacturing	23.1	22.5	22.8	24.9	26.4	31.5	31.3	31.8	29.72	29.77	29.55	31.45
		Mining and quarrying	24.5	23.5	22.5	25.6	28.3	33.4	33.0	34.4	31.06	30.73	30.64	32.67
		Construction	24.3	24.3	22.8	25.5	23.3	31.5	32.8	33.3	30.72	30.50	30.39	32.67
		Other sectors	24.2	24.2	24.1	26.3	28.4	32.7	33.0	34.6	32.39	30.92	30.68	32.71

Source: Bank of Ghana.

^{^1/}Discount rates on financial instruments; end-period data.

^{^2/}Thirty-day Bank of Ghana instruments were introduced in February 1991.

^{^3/}Three- and five-year Bank of ghana instruments were introduced in November 1991.

^{^4/}Weighted average of monthly lending and deposit rates.

Table 34.

Ghana: Interest Rate Structure of Banks, March 1992–December 1994

(In percent per annum)

			1992				1993				1994
			March	June	Sept.	Dec.	March	June	Sept.	Dec.	March	June	Sept.	Dec.
Money market rates ^1/
Bank of Ghana instruments
		30-day ^2/	16.5	16.5	18.0	25.0	30.0	30.0	30.0	30.0	24.00	24.00	24.50	24.50
		91-day	18.0	18.0	20.0	28.0	31.9	32.0	32.0	32.0	27.00	27.00	27.77	29.50
		180-day	17.5	17.5	19.8	27.5	29.4	30.0	30.0	30.0	26.50	25.35	25.50	28.00
		1-year	19.3	19.3	23.0	29.3	33.0	33.3	33.3	33.3	28.25	28.25	29.05	32.55
		2-year	19.5	19.5	24.0	29.5	33.7	33.8	33.8	33.8	28.50	28.50	29.15	32.60
		3-year ^3/	19.8	19.8	25.0	29.8	34.0	34.3	34.3	34.3	28.75	28.75	29.25	32.65
		5-year ^3/	20.0	20.0	26.0	30.0	34.5	35.0	35.0	35.0	29.00	29.00	29.50	32.70
	Treasury bills (91-day)		18.0	18.0	19.3	25.4	29.5	32.0	32.0	32.0	27.00	27.00	28.61	29.50
	Bank of Ghana rediscount rate		20.0	20.0	26.0	30.0	35.0	35.0	35.0	35.0	30.00	30.00	30.00	33.00
Commercial bank rates ^4/
	Demand deposits		4.3	4.2	4.4	4.9	6.6	5.5	6.0	5.7	5.83	6.02	6.13	6.99
	Savings deposits		13.6	12.8	12.7	13.9	16.7	19.6	19.8	19.8	17.91	17.30	17.44	18.28
	Time deposits
		3-month	16.0	15.5	15.6	17.5	19.3	25.2	25.8	26.5	22.39	20.62	22.76	24.21
		6-month	16.8	16.1	16.1	18.0	21.6	25.6	26.0	26.7	23.14	23.27	23.36	24.81
		12—month	17.2	16.9	16.9	18.5	22.7	26.4	27.5	27.4	23.39	25.42	24.00	26.48
		24-month	16.8	16.9	17.1	19.0	23.6	28.9	27.5	28.8	25.75	25.05	25.40	26.79
	Certificates of deposit		15.9	14.7	14.2	16.4	19.2	24.5	24.0	23.8	20.05	20.58	20.49	20.69
	Lending rates
		Agriculture	22.1	21.7	21.7	23.5	25.3	30.1	30.8	31.5	26.83	28.23	28.20	29.49
		Export trade	21.8	21.7	21.7	26.6	25.3	29.6	30.3	30.6	26.78	27.42	27.42	28.16
		Manufacturing	23.1	22.5	22.8	24.9	26.4	31.5	31.3	31.8	29.72	29.77	29.55	31.45
		Mining and quarrying	24.5	23.5	22.5	25.6	28.3	33.4	33.0	34.4	31.06	30.73	30.64	32.67
		Construction	24.3	24.3	22.8	25.5	23.3	31.5	32.8	33.3	30.72	30.50	30.39	32.67
		Other sectors	24.2	24.2	24.1	26.3	28.4	32.7	33.0	34.6	32.39	30.92	30.68	32.71

Source: Bank of Ghana.

^{^1/}Discount rates on financial instruments; end-period data.

^{^2/}Thirty-day Bank of Ghana instruments were introduced in February 1991.

^{^3/}Three- and five-year Bank of ghana instruments were introduced in November 1991.

^{^4/}Weighted average of monthly lending and deposit rates.

Table 35.

Ghana: Balance of Payments, 1988–94

(In millions of U.S. dollars)

Sources: Bank of Ghana; and Fund staff estimates.

Table 35.

Ghana: Balance of Payments, 1988–94

(In millions of U.S. dollars)

			1988	1989	1990	1991	1992	1993	1994 Est.
Exports f.o.b.			881.0	808.3	896.8	998.0	986.3	1,063.6	1,226.8
	Cocoa		462.0	407.8	360.6	346.5	302.5	285.9	320.2
	Other		418.9	400.5	536.2	651.5	683.8	777.7	906.6
Imports f.o.b.			-990.9	-1,006.1	-1,205.0	-1,318.7	-1,456.5	-1,728.0	-1,579.9
	Oil		-142.9	-155.8	-198.5	-165.1	-157.5	-153.6	-171.1
	Non-oil		-848.0	-850.3	-1,006.5	-1,153.6	-1,299.0	-1,574.4	-1,408.8
Trade balance			-110.0	-197,8	-308.2	-320.7	-470.2	-664.3	-353.1
Services (net)			-326.8	-318.7	-325.5	-352.5	-376.3	-412.1	-383.5
	Freight and insurance		-82.3	-80.6	-85.1	-92.9	-101.8	-123.9	-106.9
	Investment income (net)		-131.1	-117.8	-111.1	-119.4	-106.2	-112.3	-110.9
	Other services		-113.4	-120.3	-129.3	-140.2	-168.2	-175.9	-165.7
Unrequited transfers (net)			347.3	421.5	415.7	421.9	470.2	517.4	471.8
	Official		174.9	219.4	213.8	202.4	215.3	256.2	200.8
	Private		172.4	202.1	201.9	219.5	254.9	261.2	271.0
Current account balance			-89.5	-94.9	-218.0	-251.3	-376.1	-559.0	-264.9
Capital account balance			217.8	222.4	284.0	391.5	274.1	630.1	478.8
Official capital (net)			187.2	192.0	290.4	356.6	386.5	370.2	295.3
	Long-term loans		273.0	307.0	322.4	373.0	311.6	462.8	312.1
		Inflows	307.5	343.9	354.5	410.6	350.6	508.7	369.4
		Amortisation	-34.5	-36.9	-32.1	-37.6	-39.0	-45.9	-57.3
	Medium-term loans		-72.7	-103.9	-28.5	-16.0	74.9	-92.6	-16.8
		Inflows	101.6	34.1	65.1	70.6	155.4	124.0	113.2
		Amortisation	-174.3	-138.0	-93.6	-86.6	-80.5	-216.6	-130.0
	Trust fund		-13.1	-11.1	-3.5	-0.4	—	—	—
Private capital (net)			4.0	11.7	52.6	19.1	6.4	106.3	205.8
	Direct investments		5.0	15.0	14.8	20.0	22.5	25.0	30.0
	Other		-1.0	-3.3	38.0	-0.9	-16.1	81.3	175.8
Short-term capital (net)			26.6	18.7	-59.2	15.8	-118.9	153.6	-22.3
Errors and omissions			-3.8	…	52.0	31.0	-22.2	-30.0	-50.2
Overall balance			124.6	127.5	118.0	171.2	-124.3	41.1	163.8
Financing			-124.2	-127.5	-118.0	-171.2	124.3	-41.2	-163.8
	IMF (net)		-45.5	4.4	-47.7	82.2	-64.5	-1.5	-82.8
	Payments arrears		-34.8	-47.7	-17.3	—	—	—	—
	Bilateral balances		-1.4	14.8	-14.1	-23.7	1.3	12.5	3.2
	Other		-42.9	-98.9	-38.9	-229.7	187.5	-52.2	-84.2

Sources: Bank of Ghana; and Fund staff estimates.

Table 35.

Ghana: Balance of Payments, 1988–94

(In millions of U.S. dollars)

			1988	1989	1990	1991	1992	1993	1994 Est.
Exports f.o.b.			881.0	808.3	896.8	998.0	986.3	1,063.6	1,226.8
	Cocoa		462.0	407.8	360.6	346.5	302.5	285.9	320.2
	Other		418.9	400.5	536.2	651.5	683.8	777.7	906.6
Imports f.o.b.			-990.9	-1,006.1	-1,205.0	-1,318.7	-1,456.5	-1,728.0	-1,579.9
	Oil		-142.9	-155.8	-198.5	-165.1	-157.5	-153.6	-171.1
	Non-oil		-848.0	-850.3	-1,006.5	-1,153.6	-1,299.0	-1,574.4	-1,408.8
Trade balance			-110.0	-197,8	-308.2	-320.7	-470.2	-664.3	-353.1
Services (net)			-326.8	-318.7	-325.5	-352.5	-376.3	-412.1	-383.5
	Freight and insurance		-82.3	-80.6	-85.1	-92.9	-101.8	-123.9	-106.9
	Investment income (net)		-131.1	-117.8	-111.1	-119.4	-106.2	-112.3	-110.9
	Other services		-113.4	-120.3	-129.3	-140.2	-168.2	-175.9	-165.7
Unrequited transfers (net)			347.3	421.5	415.7	421.9	470.2	517.4	471.8
	Official		174.9	219.4	213.8	202.4	215.3	256.2	200.8
	Private		172.4	202.1	201.9	219.5	254.9	261.2	271.0
Current account balance			-89.5	-94.9	-218.0	-251.3	-376.1	-559.0	-264.9
Capital account balance			217.8	222.4	284.0	391.5	274.1	630.1	478.8
Official capital (net)			187.2	192.0	290.4	356.6	386.5	370.2	295.3
	Long-term loans		273.0	307.0	322.4	373.0	311.6	462.8	312.1
		Inflows	307.5	343.9	354.5	410.6	350.6	508.7	369.4
		Amortisation	-34.5	-36.9	-32.1	-37.6	-39.0	-45.9	-57.3
	Medium-term loans		-72.7	-103.9	-28.5	-16.0	74.9	-92.6	-16.8
		Inflows	101.6	34.1	65.1	70.6	155.4	124.0	113.2
		Amortisation	-174.3	-138.0	-93.6	-86.6	-80.5	-216.6	-130.0
	Trust fund		-13.1	-11.1	-3.5	-0.4	—	—	—
Private capital (net)			4.0	11.7	52.6	19.1	6.4	106.3	205.8
	Direct investments		5.0	15.0	14.8	20.0	22.5	25.0	30.0
	Other		-1.0	-3.3	38.0	-0.9	-16.1	81.3	175.8
Short-term capital (net)			26.6	18.7	-59.2	15.8	-118.9	153.6	-22.3
Errors and omissions			-3.8	…	52.0	31.0	-22.2	-30.0	-50.2
Overall balance			124.6	127.5	118.0	171.2	-124.3	41.1	163.8
Financing			-124.2	-127.5	-118.0	-171.2	124.3	-41.2	-163.8
	IMF (net)		-45.5	4.4	-47.7	82.2	-64.5	-1.5	-82.8
	Payments arrears		-34.8	-47.7	-17.3	—	—	—	—
	Bilateral balances		-1.4	14.8	-14.1	-23.7	1.3	12.5	3.2
	Other		-42.9	-98.9	-38.9	-229.7	187.5	-52.2	-84.2

Sources: Bank of Ghana; and Fund staff estimates.

Table 36.

Ghana: External Trade Indices, 1988–94

(1985 = 100)

Sources: Data provided by Ghanaian authorities; and Fund staff estimates.

^1/Prica and value indices are in terms of U.S. dollars.

Table 36.

Ghana: External Trade Indices, 1988–94

(1985 = 100)

			1988	1989	1990	1991	1992	1993	1994 Est.
Exports
	Price index		104.6	87.2	90.0	88.0	83.2	73.7	82.9
		Percentage change	-4.7	-16.6	3.3	-2.2	-5.5	-11.4	12.4
	Volume index		133.2	146.6	157.5	179.3	187.4	228.2	234.1
		Percentage change	12.1	10.0	7.4	13.8	4.5	21.7	2.6
	Value index		139.3	127.8	141.8	157.8	156.0	168.2	194.0
		Percentage change	6.9	-8.2	10.9	11.2	-1.2	7.8	15.3
Imports
	Price index		112.8	113.6	126.8	124.1	127.3	127.0	127.7
		Percentage change	5.8	0.8	11.6	-2.2	2.6	-0.2	0.5
	Volume index		130.9	131.9	141.5	158.3	170.4	202.6	184.3
		Percentage change	0.3	0.8	7.3	11.9	7.7	18.9	-9.0
	Value index		147.6	149.9	179.5	196.4	217.0	257.4	235.3
		Percentage change	6.1	1.5	19.8	9.4	10.5	18.6	-8.6
Terms of trade			92.7	76.7	71.0	70.9	65.4	58.0	64.9
	Percentage change		-9.9	-17.2	-7.5	-0.1	-7.9	-11.2	11.8

Sources: Data provided by Ghanaian authorities; and Fund staff estimates.

^1/Prica and value indices are in terms of U.S. dollars.

Table 36.

Ghana: External Trade Indices, 1988–94

(1985 = 100)

			1988	1989	1990	1991	1992	1993	1994 Est.
Exports
	Price index		104.6	87.2	90.0	88.0	83.2	73.7	82.9
		Percentage change	-4.7	-16.6	3.3	-2.2	-5.5	-11.4	12.4
	Volume index		133.2	146.6	157.5	179.3	187.4	228.2	234.1
		Percentage change	12.1	10.0	7.4	13.8	4.5	21.7	2.6
	Value index		139.3	127.8	141.8	157.8	156.0	168.2	194.0
		Percentage change	6.9	-8.2	10.9	11.2	-1.2	7.8	15.3
Imports
	Price index		112.8	113.6	126.8	124.1	127.3	127.0	127.7
		Percentage change	5.8	0.8	11.6	-2.2	2.6	-0.2	0.5
	Volume index		130.9	131.9	141.5	158.3	170.4	202.6	184.3
		Percentage change	0.3	0.8	7.3	11.9	7.7	18.9	-9.0
	Value index		147.6	149.9	179.5	196.4	217.0	257.4	235.3
		Percentage change	6.1	1.5	19.8	9.4	10.5	18.6	-8.6
Terms of trade			92.7	76.7	71.0	70.9	65.4	58.0	64.9
	Percentage change		-9.9	-17.2	-7.5	-0.1	-7.9	-11.2	11.8

Sources: Data provided by Ghanaian authorities; and Fund staff estimates.

^1/Prica and value indices are in terms of U.S. dollars.

Table 37.

Ghana: Value, Volume, and Unit Price of Exports, 1988–94

(In millions of U.S. dollars unless otherwise noted)

Source: Bank of Ghana.

Table 37.

Ghana: Value, Volume, and Unit Price of Exports, 1988–94

(In millions of U.S. dollars unless otherwise noted)

		1988	1989	1990	1991	1992	1993	1994 Est.
Cocoa beans		422.3	381.3	323.8	313.4	276.8	250.5	295.0
	Volume (metric tons)	200,904	255,860	247,380	243,040	223,774	263,665	238,269
	Unit value ($/ton)	2,102	1,490	1,309	1,290	1,237	950	1,238
Cocoa products		39.8	26.4	36.8	33.1	25.6	35.4	25.2
	Volume (metric tons)	20,250	14,940	20,756	21,745	19,328	22,839	14,050
	Unit value ($/ton)	1,965	1,770	1,773	1,521	1,327	1,550	1,795
Sheanuts		2.7	0.4	1.3	0.2	0.7	1.0	0.8
	Volume (metric tons)	20,000	2,235	4,171	600	3,115	3,444	3,000
	Value ($/ton)	136	170	316	335	212	278	260
Coffee		0.9	0.9	0.6	0.4	0.9	1.0	1.2
	Volume (metric tons)	600	675	680	825	1,908	1,679	2,040
	Unit value ($/ton)	1,530	1,259	853	505	493	590	602
Timber and timber products		106.2	80.2	118.0	124.2	113.9	147.4	165.4
	Volume (cubic meters)	545,778	375,826	370,000	393,598	406,662	727,813	780,000
	Unit value ($/cu. meter)	195	213	319	316	280	203	212
Gold		168.5	159.9	201.7	304.4	343.4	434.0	548.6
	Volume (fine ounces)	382,993	420,096	526,361	834,986	995,377	1,210,473	1,435,415
	Unit value ($/ounce)	440	381	383	365	345	358	382
Diamonds		3.5	5.2	16.5	19.2	19.3	17.3	20.4
	Volume (carats)	305,787	262,691	636,371	663,390	690,408	552,854	717,419
	Unit value ($/carat)	12	20	26	29	28	31	28
Bauxite		6.9	9.1	10.0	8.6	9.5	8.4	9.5
	Volume (metric tons)	299,939	374,646	368,629	320,313	399,155	364,642	451,802
	Unit value ($/ton)	23	24	27	27	24	23	21
Manganese		8.8	11.7	14.2	20.2	16.4	13.9	9.6
	Volume (metric tons)	282,337	284,645	255,310	281,195	285,055	309,122	245,256
	Unit value ($/ton)	31	41	56	72	58	45	39
Residual oil		16.9	19.5	28.6	19.7	19.2	14.2	17.7
	Volume (metric tons)	206,019	216,616	227,472	205,442	187,930	140,588	194,068
	Unit value ($/ton)	82	90	126	96	102	101	91
Electricity		73.6	82.6	88.5	96.0	95.6	69.1	56.4
	Volume (million KWH)	3,046	3,303	3,556	3,610	3,763	3,236	2,712
	Unit value ($/000 KWH)	24	25	25	27	25	21	21
Other		30.9	31.0	56.7	58.1	64.9	71.7	77.0

Source: Bank of Ghana.

Table 37.

Ghana: Value, Volume, and Unit Price of Exports, 1988–94

(In millions of U.S. dollars unless otherwise noted)

		1988	1989	1990	1991	1992	1993	1994 Est.
Cocoa beans		422.3	381.3	323.8	313.4	276.8	250.5	295.0
	Volume (metric tons)	200,904	255,860	247,380	243,040	223,774	263,665	238,269
	Unit value ($/ton)	2,102	1,490	1,309	1,290	1,237	950	1,238
Cocoa products		39.8	26.4	36.8	33.1	25.6	35.4	25.2
	Volume (metric tons)	20,250	14,940	20,756	21,745	19,328	22,839	14,050
	Unit value ($/ton)	1,965	1,770	1,773	1,521	1,327	1,550	1,795
Sheanuts		2.7	0.4	1.3	0.2	0.7	1.0	0.8
	Volume (metric tons)	20,000	2,235	4,171	600	3,115	3,444	3,000
	Value ($/ton)	136	170	316	335	212	278	260
Coffee		0.9	0.9	0.6	0.4	0.9	1.0	1.2
	Volume (metric tons)	600	675	680	825	1,908	1,679	2,040
	Unit value ($/ton)	1,530	1,259	853	505	493	590	602
Timber and timber products		106.2	80.2	118.0	124.2	113.9	147.4	165.4
	Volume (cubic meters)	545,778	375,826	370,000	393,598	406,662	727,813	780,000
	Unit value ($/cu. meter)	195	213	319	316	280	203	212
Gold		168.5	159.9	201.7	304.4	343.4	434.0	548.6
	Volume (fine ounces)	382,993	420,096	526,361	834,986	995,377	1,210,473	1,435,415
	Unit value ($/ounce)	440	381	383	365	345	358	382
Diamonds		3.5	5.2	16.5	19.2	19.3	17.3	20.4
	Volume (carats)	305,787	262,691	636,371	663,390	690,408	552,854	717,419
	Unit value ($/carat)	12	20	26	29	28	31	28
Bauxite		6.9	9.1	10.0	8.6	9.5	8.4	9.5
	Volume (metric tons)	299,939	374,646	368,629	320,313	399,155	364,642	451,802
	Unit value ($/ton)	23	24	27	27	24	23	21
Manganese		8.8	11.7	14.2	20.2	16.4	13.9	9.6
	Volume (metric tons)	282,337	284,645	255,310	281,195	285,055	309,122	245,256
	Unit value ($/ton)	31	41	56	72	58	45	39
Residual oil		16.9	19.5	28.6	19.7	19.2	14.2	17.7
	Volume (metric tons)	206,019	216,616	227,472	205,442	187,930	140,588	194,068
	Unit value ($/ton)	82	90	126	96	102	101	91
Electricity		73.6	82.6	88.5	96.0	95.6	69.1	56.4
	Volume (million KWH)	3,046	3,303	3,556	3,610	3,763	3,236	2,712
	Unit value ($/000 KWH)	24	25	25	27	25	21	21
Other		30.9	31.0	56.7	58.1	64.9	71.7	77.0

Source: Bank of Ghana.

Table 38.

Ghana: Direction of Trade, 1987–93

(In percent)

Source: IMF, Direction of Trade Statistics Yearbook. 1994.

^{^1/}Revised data.

^{^2/}Estimated data.

Table 38.

Ghana: Direction of Trade, 1987–93

(In percent)

		Exports							Imports
		1987	1988	1989	1990	1991	1992 ^1/	1993 ^2/	1987	1988	1989	1990	1991	1992 ^1/	1993 ^2/
Industrial countries		79.4	80.9	80.9	83.9	81.5	80.7	78.8	73.7	77.1	73.5	65.9	68.7	63.2	63.7
	France	1.4	1.5	1.5	3.6	2.9	4.3	5.6	4.0	3.8	4.0	3.5	3.9	4.4	5.0
	Germany, Fed. Rep. of	5.9	8.8	8.8	31.5	30.4	21.0	17.3	10.5	10.2	9.8	8.6	8.2	7.0	6.0
	Italy	0.9	6.0	6.0	2.2	2.8	3.3	3.5	4.3	3.7	5.2	4.2	4.6	3.5	3.0
	Japan	6.4	7.0	7.0	5.0	5.3	5.8	5.1	6.0	5.9	5.9	5.0	5.4	5.5	4.2
	Netherlands	9.6	20.1	20.1	4.8	5.6	7.2	4.1	3.3	5.2	5.8	4.7	4.8	5.5	4.7
	United Kingdom	19.1	17.6	17.6	13.6	10.4	13.4	9.5	24.4	24.1	19.5	20.4	21.0	19.3	18.1
	United States	13.2	9.6	9.6	13.1	12.1	9.3	19.3	12.4	12.4	12.0	9.8	10.0	7.8	12.0
	Other	22.9	10.3	10.3	10.2	11.9	16.4	14.4	8.8	11.8	11.2	9.7	10.8	10.2	10.7
Eastern European
	countries, including former U.S.S.R.	11.0	9.0	9.0	5.8	6.0	2.1	0.7	4.0	2.8	2.3	1.3	0.7	0.9	0.3
Rest of the world		9.6	10.1	10.1	10.3	12.5	17.2	21.9	22.3	20.1	24.2	32.8	30.6	35.9	36.0

Source: IMF, Direction of Trade Statistics Yearbook. 1994.

^{^1/}Revised data.

^{^2/}Estimated data.

Table 38.

Ghana: Direction of Trade, 1987–93

(In percent)

		Exports							Imports
		1987	1988	1989	1990	1991	1992 ^1/	1993 ^2/	1987	1988	1989	1990	1991	1992 ^1/	1993 ^2/
Industrial countries		79.4	80.9	80.9	83.9	81.5	80.7	78.8	73.7	77.1	73.5	65.9	68.7	63.2	63.7
	France	1.4	1.5	1.5	3.6	2.9	4.3	5.6	4.0	3.8	4.0	3.5	3.9	4.4	5.0
	Germany, Fed. Rep. of	5.9	8.8	8.8	31.5	30.4	21.0	17.3	10.5	10.2	9.8	8.6	8.2	7.0	6.0
	Italy	0.9	6.0	6.0	2.2	2.8	3.3	3.5	4.3	3.7	5.2	4.2	4.6	3.5	3.0
	Japan	6.4	7.0	7.0	5.0	5.3	5.8	5.1	6.0	5.9	5.9	5.0	5.4	5.5	4.2
	Netherlands	9.6	20.1	20.1	4.8	5.6	7.2	4.1	3.3	5.2	5.8	4.7	4.8	5.5	4.7
	United Kingdom	19.1	17.6	17.6	13.6	10.4	13.4	9.5	24.4	24.1	19.5	20.4	21.0	19.3	18.1
	United States	13.2	9.6	9.6	13.1	12.1	9.3	19.3	12.4	12.4	12.0	9.8	10.0	7.8	12.0
	Other	22.9	10.3	10.3	10.2	11.9	16.4	14.4	8.8	11.8	11.2	9.7	10.8	10.2	10.7
Eastern European
	countries, including former U.S.S.R.	11.0	9.0	9.0	5.8	6.0	2.1	0.7	4.0	2.8	2.3	1.3	0.7	0.9	0.3
Rest of the world		9.6	10.1	10.1	10.3	12.5	17.2	21.9	22.3	20.1	24.2	32.8	30.6	35.9	36.0

Source: IMF, Direction of Trade Statistics Yearbook. 1994.

^{^1/}Revised data.

^{^2/}Estimated data.

Table 39.

Ghana: Services and Transfers Account, 1990–94

(In millions of U.S. dollars)

Sources: Bank of Ghana; and Fund staff estimates.

Table 39.

Ghana: Services and Transfers Account, 1990–94

(In millions of U.S. dollars)

		1990		1991		1992		1993		1994
		Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit
Total services and transfers		519.4	-429.2	544,4	-475,0	613.9	-519.7	688.3	-582.9	-646.6	-558.3
Total services		93.1	-418,6	110-3	-462,8	128.9	-505.1	156.3	-568.3	159.3	-542.8
Freight and merchandise insurance		20.9	-106.0	25.3	-118.2	30.4	-132.2	36.4	-160.3	37.1	-144.0
Other transportation		20.0	-45.1	26.6	-49.5	30.6	-59.4	45.9	-68.3	46.8	-69.7
Travel		4.4	-13.3	5.9	-14.3	7.1	-17.2	10.6	-19.7	10.8	-20.1
Investment income		6.8	-117.9	7.5	-126.9	10.5	-116.7	11.6	-123.9	11.8	-122.7
	IMF charges	—	-41.4	—	-36.6	—	-25.9	—	-17.8	—	-14.8
	Interest medium term loans	—	-20.2	—	-24.6	—	-24.9	—	-26.9	—	-30.7
	Interest long term loans	—	-47.4	—	-52.4	—	-53.6	—	-60.1	—	-59.0
	Other official interest payments	—	2.2	—	-0.5	—	2.9	—	-8.2	—	-2.8
	Private suppliers’ credits	—	-3.7	—	-5.1	—	-6.0	—	—	—	—
	Banking loans	—	-0.9	—	—	—	—	—	-1.7	—	-4.8
	Profit and dividends	—	-7.0	—	-7.7	—	-9.2	—	-9.2	—	-10.6
Government (n.i.e.)		7.5	-73.8	8.2	-84.9	9.8	-96.8	11.3	-113.3	11.5	-101.8
Other services		33.5	-62.5	36.8	-69.0	40.5	-82.8	40.5	-82.8	41.3	-84.5
Total transfers		426.3	-10.6	434.1	-12.2	485.0	-14.6	532.0	-14.6	487.3	-15.5
	Private	206.0	-4.1	224.1	-4.6	260.4	-5.5	266.7	-5.5	276.5	-5.5
	Official	220.3	-6.5	210.0	-7.6	224.6	-9.1	265.3	-9.1	210.8	-10.0

Sources: Bank of Ghana; and Fund staff estimates.

Table 39.

Ghana: Services and Transfers Account, 1990–94

(In millions of U.S. dollars)

		1990		1991		1992		1993		1994
		Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit
Total services and transfers		519.4	-429.2	544,4	-475,0	613.9	-519.7	688.3	-582.9	-646.6	-558.3
Total services		93.1	-418,6	110-3	-462,8	128.9	-505.1	156.3	-568.3	159.3	-542.8
Freight and merchandise insurance		20.9	-106.0	25.3	-118.2	30.4	-132.2	36.4	-160.3	37.1	-144.0
Other transportation		20.0	-45.1	26.6	-49.5	30.6	-59.4	45.9	-68.3	46.8	-69.7
Travel		4.4	-13.3	5.9	-14.3	7.1	-17.2	10.6	-19.7	10.8	-20.1
Investment income		6.8	-117.9	7.5	-126.9	10.5	-116.7	11.6	-123.9	11.8	-122.7
	IMF charges	—	-41.4	—	-36.6	—	-25.9	—	-17.8	—	-14.8
	Interest medium term loans	—	-20.2	—	-24.6	—	-24.9	—	-26.9	—	-30.7
	Interest long term loans	—	-47.4	—	-52.4	—	-53.6	—	-60.1	—	-59.0
	Other official interest payments	—	2.2	—	-0.5	—	2.9	—	-8.2	—	-2.8
	Private suppliers’ credits	—	-3.7	—	-5.1	—	-6.0	—	—	—	—
	Banking loans	—	-0.9	—	—	—	—	—	-1.7	—	-4.8
	Profit and dividends	—	-7.0	—	-7.7	—	-9.2	—	-9.2	—	-10.6
Government (n.i.e.)		7.5	-73.8	8.2	-84.9	9.8	-96.8	11.3	-113.3	11.5	-101.8
Other services		33.5	-62.5	36.8	-69.0	40.5	-82.8	40.5	-82.8	41.3	-84.5
Total transfers		426.3	-10.6	434.1	-12.2	485.0	-14.6	532.0	-14.6	487.3	-15.5
	Private	206.0	-4.1	224.1	-4.6	260.4	-5.5	266.7	-5.5	276.5	-5.5
	Official	220.3	-6.5	210.0	-7.6	224.6	-9.1	265.3	-9.1	210.8	-10.0

Sources: Bank of Ghana; and Fund staff estimates.

Table 40.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1990–December 1994

Source: Ghanaian authorities.

^{^1/}Revised position after GDR account reconciliation.

^{^2/}Minus (positive) sign indicates net debit (credit) position of Ghana.

^{^3/}The GDR accounts were reconciled in 1992, taking effect from December 1991. The 1992 flow, therefore, used the revised 1991 December position for consistency with end-1992 position. Similarly, the 1991 flow takes into account the unreconciled position of December 1991 compared with December 1990.

^{^4/}The changes are mainly due to exchange rate fluctuations.

Table 40.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1990–December 1994

		1990		1991		1991	1992		1993		1994
		June	Dec.	June	Dec.	Dec. ^1/	June	Dec.	June	Dec.	June	Dec.
Active account (millions of U.S. dollars) ^2/		30.1	42.4	51.8	63.2	34.4	38.6	33.1	25.8	20.8	17.5	17.5
	Bulgaria	9.3	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
	China	-3.2	-0.9	1.9	1.2	—	0.6	—	—	—	—	—
	Cuba	1.3	7.2	17.2	24.0	18.6	21.9	17.3	12.9	8.5	5.3	5.5
	German Dem. Rep. ^3/	13.7	15.2	13.9	13.9	-8.8	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5
	Romania	5.9	8.0	8.1	9.0	9.0	10.1	10.3	11.4	11.4	11.3	11.3
	Yugoslavia	-2.0	-3.2	-3.2	0.7	0.7	0.7	0.8	0.6	0.6	0.6	0.4
	Poland	0.9	0.1	—	—	—	—	—	—	—	—	—
	U.S.S.R.	2.8	2.9	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Czechoslovakia	0.0	2.4	2.4	3.6	3.6	0.8	0.8	0.4	—	—	—
	Hungary	1.4	2.1	2.7	2.1	2.1	1.6	0.7	0.3	0.1	0.1	0.1
Inactive accounts (millions of cedis) ^4/		167.7	173.5	182.5	191.7	191.7	191.7	191.7	191.7	191.7	191.7	191.7
	China	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7
	Egypt	0.7	0.8	0.7	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
	Others	128.3	134.0	143.1	152.1	152.1	152.1	152.1	152.1	152.1	152.1	152.1

Source: Ghanaian authorities.

^{^1/}Revised position after GDR account reconciliation.

^{^2/}Minus (positive) sign indicates net debit (credit) position of Ghana.

^{^4/}The changes are mainly due to exchange rate fluctuations.

Table 40.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1990–December 1994

		1990		1991		1991	1992		1993		1994
		June	Dec.	June	Dec.	Dec. ^1/	June	Dec.	June	Dec.	June	Dec.
Active account (millions of U.S. dollars) ^2/		30.1	42.4	51.8	63.2	34.4	38.6	33.1	25.8	20.8	17.5	17.5
	Bulgaria	9.3	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
	China	-3.2	-0.9	1.9	1.2	—	0.6	—	—	—	—	—
	Cuba	1.3	7.2	17.2	24.0	18.6	21.9	17.3	12.9	8.5	5.3	5.5
	German Dem. Rep. ^3/	13.7	15.2	13.9	13.9	-8.8	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5
	Romania	5.9	8.0	8.1	9.0	9.0	10.1	10.3	11.4	11.4	11.3	11.3
	Yugoslavia	-2.0	-3.2	-3.2	0.7	0.7	0.7	0.8	0.6	0.6	0.6	0.4
	Poland	0.9	0.1	—	—	—	—	—	—	—	—	—
	U.S.S.R.	2.8	2.9	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Czechoslovakia	0.0	2.4	2.4	3.6	3.6	0.8	0.8	0.4	—	—	—
	Hungary	1.4	2.1	2.7	2.1	2.1	1.6	0.7	0.3	0.1	0.1	0.1
Inactive accounts (millions of cedis) ^4/		167.7	173.5	182.5	191.7	191.7	191.7	191.7	191.7	191.7	191.7	191.7
	China	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7	38.7
	Egypt	0.7	0.8	0.7	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
	Others	128.3	134.0	143.1	152.1	152.1	152.1	152.1	152.1	152.1	152.1	152.1

Source: Ghanaian authorities.

^{^1/}Revised position after GDR account reconciliation.

^{^2/}Minus (positive) sign indicates net debit (credit) position of Ghana.

^{^4/}The changes are mainly due to exchange rate fluctuations.

Table 41.

Ghana: External Public Debt and Debt Service, 1989–94

(In millions of U.S. dollars)

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Including medium-term debt owed by the Bank of Ghana to foreign commercial banks.

^{^2/}Excluding SDR charges.

Table 41.

Ghana: External Public Debt and Debt Service, 1989–94

(In millions of U.S. dollars)

				1989	1990	1991	1992	1993	1994 Est.
External public debt
	Medium-term debt ^1/			403.7	358.4	507.2	606.9	507.6	490.8
		Previously rescheduled		140.9	130.6	110.1	94.4	82.3	71.0
		Other		262.8	227.8	397.1	512.5	425.3	419.8
	Long-term debt			1,757.5	2,215.1	2,437.7	2,757.6	3,230.5	3,542.5
		Bilateral loans		393.4	509.7	512.3	583.9	785.1	923.0
		Multilateral loans		1,364.1	1,705.4	1,925.4	2,173.7	2,445.4	2,619.5
	IMF			730.1	721.8	822.6	739.5	738.0	686.9
		Of which:
			Trust Fund/SAF/ESAF	(348.9)	(432.1)	(605.8)	(590.5)	(578.7)	(559.6)
	Arrears			17.3	—	—	—	—	—
Total				2,908.6	3,295.2	3,767.5	4,104.0	4,476.1	4,720.2
Debt service payments
	Principal			407.4	258.7	201.7	184.0	329.1	270.1
		Medium term		184.7	110.3	86.6	80.5	216.6	130.0
		Long term		36.9	32.1	37.6	39.0	45.9	57.3
		IMF repurchases		185.8	116.3	77.5	64.5	66.6	82.8
	Interest			109.2	105.2	116.3	98.6	102.7	105.9
		Medium-term		32.1	33.2	37.7	24.9	28.6	35.5
		Long-term		35.3	36.8	44.9	47.8	60.1	59.0
		IMF charges ^2/		41.8	35.2	33.7	20.6	14.0	11.4
Total
	Including IMF			516.6	363.9	318.1	277.3	431.8	376.0
	Excluding IMF			289.0	212.4	206.8	192.2	351.2	281.8

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Including medium-term debt owed by the Bank of Ghana to foreign commercial banks.

^{^2/}Excluding SDR charges.

Table 41.

Ghana: External Public Debt and Debt Service, 1989–94

(In millions of U.S. dollars)

				1989	1990	1991	1992	1993	1994 Est.
External public debt
	Medium-term debt ^1/			403.7	358.4	507.2	606.9	507.6	490.8
		Previously rescheduled		140.9	130.6	110.1	94.4	82.3	71.0
		Other		262.8	227.8	397.1	512.5	425.3	419.8
	Long-term debt			1,757.5	2,215.1	2,437.7	2,757.6	3,230.5	3,542.5
		Bilateral loans		393.4	509.7	512.3	583.9	785.1	923.0
		Multilateral loans		1,364.1	1,705.4	1,925.4	2,173.7	2,445.4	2,619.5
	IMF			730.1	721.8	822.6	739.5	738.0	686.9
		Of which:
			Trust Fund/SAF/ESAF	(348.9)	(432.1)	(605.8)	(590.5)	(578.7)	(559.6)
	Arrears			17.3	—	—	—	—	—
Total				2,908.6	3,295.2	3,767.5	4,104.0	4,476.1	4,720.2
Debt service payments
	Principal			407.4	258.7	201.7	184.0	329.1	270.1
		Medium term		184.7	110.3	86.6	80.5	216.6	130.0
		Long term		36.9	32.1	37.6	39.0	45.9	57.3
		IMF repurchases		185.8	116.3	77.5	64.5	66.6	82.8
	Interest			109.2	105.2	116.3	98.6	102.7	105.9
		Medium-term		32.1	33.2	37.7	24.9	28.6	35.5
		Long-term		35.3	36.8	44.9	47.8	60.1	59.0
		IMF charges ^2/		41.8	35.2	33.7	20.6	14.0	11.4
Total
	Including IMF			516.6	363.9	318.1	277.3	431.8	376.0
	Excluding IMF			289.0	212.4	206.8	192.2	351.2	281.8

Sources: Data provided by the Ghanaian authorities; and staff estimates.

^{^1/}Including medium-term debt owed by the Bank of Ghana to foreign commercial banks.

^{^2/}Excluding SDR charges.

Ghana: Summary of Tax System, May 1995

sources: International Bureau of Fiscal Documentation, African Tax Systems, and information provided by the Ghanaian authorities

Ghana: Summary of Tax System, May 1995

Tax				Nature of Tax	Exemptions and Deductions	Rates
A. Central Government
1. Taxes on Income and profits
	1.1	Tax on companies
		1.11	Tax on company income Income Tax Decree, 1975 (S.M.C.D. 5); Income Tax (Amendment) Decree, 1977 (S.M.C.D. 129); Income Tax (Amendment Decree, 1978 (S.M.C.D. 195); Income Tax (Amendment) Act, 1980 (Act 398); Income Tax (Amendment) (No. 2) Act, 1980 (Act 419); Income Tax (Amendments) by Decree P.N.D.C.L. 39, 1982; 61, 1983; 127, 1985; 166, 1986; 177, 183, and 192, 1987; 205, 1988; 222, 1989; 231, 1990; 270, 1991; 303, 1992; and Income Tax Regulations L1252 and L1511.	Domestic and foreign companies operating in Ghana are taxed on taxable income accruing in, derived from, brought into, or received in the country. Taxable income includes net profits, interest, royalties, and rent income of companies formed exclusively for real estate development but excludes dividends from other companies. Prior to 1989, the assessment year ended June 30 and tax was payable annually. Following the 1983 budget, all income tax assessments are on a current year basis, payable quarterly in arrears. For tax purposes, net profit is assumed to be not less than 5 percent of turnover unless the company is within its first five years of assessment. However, this is waived with respect to companies engaged in mining or farming, and with 10 consecutive years of assessment, or companies that have maintained adequate books of accounts and submitted reliable records for 10 consecutive years of assessment to the satisfaction of the Commissioner. For domestic subsidiaries of nonresident companies, a further floor to net profits exists in that the subsidiary’s share of the consolidated group profits should at least be equal to the subsidiary’s share of group turnover.	Exemptions include the income from cocoa farming, income of other agricultural companies during the first five years of operation, and the income of some public enterprises (e.g., Bank of Ghana and COCOBOD) Deductions allowed include expenditures Incurred in the production of income, including interest and rent. Losses incurred in farming are offset and carried forward for two years.	The basic tax rate is 35 percent.
					Initial depreciation allowances:
						(Percent)
					Buildings	10
					Agricultural plantations	10
					Mining (exploration and capital expenditure)	20
					Plant expenditure	20
					A further investment allowance of 5 percent Is available for capital expenditure by Industrial concerns.
					Annual depreciation allowances:
						(Percent)
					Buildings (mining and timber companies)	5
					(other)	3
					Mining (exploration and capital expenditure)	10
					Plant expenditure	7.5-20
					A further investment allowance of 5 percent is available for capital expenditure by industrial concerns.
					Investment allowance
					(in the year of investment)
					Granted at 5 percent to industrial firms for capital expenditure on plant and machinery.
					Rebates
					A rebate of income tax is available to manufacturing companies engaged in exporting. The schedule of rebates is:
					Rebate rate (In percent)	Exports (as percent of total output)
					30	5-14.9
					50	15-24.9
					75	25 or more
					The following rebate is also available to persons engaged in the export of agricultural produce approved by the Minister of Trade and Industries.
					Rebate Rate (In percent)	Export (as percent of total output)
					40	5-14.9
					60	15-24.9
					75	25 or more
					A further depreciation allowance of 10 percent is available to companies maintaining a sinking fund for the replacement of plant and buildings in a separate bank account, provided that the accrued addition to the sinking fund exceeds the value of all capital allowances.
		1.12	Casino tax Casino Revenue Tax Decree, 1973 (N.R.C.D. 200); Gambling Machine Decree, 1973 (N.R.C.D. 174); Casino Revenue Tax (Amendment) Decree, 1974 (N.R.C.D. 267); Gambling Machines (Amendment) Decree, 1974 (N.R.C.D. 276); Casino Revenue Tax (Amendment) Decree, 1976 (S.M.C.D. 45); and Budget 1985.	Tax la levied as an annual license fee on each gambling table and slot machine.	None.	The annual license fee is ¢ 150,000 per casino table in Accra, ¢ 80,000 per casino table elsewhere, and ¢ 20,000 per slot machine.
	1.2 Taxes on individuals
		1.21	Income tax Income Tax (Amendment) Decree, 1969 (N.L.C.D. 377); Taxation Act, 1970 (Act 330); Taxation (Amendment) (No.2) Act, 1970 (Act 344); Income Tax (Amendment) Act, 1971 (Act 388); Taxation (Amendment) Decree, 1972 (N.R.C.D. 97); (Standard Assessments) Instrument, 1968 (L.I. 590); Income Tax (Standard Assessments) (Amendment) Instrument, 1977 (L.I. 1120); Income Tax (Amendment) (No. 2) Act, 1981; Income Tax (Amendment) Act, 1983; and Income Tax (Amendment) Acts of 1984, 1985, 1986, 1987, 1988, and 1989; and P.N.D.C.L. 96, 127, 166, 127, 116, 117, and 183.	This tax is payable, subject to the deductions and exemptions noted, on income received by, or accruing to, persons in Ghana. In addition to wages and salaries, income includes profits, nonbank interest receipts, dividends (which are taxed at the source at 10 percent, final tax), royalties, pensions, rental income and payments In kind (other than dental and medical costs). Standard assessments, now known as quarterly/monthly/daily advance tax payments, are applied on certain categories of small business owners and self-employed professionals in the course of determining their actual liabilities.	Exemptions include: (a) income derived from cocoa production; (b) income derived from farming for an initial period of 3-10 years; (c) interest on savings accounts; (d) retirement and sickness annuities; (e) armed forces disability pensions; and (f) widows’ and orphans’ pensions. Additionally, the income of a wide variety of charitable, educational, religious, and research institutions is exempt. Deductions include a married man’s allowance of ¢ 50,000 (also for a married woman with a dependent husband and unmarried men and women with two or more dependent children), social security and provident fund contributions, and life insurance premiums (up to ¢ 210,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 80,000 per dependent child attending secondary school is provided. A disablement relief of 25 percent of income from self-employment is provided to disabled persons, while self-employed persons above 60 years of age are granted relief amounting to ¢ 120,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income	Tax rate (in percent)
						Nonconsolidated wages
						First ¢ 318,000	Nil
						Next ¢ 522,000	5
						Next ¢ 1,080,000	10
						Next ¢ 6,480,000	15
						Next ¢ 7,600,000	25
						Over ¢ 16,000,000	35
		1.22	Capital gains taxes Capital Gains Tax Decree, 1975 (N.R.C.D. 347) as amended in 1976 (S.M.C.D. 46); Budget 1984 and P.N.D.C.L. 198, 232, and 267.	This tax is levied on realized capital gains from the sale of buildings, businesses, and business assets including goodwill, land, stocks and shares, and other assets determined by the authorities. Realised capital gains are computed as the price received from the asset less the purchase price and allowable deductions.	In addition to deducting the original purchase price of the asset from the realized sum, deductions are allowed for the cost of improvements and alterations. Capital gains arising during a merger, amalgamation, or reorganization of companies are exempt. Capital gains arising out of the disposal of securities of companies listed on the Ghana Stock Exchange are exempt for the first 5 years of the life of the Ghana Stock Exchange.	Tax payable on the assessed capital gain is computed at a flat rate of 5 percent. Any gain up to ¢ 50,000 is exempt.
2. Social security contributions Social Security Decree, 1973 (N.R.C.D. 127).				All establishments with five or more employees are required to contribute to the social security and national insurance trust fund. Contributions are based upon each employee’s earnings, with contributions from both employer and employee. Employees’ contributions are withheld at source. Other employees and self-employed persons may enroll on a voluntary basis.	Enterprises with fewer than five employees are exempt.	Contribution by	Percent of employee’s basic pay
						Employer	12.5
						Employee	5.0
3. Payroll taxes (other than social security contributions)
	3.1	Selective all an employment tax Selective Allan Employment Decree, 1973 (N.R.C.D. 201); Selective Allan Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Seletive Allan Employment Tax (Amendment) (No. 2) Decree, 1974 (N.R.C.D. 268); Budget 1985; P.N.D.C.L. 196.		This tax is levied on both Ghanaian and foreign firms employing expatriate personnel. The tax is not deductible for income tax purposes. Beginning in 1995, the tax will be administered by the Ghana Investment Promotion Centre.	Expatriate employees in the following fields are exempt: (a) logging and saw milling; (b) fishing; (c) mining; (d) oil prospecting; (e) government departments and statutory corporations; (f) manufacturers who have operated in Ghana for less than five years; (g) farming operations; (h) missionaries of religious bodies; and (i) employees of hospitals (including clinics and dressing posts) other than government hospitals.	Tax is levied at the annual rate of ¢ 500,000 for each expatriate employee.
4. Taxes on property
	4.1 Death and gift taxes
		4.11	Gift tax Gift Tax Decree, 1975 (N.R.C.D 348); and Budget 1984 as amended by P.N.D.C.L. 195 and 233.	This tax is levied on the recipient of gifts of land, buildings, securities, or money according to a graduated rate, which increases with the total open market value of gifts received within any 12-month period.	Asset transfers under a will are exempt, as are gifts between spouses and gifts between a parent and child. Gifts to religious bodies and for charitable or educational purposes are also exempt. Allowable deductions include gifts received up to ? 50,000 in value in any 12-month period, provided that the total value of gifts received in the last five years does not exceed ¢ 50,000 in value. Where the five-year total exceeds ¢ 50,000, tax is payable on the balance received in the latest year.	Tax is payable according to a scale which increases with the value of gifts received.
						Value of Gifts (In cedis)	Rate of Tax (Percent)
						0 - 50,000	Nil
						50,001 - 250,000	5.0
						250,001 - 500,000	7.5
						500,001 - 750,000	10.0
						750,001 - 1,000,000	12.5
						1,000,000 or more	15,0
5. Taxes on goods and services
	5.1	Value added tax (VAT) Value Added Tax Act, 1994 (No. 486); Budget 1995.		The VAT is a consumption tax managed by the Value Added Tax Service. It replaced the sales tax on March 1, 1995. The tax is charged and payable on the supply of goods and services in Ghana and on all goods and services imported into Ghana The VAT also replaced several selective taxes on services, including the entertainment duty, hotel and restaurant tax, advertisement tax, and betting tax. Refer to Ghana - Statistical Annex (SM/94/140) for an explanation of these taxes. For the purpose of section 9(1) of the Value Added Tax 1994 (Act 486), a taxable person is anyone whose business turnover exceeds: (a) ¢ 25 million over a 12 month period; or (b) ¢ 20 million over a 9 month period; or (c) ¢ 13.75 million over a 6 month period; or (d) ¢ 8 million over a 3 month period whichever is achieved the earlier.	Exemptions include: (a) animals, livestock, and poultry in Ghana; (b) animals, livestock, and poultry imported for breeding purposes; (c) animal product in its raw state produced in Ghana; (d) agricultural and aquatic food product in its raw state produced in Ghana; (e) seeds, bulbs, rootings, and other forms of propagation; (f) agricultural inputs; (g) fishing equipment; (h) supply of water excluding bottled and distilled waters; (i) Domestic use of electricity; (j) Printed material (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education, including laboratory equipment for educational purposes and library equipment; (l) medical supplies and services, including pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; (q) financial services.	The general sales tax rate was raised on February 1, 1995 from 15 to 17.5 percent. This rate has been retained on concessionary, consumption, and luxury goods with abolishment of the sales tax and adoption of the VAT.
5.2 Excise taxes
	5.1		5.21	Tobacco Customs and Excise Tariff, 1973; Cigarettes (Special Tax) Decree, 1976 (S.M.C.D. 40); Cigarettes Special Tax (Amendment) Decree, 1977 (S.M.C.D. Ill); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-95.	Special duties are applied to tobacco products, both local production and imports.	None.	Tobacco products are taxed at a rate of 170.65 percent of ex factory price and a value added tax of 17.5 percent.
		5.22	Spirits and beer Customs and Excise Tariff, 1973; Beer (Special Tax) Decree, 1975 (N.R.C.D. 342); Beer and Stout (Special Tax) (Amendment) Decree, 1977 (S.M.C.D. 110); 1983 (P.N.D.C.L. 72); Budget 1985-95.	Ad valorem excises are applied to alcoholic beverges.	None.	Ad valorem rates of excise duty applied on the invoice price are: 75.8 percent for bottled beer and Guinness Stout; 25 percent on spirits; and 10 percent on malt. All alcoholic beverages are subject to a value added tax of 17.5 percent.
		5.23	Luxury goods Budget 1995.	Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 17.5 percent is applied in addition to a value added tax of 17.5 percent.
		5.23	Petroleum products Budget 1987-95.	Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
						Premium	233.14
						Kerosene	88.26
						Gas oil	173.19
	5.24 other excises
		5.24.1	Local duty on cocoa Cocoa (Local Duty) Ordinance, 1952; Cocoa Duty Decree, 1973 (N.R.C.D. 168); Cocoa Duty Decree, 1974 (N.R.C.D. 265); and Cocoa Duty (Amendment) Decree, 1977 (S.M.C.D. 112). All laws one excise taxes have been consolidated into the Customs, Excise and Preventive Service (Management) Law, Parts IVA and IVB; and the Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is the domestic counterpart to the cocoa export tax (see 6.21 below) and is levied on the Cocoa Marketing Board’s sales of cocoa within Ghana.	None.	The levy is 100 percent duty on all proceeds from domestic cocoa sales by the Cocoa Marketing Board after allowing for the producer price of cocoa and costs of the Board.
	5.3 Selective tax on services
		5.31	Airport tax Airport Tax Act, 1963 (No. 209); Airport Tax (Amendment) Decree, 1973 (N.R.C.D. 203); Airport Tax (Amendment) Decree, 1977 (S.M.C.D. 119); and Budget 1985-95.	A tax la levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	Tax is levied at the rate of 0 22,000 for international flights and 0 500 for domestic flights.
	5.4	Business and professional licenses Wholesaler and Retailer Regulation Fee, 1973 (N.R.C.D. 199); Night Club Licensing (Amendment) Decree, 1976 (S.M.C.D. 47); and Budget 1985-95.		A wide variety of business occupations are required to register with the Commissioner of Income Tax and are levied an annual license fee.	None.	Annual registration fees vary between ¢ 2,500 and ¢ 100,000 according to turnover or nature of business.
	5.5 Motor vehicle taxes
		5.51	Registration fees for vehicles Road Traffic Ordinance, 1952 (No. 55); and Road Traffic Regulations, 1974 (L.I. 953).	Motor vehicles are taxed through an initial registration fee. In addition, a fee is applied when a vehicle changes ownership or when the registration number is changed.	Government vehicles	The initial registration fee ¢ 0 20,000; the change of ownership fee ¢ 0 20,000; and the change in registration number is ¢ 40,000.
		5.52	Vehicles examination and licensing	Motor vehicles are taxed twice a year for receipt of a combined road worthiness and license certificate.	Government vehicles.	Fees range from ¢ 2,000 per year for motor cars of leas than 1000 cc up to ¢ 40,000 per year for the three-axis road tractors of over 30 tons.
6. Taxes on international trade
	6.1 Taxes on imports
		6.11	Customs duties Customs and Excise Decree, 1972 (N.R.C.D. 114); Customs and Excise Tariff, 1973 (L.I. 838); Customs end Excise Tariff (Amendment) Regulations, 1976 (L.l. 1080); Customs and Excise Tariff (Amendment) Regulations, 1977 (L.I. 1286); Customs and Excise Tariff (Amendment) (No.2) Regulations, 1983 (L.I. 1291); Customs and Excise Tariff (Amendment) Regulations 1984 (L.I. 1309); Budget 1985-95.	Duties are levied on most imported goods, generally as ad valorem taxes on the c.i.f. value, but for some goods the ratea are specific.	Exemptions are granted for special purposes, mainly under the Capital Investment Act, to contractors engaged in public works. Most imports of World Bank projects, the Volte Aluminum Company Ltd. (VALCO), Volta River Authority, diplomats, and certain welfare organizations are also exempt. Items that are duty free are: (a) agricultural machinery and tractors; (b) bank notes and coins; (c) crude oil; (d) educational materiel; (e) medical equipment; (f) newsprint; (g) postage stamps; and (h) veterinary drugs; Other exempted goods include: (a) items imported for purpose of exhibition at trade fairs; (b) advertising materials; (c) aircraft parts; and (d) passengers’ baggage and effects not for resale.	Ghana maintains a column tariff, based on the Brussels Tariff Nomenclature. There are three ad valorem rates: 0 percent, 10 percent, and 25 percent. A special tax of 10 percent is applied to certain items such as textiles, alcoholic and nonalcoholic beverages, tobacco, etc. Motorcars including cross country cars of cylinder capacity in excess of 2,500 cc and vehicles designed for traveling on snow, golf carts, and similar vehicles attract a special tax of 17.5 percent.
	6.2 Export taxes
		6.21	Cocoa export duty Customs and Excise Tariff, 1973 (L.I. 838); Excise Tariff (Amendment) Regulations 1975 (L.I. 1024); and Customs and Excise Tariff (Amendment) Regulations, 1978 (L.I. 1162). All laws under taxes on international trade have been consolidated into the Cuatoms, Excise and Preventive Service (Management) Law, Part III; and Customs and Excise (duty rates and taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is levied on the f.o.b. price received by the Cocoa Marketing Board for all cocoa exported from Ghana.	None.	The cocoa levy is a 100 percent duty on all proceeds received from cocoa exports after paying producers’ coats and COCOBOD’s marketing and other coats.
7. Other taxes
	7.1	Stamp duties Stamp Act, 1965 (Act 3111); Stamp Act (Amendment) Decree, 1975 (N.R.C.D. 355); and Stamp Act 1980 (S.M.C.D. 424).		Ad valorem or specific rates of tax are levied on a range of legal documents and instruments, including bills of exchange, promissory notes, bills of lading, agreements, conveyances, extracts from registers, and mortgages.	Exemptions include instruments transferring ships, transactions where the Government would be liable for the stamp tax, and the transfer of company shares to a Ghanaian citizen.	Duties are both specific and ad valorem, varying with the particular instrument. Examples of rates are:
						Mineral lease	¢ 10,000
						Agreements	¢ 2
						Mortgages	1.0 percent of the face value
						Checks	¢ 0.1
						Conveyance or transfer	¢ 5 for every ¢ 60 of the amount or fraction thereof.
	7.2 Other taxes, not elsewhere classified
		7.21	Taxes on minerals and mining Minerals and Mining Law (P.N.D.C.L. 153); Selective Alien’s Employment Tax Decree, 1973 (N.R.C.D. 201, 248, and 268); Income Tax Decree, 1975 (S.M.C.D. 5); and Regulations 1986 (L.I. 1340).	The Minerals and Mining Law makes taxable any holder of a mining lease. Tax is also payable on the carry forward cash balance of an individual involved in mining operations. There are no tax holidays. Tax jurisdiction under S.M.C.D. 5 makes persons involved in the industry taxable on income accruing in, derived from, brought into, and received in Ghana for resident companies subject to deductions and exemptions noted.	Exemptions include: (a) exemption of staff from payment of income tax relating to furnished accommodation at the mine site; (b) personal remittance quota for expatriate personnel free from any tax imposed by any enactment for the transfer of external currency out of Ghana; and (c) exemption from the selective aliens employment tax under the Selective Alien Employment Tax Decree (N.R.C.D. 201).	Mining operations	45 percent
		7.21				Rate of royalty	3-12 percent; depending on profitability and certain operating costs.
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).	An additional profit tax is chargeable on the carry forward cash balance of a year of assessment. The qualifying expenditure governing the determination of capital allowance under this law is deemed to have been incurred during January 1-December 31, 1984 at a value to be determined by the Ministry of Finance and Economic Planning. The Secretary for Finance and Economic Planning has the responsibility for fixing the rate of return for the operation.		Additional profit tax	25 percent
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).			Current recommended rate of return	17.5 percent
		7.23	Petroleum Income Tax Law 1987 (P.N.D.C.L. 188)	This law covers all persons carrying on petroleum operations, and is payable on income from the sale of petroleum less deductions.	Deductions allowed: (a) rent; (b) interest paid on loans; (c) repairs of premises used for the business; (d) bad and doubtful debts; (e) contributions to a pension fund approved by the Commissioner - where such contributions exceed 25 percent of the employees’ remuneration, a 25 percent deduction is allowed; and (f) losses incurred during a previous year of accounting, with the deduction being a sum equal to or less than the amount of such loss.	Petroleum companies	50 percent unless a provision is made in particular petroleum agreement making alternative arrangements for paying the tax at a different rate, or another tax altogether.
B. Local Government
	No details available.

sources: International Bureau of Fiscal Documentation, African Tax Systems, and information provided by the Ghanaian authorities

Ghana: Summary of Tax System, May 1995

Tax				Nature of Tax	Exemptions and Deductions	Rates
A. Central Government
1. Taxes on Income and profits
	1.1	Tax on companies
		1.11	Tax on company income Income Tax Decree, 1975 (S.M.C.D. 5); Income Tax (Amendment) Decree, 1977 (S.M.C.D. 129); Income Tax (Amendment Decree, 1978 (S.M.C.D. 195); Income Tax (Amendment) Act, 1980 (Act 398); Income Tax (Amendment) (No. 2) Act, 1980 (Act 419); Income Tax (Amendments) by Decree P.N.D.C.L. 39, 1982; 61, 1983; 127, 1985; 166, 1986; 177, 183, and 192, 1987; 205, 1988; 222, 1989; 231, 1990; 270, 1991; 303, 1992; and Income Tax Regulations L1252 and L1511.	Domestic and foreign companies operating in Ghana are taxed on taxable income accruing in, derived from, brought into, or received in the country. Taxable income includes net profits, interest, royalties, and rent income of companies formed exclusively for real estate development but excludes dividends from other companies. Prior to 1989, the assessment year ended June 30 and tax was payable annually. Following the 1983 budget, all income tax assessments are on a current year basis, payable quarterly in arrears. For tax purposes, net profit is assumed to be not less than 5 percent of turnover unless the company is within its first five years of assessment. However, this is waived with respect to companies engaged in mining or farming, and with 10 consecutive years of assessment, or companies that have maintained adequate books of accounts and submitted reliable records for 10 consecutive years of assessment to the satisfaction of the Commissioner. For domestic subsidiaries of nonresident companies, a further floor to net profits exists in that the subsidiary’s share of the consolidated group profits should at least be equal to the subsidiary’s share of group turnover.	Exemptions include the income from cocoa farming, income of other agricultural companies during the first five years of operation, and the income of some public enterprises (e.g., Bank of Ghana and COCOBOD) Deductions allowed include expenditures Incurred in the production of income, including interest and rent. Losses incurred in farming are offset and carried forward for two years.	The basic tax rate is 35 percent.
					Initial depreciation allowances:
						(Percent)
					Buildings	10
					Agricultural plantations	10
					Mining (exploration and capital expenditure)	20
					Plant expenditure	20
					A further investment allowance of 5 percent Is available for capital expenditure by Industrial concerns.
					Annual depreciation allowances:
						(Percent)
					Buildings (mining and timber companies)	5
					(other)	3
					Mining (exploration and capital expenditure)	10
					Plant expenditure	7.5-20
					A further investment allowance of 5 percent is available for capital expenditure by industrial concerns.
					Investment allowance
					(in the year of investment)
					Granted at 5 percent to industrial firms for capital expenditure on plant and machinery.
					Rebates
					A rebate of income tax is available to manufacturing companies engaged in exporting. The schedule of rebates is:
					Rebate rate (In percent)	Exports (as percent of total output)
					30	5-14.9
					50	15-24.9
					75	25 or more
					The following rebate is also available to persons engaged in the export of agricultural produce approved by the Minister of Trade and Industries.
					Rebate Rate (In percent)	Export (as percent of total output)
					40	5-14.9
					60	15-24.9
					75	25 or more
					A further depreciation allowance of 10 percent is available to companies maintaining a sinking fund for the replacement of plant and buildings in a separate bank account, provided that the accrued addition to the sinking fund exceeds the value of all capital allowances.
		1.12	Casino tax Casino Revenue Tax Decree, 1973 (N.R.C.D. 200); Gambling Machine Decree, 1973 (N.R.C.D. 174); Casino Revenue Tax (Amendment) Decree, 1974 (N.R.C.D. 267); Gambling Machines (Amendment) Decree, 1974 (N.R.C.D. 276); Casino Revenue Tax (Amendment) Decree, 1976 (S.M.C.D. 45); and Budget 1985.	Tax la levied as an annual license fee on each gambling table and slot machine.	None.	The annual license fee is ¢ 150,000 per casino table in Accra, ¢ 80,000 per casino table elsewhere, and ¢ 20,000 per slot machine.
	1.2 Taxes on individuals
		1.21	Income tax Income Tax (Amendment) Decree, 1969 (N.L.C.D. 377); Taxation Act, 1970 (Act 330); Taxation (Amendment) (No.2) Act, 1970 (Act 344); Income Tax (Amendment) Act, 1971 (Act 388); Taxation (Amendment) Decree, 1972 (N.R.C.D. 97); (Standard Assessments) Instrument, 1968 (L.I. 590); Income Tax (Standard Assessments) (Amendment) Instrument, 1977 (L.I. 1120); Income Tax (Amendment) (No. 2) Act, 1981; Income Tax (Amendment) Act, 1983; and Income Tax (Amendment) Acts of 1984, 1985, 1986, 1987, 1988, and 1989; and P.N.D.C.L. 96, 127, 166, 127, 116, 117, and 183.	This tax is payable, subject to the deductions and exemptions noted, on income received by, or accruing to, persons in Ghana. In addition to wages and salaries, income includes profits, nonbank interest receipts, dividends (which are taxed at the source at 10 percent, final tax), royalties, pensions, rental income and payments In kind (other than dental and medical costs). Standard assessments, now known as quarterly/monthly/daily advance tax payments, are applied on certain categories of small business owners and self-employed professionals in the course of determining their actual liabilities.	Exemptions include: (a) income derived from cocoa production; (b) income derived from farming for an initial period of 3-10 years; (c) interest on savings accounts; (d) retirement and sickness annuities; (e) armed forces disability pensions; and (f) widows’ and orphans’ pensions. Additionally, the income of a wide variety of charitable, educational, religious, and research institutions is exempt. Deductions include a married man’s allowance of ¢ 50,000 (also for a married woman with a dependent husband and unmarried men and women with two or more dependent children), social security and provident fund contributions, and life insurance premiums (up to ¢ 210,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 80,000 per dependent child attending secondary school is provided. A disablement relief of 25 percent of income from self-employment is provided to disabled persons, while self-employed persons above 60 years of age are granted relief amounting to ¢ 120,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income	Tax rate (in percent)
						Nonconsolidated wages
						First ¢ 318,000	Nil
						Next ¢ 522,000	5
						Next ¢ 1,080,000	10
						Next ¢ 6,480,000	15
						Next ¢ 7,600,000	25
						Over ¢ 16,000,000	35
		1.22	Capital gains taxes Capital Gains Tax Decree, 1975 (N.R.C.D. 347) as amended in 1976 (S.M.C.D. 46); Budget 1984 and P.N.D.C.L. 198, 232, and 267.	This tax is levied on realized capital gains from the sale of buildings, businesses, and business assets including goodwill, land, stocks and shares, and other assets determined by the authorities. Realised capital gains are computed as the price received from the asset less the purchase price and allowable deductions.	In addition to deducting the original purchase price of the asset from the realized sum, deductions are allowed for the cost of improvements and alterations. Capital gains arising during a merger, amalgamation, or reorganization of companies are exempt. Capital gains arising out of the disposal of securities of companies listed on the Ghana Stock Exchange are exempt for the first 5 years of the life of the Ghana Stock Exchange.	Tax payable on the assessed capital gain is computed at a flat rate of 5 percent. Any gain up to ¢ 50,000 is exempt.
2. Social security contributions Social Security Decree, 1973 (N.R.C.D. 127).				All establishments with five or more employees are required to contribute to the social security and national insurance trust fund. Contributions are based upon each employee’s earnings, with contributions from both employer and employee. Employees’ contributions are withheld at source. Other employees and self-employed persons may enroll on a voluntary basis.	Enterprises with fewer than five employees are exempt.	Contribution by	Percent of employee’s basic pay
						Employer	12.5
						Employee	5.0
3. Payroll taxes (other than social security contributions)
	3.1	Selective all an employment tax Selective Allan Employment Decree, 1973 (N.R.C.D. 201); Selective Allan Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Seletive Allan Employment Tax (Amendment) (No. 2) Decree, 1974 (N.R.C.D. 268); Budget 1985; P.N.D.C.L. 196.		This tax is levied on both Ghanaian and foreign firms employing expatriate personnel. The tax is not deductible for income tax purposes. Beginning in 1995, the tax will be administered by the Ghana Investment Promotion Centre.	Expatriate employees in the following fields are exempt: (a) logging and saw milling; (b) fishing; (c) mining; (d) oil prospecting; (e) government departments and statutory corporations; (f) manufacturers who have operated in Ghana for less than five years; (g) farming operations; (h) missionaries of religious bodies; and (i) employees of hospitals (including clinics and dressing posts) other than government hospitals.	Tax is levied at the annual rate of ¢ 500,000 for each expatriate employee.
4. Taxes on property
	4.1 Death and gift taxes
		4.11	Gift tax Gift Tax Decree, 1975 (N.R.C.D 348); and Budget 1984 as amended by P.N.D.C.L. 195 and 233.	This tax is levied on the recipient of gifts of land, buildings, securities, or money according to a graduated rate, which increases with the total open market value of gifts received within any 12-month period.	Asset transfers under a will are exempt, as are gifts between spouses and gifts between a parent and child. Gifts to religious bodies and for charitable or educational purposes are also exempt. Allowable deductions include gifts received up to ? 50,000 in value in any 12-month period, provided that the total value of gifts received in the last five years does not exceed ¢ 50,000 in value. Where the five-year total exceeds ¢ 50,000, tax is payable on the balance received in the latest year.	Tax is payable according to a scale which increases with the value of gifts received.
						Value of Gifts (In cedis)	Rate of Tax (Percent)
						0 - 50,000	Nil
						50,001 - 250,000	5.0
						250,001 - 500,000	7.5
						500,001 - 750,000	10.0
						750,001 - 1,000,000	12.5
						1,000,000 or more	15,0
5. Taxes on goods and services
	5.1	Value added tax (VAT) Value Added Tax Act, 1994 (No. 486); Budget 1995.		The VAT is a consumption tax managed by the Value Added Tax Service. It replaced the sales tax on March 1, 1995. The tax is charged and payable on the supply of goods and services in Ghana and on all goods and services imported into Ghana The VAT also replaced several selective taxes on services, including the entertainment duty, hotel and restaurant tax, advertisement tax, and betting tax. Refer to Ghana - Statistical Annex (SM/94/140) for an explanation of these taxes. For the purpose of section 9(1) of the Value Added Tax 1994 (Act 486), a taxable person is anyone whose business turnover exceeds: (a) ¢ 25 million over a 12 month period; or (b) ¢ 20 million over a 9 month period; or (c) ¢ 13.75 million over a 6 month period; or (d) ¢ 8 million over a 3 month period whichever is achieved the earlier.	Exemptions include: (a) animals, livestock, and poultry in Ghana; (b) animals, livestock, and poultry imported for breeding purposes; (c) animal product in its raw state produced in Ghana; (d) agricultural and aquatic food product in its raw state produced in Ghana; (e) seeds, bulbs, rootings, and other forms of propagation; (f) agricultural inputs; (g) fishing equipment; (h) supply of water excluding bottled and distilled waters; (i) Domestic use of electricity; (j) Printed material (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education, including laboratory equipment for educational purposes and library equipment; (l) medical supplies and services, including pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; (q) financial services.	The general sales tax rate was raised on February 1, 1995 from 15 to 17.5 percent. This rate has been retained on concessionary, consumption, and luxury goods with abolishment of the sales tax and adoption of the VAT.
5.2 Excise taxes
	5.1		5.21	Tobacco Customs and Excise Tariff, 1973; Cigarettes (Special Tax) Decree, 1976 (S.M.C.D. 40); Cigarettes Special Tax (Amendment) Decree, 1977 (S.M.C.D. Ill); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-95.	Special duties are applied to tobacco products, both local production and imports.	None.	Tobacco products are taxed at a rate of 170.65 percent of ex factory price and a value added tax of 17.5 percent.
		5.22	Spirits and beer Customs and Excise Tariff, 1973; Beer (Special Tax) Decree, 1975 (N.R.C.D. 342); Beer and Stout (Special Tax) (Amendment) Decree, 1977 (S.M.C.D. 110); 1983 (P.N.D.C.L. 72); Budget 1985-95.	Ad valorem excises are applied to alcoholic beverges.	None.	Ad valorem rates of excise duty applied on the invoice price are: 75.8 percent for bottled beer and Guinness Stout; 25 percent on spirits; and 10 percent on malt. All alcoholic beverages are subject to a value added tax of 17.5 percent.
		5.23	Luxury goods Budget 1995.	Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 17.5 percent is applied in addition to a value added tax of 17.5 percent.
		5.23	Petroleum products Budget 1987-95.	Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
						Premium	233.14
						Kerosene	88.26
						Gas oil	173.19
	5.24 other excises
		5.24.1	Local duty on cocoa Cocoa (Local Duty) Ordinance, 1952; Cocoa Duty Decree, 1973 (N.R.C.D. 168); Cocoa Duty Decree, 1974 (N.R.C.D. 265); and Cocoa Duty (Amendment) Decree, 1977 (S.M.C.D. 112). All laws one excise taxes have been consolidated into the Customs, Excise and Preventive Service (Management) Law, Parts IVA and IVB; and the Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is the domestic counterpart to the cocoa export tax (see 6.21 below) and is levied on the Cocoa Marketing Board’s sales of cocoa within Ghana.	None.	The levy is 100 percent duty on all proceeds from domestic cocoa sales by the Cocoa Marketing Board after allowing for the producer price of cocoa and costs of the Board.
	5.3 Selective tax on services
		5.31	Airport tax Airport Tax Act, 1963 (No. 209); Airport Tax (Amendment) Decree, 1973 (N.R.C.D. 203); Airport Tax (Amendment) Decree, 1977 (S.M.C.D. 119); and Budget 1985-95.	A tax la levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	Tax is levied at the rate of 0 22,000 for international flights and 0 500 for domestic flights.
	5.4	Business and professional licenses Wholesaler and Retailer Regulation Fee, 1973 (N.R.C.D. 199); Night Club Licensing (Amendment) Decree, 1976 (S.M.C.D. 47); and Budget 1985-95.		A wide variety of business occupations are required to register with the Commissioner of Income Tax and are levied an annual license fee.	None.	Annual registration fees vary between ¢ 2,500 and ¢ 100,000 according to turnover or nature of business.
	5.5 Motor vehicle taxes
		5.51	Registration fees for vehicles Road Traffic Ordinance, 1952 (No. 55); and Road Traffic Regulations, 1974 (L.I. 953).	Motor vehicles are taxed through an initial registration fee. In addition, a fee is applied when a vehicle changes ownership or when the registration number is changed.	Government vehicles	The initial registration fee ¢ 0 20,000; the change of ownership fee ¢ 0 20,000; and the change in registration number is ¢ 40,000.
		5.52	Vehicles examination and licensing	Motor vehicles are taxed twice a year for receipt of a combined road worthiness and license certificate.	Government vehicles.	Fees range from ¢ 2,000 per year for motor cars of leas than 1000 cc up to ¢ 40,000 per year for the three-axis road tractors of over 30 tons.
6. Taxes on international trade
	6.1 Taxes on imports
		6.11	Customs duties Customs and Excise Decree, 1972 (N.R.C.D. 114); Customs and Excise Tariff, 1973 (L.I. 838); Customs end Excise Tariff (Amendment) Regulations, 1976 (L.l. 1080); Customs and Excise Tariff (Amendment) Regulations, 1977 (L.I. 1286); Customs and Excise Tariff (Amendment) (No.2) Regulations, 1983 (L.I. 1291); Customs and Excise Tariff (Amendment) Regulations 1984 (L.I. 1309); Budget 1985-95.	Duties are levied on most imported goods, generally as ad valorem taxes on the c.i.f. value, but for some goods the ratea are specific.	Exemptions are granted for special purposes, mainly under the Capital Investment Act, to contractors engaged in public works. Most imports of World Bank projects, the Volte Aluminum Company Ltd. (VALCO), Volta River Authority, diplomats, and certain welfare organizations are also exempt. Items that are duty free are: (a) agricultural machinery and tractors; (b) bank notes and coins; (c) crude oil; (d) educational materiel; (e) medical equipment; (f) newsprint; (g) postage stamps; and (h) veterinary drugs; Other exempted goods include: (a) items imported for purpose of exhibition at trade fairs; (b) advertising materials; (c) aircraft parts; and (d) passengers’ baggage and effects not for resale.	Ghana maintains a column tariff, based on the Brussels Tariff Nomenclature. There are three ad valorem rates: 0 percent, 10 percent, and 25 percent. A special tax of 10 percent is applied to certain items such as textiles, alcoholic and nonalcoholic beverages, tobacco, etc. Motorcars including cross country cars of cylinder capacity in excess of 2,500 cc and vehicles designed for traveling on snow, golf carts, and similar vehicles attract a special tax of 17.5 percent.
	6.2 Export taxes
		6.21	Cocoa export duty Customs and Excise Tariff, 1973 (L.I. 838); Excise Tariff (Amendment) Regulations 1975 (L.I. 1024); and Customs and Excise Tariff (Amendment) Regulations, 1978 (L.I. 1162). All laws under taxes on international trade have been consolidated into the Cuatoms, Excise and Preventive Service (Management) Law, Part III; and Customs and Excise (duty rates and taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is levied on the f.o.b. price received by the Cocoa Marketing Board for all cocoa exported from Ghana.	None.	The cocoa levy is a 100 percent duty on all proceeds received from cocoa exports after paying producers’ coats and COCOBOD’s marketing and other coats.
7. Other taxes
	7.1	Stamp duties Stamp Act, 1965 (Act 3111); Stamp Act (Amendment) Decree, 1975 (N.R.C.D. 355); and Stamp Act 1980 (S.M.C.D. 424).		Ad valorem or specific rates of tax are levied on a range of legal documents and instruments, including bills of exchange, promissory notes, bills of lading, agreements, conveyances, extracts from registers, and mortgages.	Exemptions include instruments transferring ships, transactions where the Government would be liable for the stamp tax, and the transfer of company shares to a Ghanaian citizen.	Duties are both specific and ad valorem, varying with the particular instrument. Examples of rates are:
						Mineral lease	¢ 10,000
						Agreements	¢ 2
						Mortgages	1.0 percent of the face value
						Checks	¢ 0.1
						Conveyance or transfer	¢ 5 for every ¢ 60 of the amount or fraction thereof.
	7.2 Other taxes, not elsewhere classified
		7.21	Taxes on minerals and mining Minerals and Mining Law (P.N.D.C.L. 153); Selective Alien’s Employment Tax Decree, 1973 (N.R.C.D. 201, 248, and 268); Income Tax Decree, 1975 (S.M.C.D. 5); and Regulations 1986 (L.I. 1340).	The Minerals and Mining Law makes taxable any holder of a mining lease. Tax is also payable on the carry forward cash balance of an individual involved in mining operations. There are no tax holidays. Tax jurisdiction under S.M.C.D. 5 makes persons involved in the industry taxable on income accruing in, derived from, brought into, and received in Ghana for resident companies subject to deductions and exemptions noted.	Exemptions include: (a) exemption of staff from payment of income tax relating to furnished accommodation at the mine site; (b) personal remittance quota for expatriate personnel free from any tax imposed by any enactment for the transfer of external currency out of Ghana; and (c) exemption from the selective aliens employment tax under the Selective Alien Employment Tax Decree (N.R.C.D. 201).	Mining operations	45 percent
		7.21				Rate of royalty	3-12 percent; depending on profitability and certain operating costs.
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).	An additional profit tax is chargeable on the carry forward cash balance of a year of assessment. The qualifying expenditure governing the determination of capital allowance under this law is deemed to have been incurred during January 1-December 31, 1984 at a value to be determined by the Ministry of Finance and Economic Planning. The Secretary for Finance and Economic Planning has the responsibility for fixing the rate of return for the operation.		Additional profit tax	25 percent
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).			Current recommended rate of return	17.5 percent
		7.23	Petroleum Income Tax Law 1987 (P.N.D.C.L. 188)	This law covers all persons carrying on petroleum operations, and is payable on income from the sale of petroleum less deductions.	Deductions allowed: (a) rent; (b) interest paid on loans; (c) repairs of premises used for the business; (d) bad and doubtful debts; (e) contributions to a pension fund approved by the Commissioner - where such contributions exceed 25 percent of the employees’ remuneration, a 25 percent deduction is allowed; and (f) losses incurred during a previous year of accounting, with the deduction being a sum equal to or less than the amount of such loss.	Petroleum companies	50 percent unless a provision is made in particular petroleum agreement making alternative arrangements for paying the tax at a different rate, or another tax altogether.
B. Local Government
	No details available.

sources: International Bureau of Fiscal Documentation, African Tax Systems, and information provided by the Ghanaian authorities

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Ghana: Statistical Annex

Author:

International Monetary Fund

Volume/Issue:: Volume 1995: Issue 077

Publisher:: International Monetary Fund

ISBN:: 9781451814729

ISSN:: 1934-7685

Pages:: 62

DOI:: https://doi.org/10.5089/9781451814729.002

Keywords

Ghana: Summary of Tax System, May 1995

Tax				Nature of Tax	Exemptions and Deductions	Rates
A. Central Government
1. Taxes on Income and profits
	1.1	Tax on companies
		1.11	Tax on company income Income Tax Decree, 1975 (S.M.C.D. 5); Income Tax (Amendment) Decree, 1977 (S.M.C.D. 129); Income Tax (Amendment Decree, 1978 (S.M.C.D. 195); Income Tax (Amendment) Act, 1980 (Act 398); Income Tax (Amendment) (No. 2) Act, 1980 (Act 419); Income Tax (Amendments) by Decree P.N.D.C.L. 39, 1982; 61, 1983; 127, 1985; 166, 1986; 177, 183, and 192, 1987; 205, 1988; 222, 1989; 231, 1990; 270, 1991; 303, 1992; and Income Tax Regulations L1252 and L1511.	Domestic and foreign companies operating in Ghana are taxed on taxable income accruing in, derived from, brought into, or received in the country. Taxable income includes net profits, interest, royalties, and rent income of companies formed exclusively for real estate development but excludes dividends from other companies. Prior to 1989, the assessment year ended June 30 and tax was payable annually. Following the 1983 budget, all income tax assessments are on a current year basis, payable quarterly in arrears. For tax purposes, net profit is assumed to be not less than 5 percent of turnover unless the company is within its first five years of assessment. However, this is waived with respect to companies engaged in mining or farming, and with 10 consecutive years of assessment, or companies that have maintained adequate books of accounts and submitted reliable records for 10 consecutive years of assessment to the satisfaction of the Commissioner. For domestic subsidiaries of nonresident companies, a further floor to net profits exists in that the subsidiary’s share of the consolidated group profits should at least be equal to the subsidiary’s share of group turnover.	Exemptions include the income from cocoa farming, income of other agricultural companies during the first five years of operation, and the income of some public enterprises (e.g., Bank of Ghana and COCOBOD) Deductions allowed include expenditures Incurred in the production of income, including interest and rent. Losses incurred in farming are offset and carried forward for two years.	The basic tax rate is 35 percent.
					Initial depreciation allowances:
						(Percent)
					Buildings	10
					Agricultural plantations	10
					Mining (exploration and capital expenditure)	20
					Plant expenditure	20
					A further investment allowance of 5 percent Is available for capital expenditure by Industrial concerns.
					Annual depreciation allowances:
						(Percent)
					Buildings (mining and timber companies)	5
					(other)	3
					Mining (exploration and capital expenditure)	10
					Plant expenditure	7.5-20
					A further investment allowance of 5 percent is available for capital expenditure by industrial concerns.
					Investment allowance
					(in the year of investment)
					Granted at 5 percent to industrial firms for capital expenditure on plant and machinery.
					Rebates
					A rebate of income tax is available to manufacturing companies engaged in exporting. The schedule of rebates is:
					Rebate rate (In percent)	Exports (as percent of total output)
					30	5-14.9
					50	15-24.9
					75	25 or more
					The following rebate is also available to persons engaged in the export of agricultural produce approved by the Minister of Trade and Industries.
					Rebate Rate (In percent)	Export (as percent of total output)
					40	5-14.9
					60	15-24.9
					75	25 or more
					A further depreciation allowance of 10 percent is available to companies maintaining a sinking fund for the replacement of plant and buildings in a separate bank account, provided that the accrued addition to the sinking fund exceeds the value of all capital allowances.
		1.12	Casino tax Casino Revenue Tax Decree, 1973 (N.R.C.D. 200); Gambling Machine Decree, 1973 (N.R.C.D. 174); Casino Revenue Tax (Amendment) Decree, 1974 (N.R.C.D. 267); Gambling Machines (Amendment) Decree, 1974 (N.R.C.D. 276); Casino Revenue Tax (Amendment) Decree, 1976 (S.M.C.D. 45); and Budget 1985.	Tax la levied as an annual license fee on each gambling table and slot machine.	None.	The annual license fee is ¢ 150,000 per casino table in Accra, ¢ 80,000 per casino table elsewhere, and ¢ 20,000 per slot machine.
	1.2 Taxes on individuals
		1.21	Income tax Income Tax (Amendment) Decree, 1969 (N.L.C.D. 377); Taxation Act, 1970 (Act 330); Taxation (Amendment) (No.2) Act, 1970 (Act 344); Income Tax (Amendment) Act, 1971 (Act 388); Taxation (Amendment) Decree, 1972 (N.R.C.D. 97); (Standard Assessments) Instrument, 1968 (L.I. 590); Income Tax (Standard Assessments) (Amendment) Instrument, 1977 (L.I. 1120); Income Tax (Amendment) (No. 2) Act, 1981; Income Tax (Amendment) Act, 1983; and Income Tax (Amendment) Acts of 1984, 1985, 1986, 1987, 1988, and 1989; and P.N.D.C.L. 96, 127, 166, 127, 116, 117, and 183.	This tax is payable, subject to the deductions and exemptions noted, on income received by, or accruing to, persons in Ghana. In addition to wages and salaries, income includes profits, nonbank interest receipts, dividends (which are taxed at the source at 10 percent, final tax), royalties, pensions, rental income and payments In kind (other than dental and medical costs). Standard assessments, now known as quarterly/monthly/daily advance tax payments, are applied on certain categories of small business owners and self-employed professionals in the course of determining their actual liabilities.	Exemptions include: (a) income derived from cocoa production; (b) income derived from farming for an initial period of 3-10 years; (c) interest on savings accounts; (d) retirement and sickness annuities; (e) armed forces disability pensions; and (f) widows’ and orphans’ pensions. Additionally, the income of a wide variety of charitable, educational, religious, and research institutions is exempt. Deductions include a married man’s allowance of ¢ 50,000 (also for a married woman with a dependent husband and unmarried men and women with two or more dependent children), social security and provident fund contributions, and life insurance premiums (up to ¢ 210,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 80,000 per dependent child attending secondary school is provided. A disablement relief of 25 percent of income from self-employment is provided to disabled persons, while self-employed persons above 60 years of age are granted relief amounting to ¢ 120,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income	Tax rate (in percent)
						Nonconsolidated wages
						First ¢ 318,000	Nil
						Next ¢ 522,000	5
						Next ¢ 1,080,000	10
						Next ¢ 6,480,000	15
						Next ¢ 7,600,000	25
						Over ¢ 16,000,000	35
		1.22	Capital gains taxes Capital Gains Tax Decree, 1975 (N.R.C.D. 347) as amended in 1976 (S.M.C.D. 46); Budget 1984 and P.N.D.C.L. 198, 232, and 267.	This tax is levied on realized capital gains from the sale of buildings, businesses, and business assets including goodwill, land, stocks and shares, and other assets determined by the authorities. Realised capital gains are computed as the price received from the asset less the purchase price and allowable deductions.	In addition to deducting the original purchase price of the asset from the realized sum, deductions are allowed for the cost of improvements and alterations. Capital gains arising during a merger, amalgamation, or reorganization of companies are exempt. Capital gains arising out of the disposal of securities of companies listed on the Ghana Stock Exchange are exempt for the first 5 years of the life of the Ghana Stock Exchange.	Tax payable on the assessed capital gain is computed at a flat rate of 5 percent. Any gain up to ¢ 50,000 is exempt.
2. Social security contributions Social Security Decree, 1973 (N.R.C.D. 127).				All establishments with five or more employees are required to contribute to the social security and national insurance trust fund. Contributions are based upon each employee’s earnings, with contributions from both employer and employee. Employees’ contributions are withheld at source. Other employees and self-employed persons may enroll on a voluntary basis.	Enterprises with fewer than five employees are exempt.	Contribution by	Percent of employee’s basic pay
						Employer	12.5
						Employee	5.0
3. Payroll taxes (other than social security contributions)
	3.1	Selective all an employment tax Selective Allan Employment Decree, 1973 (N.R.C.D. 201); Selective Allan Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Seletive Allan Employment Tax (Amendment) (No. 2) Decree, 1974 (N.R.C.D. 268); Budget 1985; P.N.D.C.L. 196.		This tax is levied on both Ghanaian and foreign firms employing expatriate personnel. The tax is not deductible for income tax purposes. Beginning in 1995, the tax will be administered by the Ghana Investment Promotion Centre.	Expatriate employees in the following fields are exempt: (a) logging and saw milling; (b) fishing; (c) mining; (d) oil prospecting; (e) government departments and statutory corporations; (f) manufacturers who have operated in Ghana for less than five years; (g) farming operations; (h) missionaries of religious bodies; and (i) employees of hospitals (including clinics and dressing posts) other than government hospitals.	Tax is levied at the annual rate of ¢ 500,000 for each expatriate employee.
4. Taxes on property
	4.1 Death and gift taxes
		4.11	Gift tax Gift Tax Decree, 1975 (N.R.C.D 348); and Budget 1984 as amended by P.N.D.C.L. 195 and 233.	This tax is levied on the recipient of gifts of land, buildings, securities, or money according to a graduated rate, which increases with the total open market value of gifts received within any 12-month period.	Asset transfers under a will are exempt, as are gifts between spouses and gifts between a parent and child. Gifts to religious bodies and for charitable or educational purposes are also exempt. Allowable deductions include gifts received up to ? 50,000 in value in any 12-month period, provided that the total value of gifts received in the last five years does not exceed ¢ 50,000 in value. Where the five-year total exceeds ¢ 50,000, tax is payable on the balance received in the latest year.	Tax is payable according to a scale which increases with the value of gifts received.
						Value of Gifts (In cedis)	Rate of Tax (Percent)
						0 - 50,000	Nil
						50,001 - 250,000	5.0
						250,001 - 500,000	7.5
						500,001 - 750,000	10.0
						750,001 - 1,000,000	12.5
						1,000,000 or more	15,0
5. Taxes on goods and services
	5.1	Value added tax (VAT) Value Added Tax Act, 1994 (No. 486); Budget 1995.		The VAT is a consumption tax managed by the Value Added Tax Service. It replaced the sales tax on March 1, 1995. The tax is charged and payable on the supply of goods and services in Ghana and on all goods and services imported into Ghana The VAT also replaced several selective taxes on services, including the entertainment duty, hotel and restaurant tax, advertisement tax, and betting tax. Refer to Ghana - Statistical Annex (SM/94/140) for an explanation of these taxes. For the purpose of section 9(1) of the Value Added Tax 1994 (Act 486), a taxable person is anyone whose business turnover exceeds: (a) ¢ 25 million over a 12 month period; or (b) ¢ 20 million over a 9 month period; or (c) ¢ 13.75 million over a 6 month period; or (d) ¢ 8 million over a 3 month period whichever is achieved the earlier.	Exemptions include: (a) animals, livestock, and poultry in Ghana; (b) animals, livestock, and poultry imported for breeding purposes; (c) animal product in its raw state produced in Ghana; (d) agricultural and aquatic food product in its raw state produced in Ghana; (e) seeds, bulbs, rootings, and other forms of propagation; (f) agricultural inputs; (g) fishing equipment; (h) supply of water excluding bottled and distilled waters; (i) Domestic use of electricity; (j) Printed material (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education, including laboratory equipment for educational purposes and library equipment; (l) medical supplies and services, including pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; (q) financial services.	The general sales tax rate was raised on February 1, 1995 from 15 to 17.5 percent. This rate has been retained on concessionary, consumption, and luxury goods with abolishment of the sales tax and adoption of the VAT.
5.2 Excise taxes
	5.1		5.21	Tobacco Customs and Excise Tariff, 1973; Cigarettes (Special Tax) Decree, 1976 (S.M.C.D. 40); Cigarettes Special Tax (Amendment) Decree, 1977 (S.M.C.D. Ill); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-95.	Special duties are applied to tobacco products, both local production and imports.	None.	Tobacco products are taxed at a rate of 170.65 percent of ex factory price and a value added tax of 17.5 percent.
		5.22	Spirits and beer Customs and Excise Tariff, 1973; Beer (Special Tax) Decree, 1975 (N.R.C.D. 342); Beer and Stout (Special Tax) (Amendment) Decree, 1977 (S.M.C.D. 110); 1983 (P.N.D.C.L. 72); Budget 1985-95.	Ad valorem excises are applied to alcoholic beverges.	None.	Ad valorem rates of excise duty applied on the invoice price are: 75.8 percent for bottled beer and Guinness Stout; 25 percent on spirits; and 10 percent on malt. All alcoholic beverages are subject to a value added tax of 17.5 percent.
		5.23	Luxury goods Budget 1995.	Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 17.5 percent is applied in addition to a value added tax of 17.5 percent.
		5.23	Petroleum products Budget 1987-95.	Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
						Premium	233.14
						Kerosene	88.26
						Gas oil	173.19
	5.24 other excises
		5.24.1	Local duty on cocoa Cocoa (Local Duty) Ordinance, 1952; Cocoa Duty Decree, 1973 (N.R.C.D. 168); Cocoa Duty Decree, 1974 (N.R.C.D. 265); and Cocoa Duty (Amendment) Decree, 1977 (S.M.C.D. 112). All laws one excise taxes have been consolidated into the Customs, Excise and Preventive Service (Management) Law, Parts IVA and IVB; and the Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is the domestic counterpart to the cocoa export tax (see 6.21 below) and is levied on the Cocoa Marketing Board’s sales of cocoa within Ghana.	None.	The levy is 100 percent duty on all proceeds from domestic cocoa sales by the Cocoa Marketing Board after allowing for the producer price of cocoa and costs of the Board.
	5.3 Selective tax on services
		5.31	Airport tax Airport Tax Act, 1963 (No. 209); Airport Tax (Amendment) Decree, 1973 (N.R.C.D. 203); Airport Tax (Amendment) Decree, 1977 (S.M.C.D. 119); and Budget 1985-95.	A tax la levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	Tax is levied at the rate of 0 22,000 for international flights and 0 500 for domestic flights.
	5.4	Business and professional licenses Wholesaler and Retailer Regulation Fee, 1973 (N.R.C.D. 199); Night Club Licensing (Amendment) Decree, 1976 (S.M.C.D. 47); and Budget 1985-95.		A wide variety of business occupations are required to register with the Commissioner of Income Tax and are levied an annual license fee.	None.	Annual registration fees vary between ¢ 2,500 and ¢ 100,000 according to turnover or nature of business.
	5.5 Motor vehicle taxes
		5.51	Registration fees for vehicles Road Traffic Ordinance, 1952 (No. 55); and Road Traffic Regulations, 1974 (L.I. 953).	Motor vehicles are taxed through an initial registration fee. In addition, a fee is applied when a vehicle changes ownership or when the registration number is changed.	Government vehicles	The initial registration fee ¢ 0 20,000; the change of ownership fee ¢ 0 20,000; and the change in registration number is ¢ 40,000.
		5.52	Vehicles examination and licensing	Motor vehicles are taxed twice a year for receipt of a combined road worthiness and license certificate.	Government vehicles.	Fees range from ¢ 2,000 per year for motor cars of leas than 1000 cc up to ¢ 40,000 per year for the three-axis road tractors of over 30 tons.
6. Taxes on international trade
	6.1 Taxes on imports
		6.11	Customs duties Customs and Excise Decree, 1972 (N.R.C.D. 114); Customs and Excise Tariff, 1973 (L.I. 838); Customs end Excise Tariff (Amendment) Regulations, 1976 (L.l. 1080); Customs and Excise Tariff (Amendment) Regulations, 1977 (L.I. 1286); Customs and Excise Tariff (Amendment) (No.2) Regulations, 1983 (L.I. 1291); Customs and Excise Tariff (Amendment) Regulations 1984 (L.I. 1309); Budget 1985-95.	Duties are levied on most imported goods, generally as ad valorem taxes on the c.i.f. value, but for some goods the ratea are specific.	Exemptions are granted for special purposes, mainly under the Capital Investment Act, to contractors engaged in public works. Most imports of World Bank projects, the Volte Aluminum Company Ltd. (VALCO), Volta River Authority, diplomats, and certain welfare organizations are also exempt. Items that are duty free are: (a) agricultural machinery and tractors; (b) bank notes and coins; (c) crude oil; (d) educational materiel; (e) medical equipment; (f) newsprint; (g) postage stamps; and (h) veterinary drugs; Other exempted goods include: (a) items imported for purpose of exhibition at trade fairs; (b) advertising materials; (c) aircraft parts; and (d) passengers’ baggage and effects not for resale.	Ghana maintains a column tariff, based on the Brussels Tariff Nomenclature. There are three ad valorem rates: 0 percent, 10 percent, and 25 percent. A special tax of 10 percent is applied to certain items such as textiles, alcoholic and nonalcoholic beverages, tobacco, etc. Motorcars including cross country cars of cylinder capacity in excess of 2,500 cc and vehicles designed for traveling on snow, golf carts, and similar vehicles attract a special tax of 17.5 percent.
	6.2 Export taxes
		6.21	Cocoa export duty Customs and Excise Tariff, 1973 (L.I. 838); Excise Tariff (Amendment) Regulations 1975 (L.I. 1024); and Customs and Excise Tariff (Amendment) Regulations, 1978 (L.I. 1162). All laws under taxes on international trade have been consolidated into the Cuatoms, Excise and Preventive Service (Management) Law, Part III; and Customs and Excise (duty rates and taxes) Law, 1991 (P.N.D.C. 262); Budget 1992-95.	This tax is levied on the f.o.b. price received by the Cocoa Marketing Board for all cocoa exported from Ghana.	None.	The cocoa levy is a 100 percent duty on all proceeds received from cocoa exports after paying producers’ coats and COCOBOD’s marketing and other coats.
7. Other taxes
	7.1	Stamp duties Stamp Act, 1965 (Act 3111); Stamp Act (Amendment) Decree, 1975 (N.R.C.D. 355); and Stamp Act 1980 (S.M.C.D. 424).		Ad valorem or specific rates of tax are levied on a range of legal documents and instruments, including bills of exchange, promissory notes, bills of lading, agreements, conveyances, extracts from registers, and mortgages.	Exemptions include instruments transferring ships, transactions where the Government would be liable for the stamp tax, and the transfer of company shares to a Ghanaian citizen.	Duties are both specific and ad valorem, varying with the particular instrument. Examples of rates are:
						Mineral lease	¢ 10,000
						Agreements	¢ 2
						Mortgages	1.0 percent of the face value
						Checks	¢ 0.1
						Conveyance or transfer	¢ 5 for every ¢ 60 of the amount or fraction thereof.
	7.2 Other taxes, not elsewhere classified
		7.21	Taxes on minerals and mining Minerals and Mining Law (P.N.D.C.L. 153); Selective Alien’s Employment Tax Decree, 1973 (N.R.C.D. 201, 248, and 268); Income Tax Decree, 1975 (S.M.C.D. 5); and Regulations 1986 (L.I. 1340).	The Minerals and Mining Law makes taxable any holder of a mining lease. Tax is also payable on the carry forward cash balance of an individual involved in mining operations. There are no tax holidays. Tax jurisdiction under S.M.C.D. 5 makes persons involved in the industry taxable on income accruing in, derived from, brought into, and received in Ghana for resident companies subject to deductions and exemptions noted.	Exemptions include: (a) exemption of staff from payment of income tax relating to furnished accommodation at the mine site; (b) personal remittance quota for expatriate personnel free from any tax imposed by any enactment for the transfer of external currency out of Ghana; and (c) exemption from the selective aliens employment tax under the Selective Alien Employment Tax Decree (N.R.C.D. 201).	Mining operations	45 percent
		7.21				Rate of royalty	3-12 percent; depending on profitability and certain operating costs.
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).	An additional profit tax is chargeable on the carry forward cash balance of a year of assessment. The qualifying expenditure governing the determination of capital allowance under this law is deemed to have been incurred during January 1-December 31, 1984 at a value to be determined by the Ministry of Finance and Economic Planning. The Secretary for Finance and Economic Planning has the responsibility for fixing the rate of return for the operation.		Additional profit tax	25 percent
		7.22	Additional Profit Tax Law 1986 (P.N.D.C.L. 122).			Current recommended rate of return	17.5 percent
		7.23	Petroleum Income Tax Law 1987 (P.N.D.C.L. 188)	This law covers all persons carrying on petroleum operations, and is payable on income from the sale of petroleum less deductions.	Deductions allowed: (a) rent; (b) interest paid on loans; (c) repairs of premises used for the business; (d) bad and doubtful debts; (e) contributions to a pension fund approved by the Commissioner - where such contributions exceed 25 percent of the employees’ remuneration, a 25 percent deduction is allowed; and (f) losses incurred during a previous year of accounting, with the deduction being a sum equal to or less than the amount of such loss.	Petroleum companies	50 percent unless a provision is made in particular petroleum agreement making alternative arrangements for paying the tax at a different rate, or another tax altogether.
B. Local Government
	No details available.

sources: International Bureau of Fiscal Documentation, African Tax Systems, and information provided by the Ghanaian authorities

Area
	Total land area (square kilometers)				238,540
	Agricultural land (in percent of total)				34.0
Population and vital statistics
	Total population (mid-1993, in millions)				16.2
	Population growth rate				3.1
	Urban population (percent of total)				33
	Population density (per sq. km. of agricultural land)				200
	Population age structure (in percent)
		0-14 years			47
		15-64 years			49
		65 and above			4
	Crude birth rate (per thousand)				45
	Crude death rate (per thousand)				13
	Infant mortality rate (per thousand)				81
	Life expectancy at birth (years)				56
Health and nutrition
	Access to safe water (in percent of population)
		Total			56
		Urban			93
		Rural			39
Per capita supply of
		Calories (per day)			1,785
		Proteins (grams per day)			34
Labor force
	Total labor force (in millions)				5.9
	Participation rate (in percent)
		Total			38
		Male			44
		Female			29
Education
	Enrollment rates (in percent of age group)
		Primary enrollment			77
			Female		69
		Secondary enrollment			38
			Female		29
	Pupil-teacher ratio
		Primary			29
		Secondary			19
	Literacy (in percent of population 15 years and over)				60
Poverty incidence (percent of population below the poverty line) ^2/				1987-88	1991-92
	Urban			25.7	25.3
	Rural			41.9	34.1
	National			36.4	31.2
Summary of results of the Ghana Living Standards Survey
	(in percent of total people surveyed) ^3/ ^4/
		Employer of head of household
			Private		6.9
			Government		12.1
			Parastatal		2.5
			None		3.9
			Self-employment		74.7
	Occupation of head of household
		White collar worker			9.1
		Sales/services			10.9
		Production/crafts			13.3
		Unemployed			2.2
		Cocoa farmer			18.4
		Other farmer			44.5
		Retired			1.6
	Education of head of household
		University			1.2
		Post-secondary/non-university			0.4
		Secondary school, A level			0.3
		Secondary school, 0 level			3.0
		Middle school			31.3
		Primary			18.1
		Teacher training			1.8
		None			53.9

Area
	Total land area (square kilometers)				238,540
	Agricultural land (in percent of total)				34.0
Population and vital statistics
	Total population (mid-1993, in millions)				16.2
	Population growth rate				3.1
	Urban population (percent of total)				33
	Population density (per sq. km. of agricultural land)				200
	Population age structure (in percent)
		0-14 years			47
		15-64 years			49
		65 and above			4
	Crude birth rate (per thousand)				45
	Crude death rate (per thousand)				13
	Infant mortality rate (per thousand)				81
	Life expectancy at birth (years)				56
Health and nutrition
	Access to safe water (in percent of population)
		Total			56
		Urban			93
		Rural			39
Per capita supply of
		Calories (per day)			1,785
		Proteins (grams per day)			34
Labor force
	Total labor force (in millions)				5.9
	Participation rate (in percent)
		Total			38
		Male			44
		Female			29
Education
	Enrollment rates (in percent of age group)
		Primary enrollment			77
			Female		69
		Secondary enrollment			38
			Female		29
	Pupil-teacher ratio
		Primary			29
		Secondary			19
	Literacy (in percent of population 15 years and over)				60
Poverty incidence (percent of population below the poverty line) ^2/				1987-88	1991-92
	Urban			25.7	25.3
	Rural			41.9	34.1
	National			36.4	31.2
Summary of results of the Ghana Living Standards Survey
	(in percent of total people surveyed) ^3/ ^4/
		Employer of head of household
			Private		6.9
			Government		12.1
			Parastatal		2.5
			None		3.9
			Self-employment		74.7
	Occupation of head of household
		White collar worker			9.1
		Sales/services			10.9
		Production/crafts			13.3
		Unemployed			2.2
		Cocoa farmer			18.4
		Other farmer			44.5
		Retired			1.6
	Education of head of household
		University			1.2
		Post-secondary/non-university			0.4
		Secondary school, A level			0.3
		Secondary school, 0 level			3.0
		Middle school			31.3
		Primary			18.1
		Teacher training			1.8
		None			53.9

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