Ghana: Statistical Annex

International Monetary Fund

doi:10.5089/9781451814743.002.A001

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Ghana

Statistical Annex

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International Monetary Fund

International Monetary Fund
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Publication Date:: 26 Jan 1998

eISBN:: 9781451814743

Language:: English

Keywords:: ISCR; CR; sales tax; revenue tax; sales tax sales tax Act; taxation Act

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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.

^{^4/}Newly defined broad money includes all foreign currency deposits held in commercial banks.

^{^5/}Public and publically 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 132,230 per year 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.

Table 1.

Ghana: Gross Domestic Product by Sector, 1990-1996

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 1.

Ghana: Gross Domestic Product by Sector, 1990-1996

			1990	1991	1992	1993	1994	1995	1996
								Prov.	Prov.
			(In millions of cedis at constant 1975 prices)
	Agriculture		3,059	3,235	3,195	3,269	3,358	3,500	3,691
		Agriculture and livestock	2,131	2,233	2,218	2,284	2,305	2,376	2,536
		Cocoa	466	531	493	494	554	615	633
		Forestry and logging	350	357	369	373	380	387	397
		Fishing	112	114	116	119	120	122	126
	Industry		995	1,032	1,096	1,155	1,187	1,227	1,275
		Mining and quarrying	90	97	107	116	122	129	134
		Manufacturing	628	635	657	684	694	706	725
		Electricity, water, and gas	91	98	110	119	125	133	141
		Construction	185	202	222	236	246	259	275
	Services		2,981	3,135	3,392	3,634	3,817	4,004	4,209
		Transport, storage, and communication	367	390	423	454	482	502	527
		Wholesale and retail trade¹	968	1,051	1,157	1,252	1,320	1,406	1,523
		Finance, real estate, and business services	628	663	706	748	778	801	835
		Public administration, defense and other services	1,018	1,032	1,106	1,180	1,237	1,295	1,323
	Less: Imputed bank charges		280	287	292	300	307	313	319
	Plus: Import duties		99	101	105	109	113	116	120
Gross domestic product			6,853	7,215	7,495	7,868	8,168	8,535	8,976
			(In billions of cedis at current market prices)
	Agriculture		861	1,105	1,255	1,622	2,217	3,336	4,894
		Agriculture and livestock	676	873	1,007	1,302	1,711	2,392	3,602
		Cocoa	73	97	89	108	231	524	690
		Forestry and logging	86	100	120	161	207	316	445
		Fishing	27	34	39	51	67	103	158
	Industry		322	412	487	629	840	1,246	1,744
		Mining and quarrying	36	46	57	75	104	131	190
		Manufacturing	188	225	262	358	467	713	964
		Electricity, water, and gas	37	52	63	71	99	146	215
		Construction	62	89	105	126	171	255	376
	Services		728	908	1,049	1,404	1,872	2,819	3,969
		Transport, storage, and communication	90	115	132	169	228	309	431
		Wholesale and retail trade	386	443	550	747	996	1,513	2,176
		Finance, real estate, and business services	78	107	108	149	197	292	404
		Public administration, defense and other services	174	243	259	338	451	705	957
	Less: Imputed bank charges		27	35	43	55	73	111	203
	Plus: Import duties		36	38	54	75	93	128	229
Gross domestic product			1,921	2,428	2,803	3,675	4,950	7,418	10,633
Memorandum items:			(Annual percentage changes)
	GDP deflator		31.2	20.0	11.1	24.9	29.8	43.4	36.3
	GDP at current market prices		35.5	26.4	15.5	31.1	34.7	49.9	43.3
	GDP at constant 1975 prices		3.3	5.3	3.9	5.0	3.8	4.5	5.2
	Per capita real GDP		0.7	2.7	1.0	1.9	0.7	1.4	2.1

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 1.

Ghana: Gross Domestic Product by Sector, 1990-1996

			1990	1991	1992	1993	1994	1995	1996
								Prov.	Prov.
			(In millions of cedis at constant 1975 prices)
	Agriculture		3,059	3,235	3,195	3,269	3,358	3,500	3,691
		Agriculture and livestock	2,131	2,233	2,218	2,284	2,305	2,376	2,536
		Cocoa	466	531	493	494	554	615	633
		Forestry and logging	350	357	369	373	380	387	397
		Fishing	112	114	116	119	120	122	126
	Industry		995	1,032	1,096	1,155	1,187	1,227	1,275
		Mining and quarrying	90	97	107	116	122	129	134
		Manufacturing	628	635	657	684	694	706	725
		Electricity, water, and gas	91	98	110	119	125	133	141
		Construction	185	202	222	236	246	259	275
	Services		2,981	3,135	3,392	3,634	3,817	4,004	4,209
		Transport, storage, and communication	367	390	423	454	482	502	527
		Wholesale and retail trade¹	968	1,051	1,157	1,252	1,320	1,406	1,523
		Finance, real estate, and business services	628	663	706	748	778	801	835
		Public administration, defense and other services	1,018	1,032	1,106	1,180	1,237	1,295	1,323
	Less: Imputed bank charges		280	287	292	300	307	313	319
	Plus: Import duties		99	101	105	109	113	116	120
Gross domestic product			6,853	7,215	7,495	7,868	8,168	8,535	8,976
			(In billions of cedis at current market prices)
	Agriculture		861	1,105	1,255	1,622	2,217	3,336	4,894
		Agriculture and livestock	676	873	1,007	1,302	1,711	2,392	3,602
		Cocoa	73	97	89	108	231	524	690
		Forestry and logging	86	100	120	161	207	316	445
		Fishing	27	34	39	51	67	103	158
	Industry		322	412	487	629	840	1,246	1,744
		Mining and quarrying	36	46	57	75	104	131	190
		Manufacturing	188	225	262	358	467	713	964
		Electricity, water, and gas	37	52	63	71	99	146	215
		Construction	62	89	105	126	171	255	376
	Services		728	908	1,049	1,404	1,872	2,819	3,969
		Transport, storage, and communication	90	115	132	169	228	309	431
		Wholesale and retail trade	386	443	550	747	996	1,513	2,176
		Finance, real estate, and business services	78	107	108	149	197	292	404
		Public administration, defense and other services	174	243	259	338	451	705	957
	Less: Imputed bank charges		27	35	43	55	73	111	203
	Plus: Import duties		36	38	54	75	93	128	229
Gross domestic product			1,921	2,428	2,803	3,675	4,950	7,418	10,633
Memorandum items:			(Annual percentage changes)
	GDP deflator		31.2	20.0	11.1	24.9	29.8	43.4	36.3
	GDP at current market prices		35.5	26.4	15.5	31.1	34.7	49.9	43.3
	GDP at constant 1975 prices		3.3	5.3	3.9	5.0	3.8	4.5	5.2
	Per capita real GDP		0.7	2.7	1.0	1.9	0.7	1.4	2.1

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1990-1996

Sources: Ghana Statistical Service.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1990-1996

			1990	1991	1992	1993	1994	1995	1996
								Prov.	Prov.
			(In millions of cedis at constant 1975 prices)
	Total consumption expenditure		6,600	6,858	7,236	7,655	7,802	7,925	8,210
		Private sector	5,513	5,711	5,995	6,224	6,332	6,443	6,714
		Central Government	1,087	1,147	1,242	1,432	1,470	1,482	1,496
	Total investment expenditure		872	1,003	1,092	1,321	1,405	1,437	1,456
		Gross fixed capital formation	869	1,000	1,089	1,318	1,402	1,434	1,453
		Change in stocks	3	3	3	3	3	3	3
Gross domestic expenditure			7,472	7,861	8,328	8,976	9,207	9,362	9,666
	Exports of goods and nonfactor service		1,102	1,266	1,347	1,390	1,463	1,610	1,782
	Imports of goods and nonfactor service		-1,720	-1,912	-2,179	-2,498	-2,501	-2,437	-2,473
Gross domestic product			6,854	7,215	7,495	7,867	8,168	8,535	8,976
	Factor income paid abroad		-129	-137	-139	-129	-135	-149	-155
Gross national product			6,725	7,078	7,356	7,738	8,034	8,386	8,821
	Consumption of fixed capital		-399	-417	-452	-521	-520	-519	-519
National income (net)			6,326	6,661	6,904	7,218	7,514	7,868	8,302
	Current transfers from abroad (net)		485	485	486	595	596	602	608
Gross national disposable income			6,811	7,146	7,390	7,813	8,109	8,469	8,910
Per capital GDP (in cedis)			456	466	470	478	482	488	498
			(In billions of cedis at current market prices)
	Total consumption expenditure		1,911	2,369	2,738	3,719	4,797	7,030	10,145
		Private sector	1,689	2,075	2,338	3,159	4,093	6,108	8,800
		Central Government	222	294	400	560	704	922	1,345
	Total investment expenditure		293	409	388	582	742	1,033	1,470
		Gross fixed capital formation	291	408	386	578	737	1,028	1,464
		Change in stocks	1	2	2	3	4	5	6
Gross domestic expenditure			2,204	2,779	3,126	4,300	5,539	8,063	11,616
	Exports of goods and nonfactor service		316	408	483	783	1,325	1,899	2,538
	Imports of goods and nonfactor service		-488	-611	-806	-1,409	-1,913	-2,544	-3,520
Gross domestic product			2,032	2,575	2,803	3,675	4,950	7,418	10,633
	Factor income paid abroad		-37	-44	-46	-73	-106	-155	-220
Gross national product			1,995	2,531	2,756	3,602	4,844	7,263	10,413
	Consumption of fixed capital		-111	-131	-156	-230	-288	-360	-561
National income (net)			1,884	2,400	2,600	3,372	4,556	6,903	9,853
	Current transfers from abroad (net)		138	155	206	336	451	628	789
Gross national disposable income			2,022	2,555	2,806	3,707	5,008	7,531	10,641
Per capital GDP (in thousands of cedis)			135	166	176	223	292	424	590

Sources: Ghana Statistical Service.

Table 2.

Ghana: Gross Domestic Product by Expenditure Category, 1990-1996

			1990	1991	1992	1993	1994	1995	1996
								Prov.	Prov.
			(In millions of cedis at constant 1975 prices)
	Total consumption expenditure		6,600	6,858	7,236	7,655	7,802	7,925	8,210
		Private sector	5,513	5,711	5,995	6,224	6,332	6,443	6,714
		Central Government	1,087	1,147	1,242	1,432	1,470	1,482	1,496
	Total investment expenditure		872	1,003	1,092	1,321	1,405	1,437	1,456
		Gross fixed capital formation	869	1,000	1,089	1,318	1,402	1,434	1,453
		Change in stocks	3	3	3	3	3	3	3
Gross domestic expenditure			7,472	7,861	8,328	8,976	9,207	9,362	9,666
	Exports of goods and nonfactor service		1,102	1,266	1,347	1,390	1,463	1,610	1,782
	Imports of goods and nonfactor service		-1,720	-1,912	-2,179	-2,498	-2,501	-2,437	-2,473
Gross domestic product			6,854	7,215	7,495	7,867	8,168	8,535	8,976
	Factor income paid abroad		-129	-137	-139	-129	-135	-149	-155
Gross national product			6,725	7,078	7,356	7,738	8,034	8,386	8,821
	Consumption of fixed capital		-399	-417	-452	-521	-520	-519	-519
National income (net)			6,326	6,661	6,904	7,218	7,514	7,868	8,302
	Current transfers from abroad (net)		485	485	486	595	596	602	608
Gross national disposable income			6,811	7,146	7,390	7,813	8,109	8,469	8,910
Per capital GDP (in cedis)			456	466	470	478	482	488	498
			(In billions of cedis at current market prices)
	Total consumption expenditure		1,911	2,369	2,738	3,719	4,797	7,030	10,145
		Private sector	1,689	2,075	2,338	3,159	4,093	6,108	8,800
		Central Government	222	294	400	560	704	922	1,345
	Total investment expenditure		293	409	388	582	742	1,033	1,470
		Gross fixed capital formation	291	408	386	578	737	1,028	1,464
		Change in stocks	1	2	2	3	4	5	6
Gross domestic expenditure			2,204	2,779	3,126	4,300	5,539	8,063	11,616
	Exports of goods and nonfactor service		316	408	483	783	1,325	1,899	2,538
	Imports of goods and nonfactor service		-488	-611	-806	-1,409	-1,913	-2,544	-3,520
Gross domestic product			2,032	2,575	2,803	3,675	4,950	7,418	10,633
	Factor income paid abroad		-37	-44	-46	-73	-106	-155	-220
Gross national product			1,995	2,531	2,756	3,602	4,844	7,263	10,413
	Consumption of fixed capital		-111	-131	-156	-230	-288	-360	-561
National income (net)			1,884	2,400	2,600	3,372	4,556	6,903	9,853
	Current transfers from abroad (net)		138	155	206	336	451	628	789
Gross national disposable income			2,022	2,555	2,806	3,707	5,008	7,531	10,641
Per capital GDP (in thousands of cedis)			135	166	176	223	292	424	590

Sources: Ghana Statistical Service.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1990-1996

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1990-1996

				1990	1991	1992	1993	1994	1995 Prov.	1996 Prov.
				(In percent of GDP at 1975 prices)
	Agriculture			44.6	44.8	42.6	41.6	41.1	41.0	41.1
			Agriculture and livestock	31.1	31.0	29.6	29.0	28.2	27.8	28.3
			Cocoa	6.8	7.4	6.6	6.3	6.8	7.2	7.0
			Forestry and logging	5.1	4.9	4.9	4.7	4.6	4.5	4.4
			Fishing	1.6	1.6	1.5	1.5	1.5	1.4	1.4
	Industry			14.5	14.3	14.6	14.7	14.5	14.4	14.2
			Mining and quarrying	1.3	1.3	1.4	1.5	1.5	1.5	1.5
			Manufacturing	9.2	8.8	8.8	8.7	8.5	8.3	8.1
			Electricity, water, and gas	1.3	1.4	1.5	1.5	1.5	1.6	1.6
			Construction	2.7	2.8	3.0	3.0	3.0	3.0	3.1
	Services			43.5	43.5	45.2	46.2	46.7	46.9	46.9
			Transport, storage, and communication	5.4	5.4	5.6	5.8	5.9	5.9	5.9
			Wholesale and retail trade¹	14.1	14.6	15.4	15.9	16.2	16.5	17.0
			Finance, real estate, and business services	9.2	9.2	9.4	9.5	9.5	9.4	9.3
			Public administration, defense and other services	14.8	14.3	14.8	15.0	15.1	15.2	14.7
		Less: Imputed bank charges		4.1	4.0	3.9	3.8	3.8	3.7	3.6
		Plus: Import duties		1.4	1.4	1.4	1.4	1.4	1.4	1.3
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
				(Annual percentage changes in constant prices)
	Agriculture			-2.0	5.8	-1.2	2.3	2.7	4.2	5.5
			Agriculture and livestock	-4.1	4.8	-0.7	3.0	0.9	3.1	6.7
			Cocoa	3.0	13.9	-7.2	0.1	12.2	11.1	2.9
			Forestry and logging	3.8	2.1	3.3	1.2	1.8	2.0	2.6
			Fishing	2.4	1.4	2.0	2.4	1.2	1.6	3.0
	Industry			6.9	3.7	6.2	5.4	2.8	3.3	3.9
			Mining and quarrying	6.4	6.7	10.4	9.1	5.1	5.5	4.2
			Manufacturing	5.9	1.1	3.5	4.0	1.5	1.8	2.6
			Electricity, water, and gas	14.6	7.9	12.0	8.2	5.3	6.0	6.5
			Construction	7.3	9.1	10.1	6.3	4.2	5.2	6.1
	Services			7.9	5.2	8.2	7.2	5.0	4.9	5.1
			Transport, storage, and communication	12.2	6.4	8.5	7.3	6.1	4.2	5.0
			Wholesale and retail trade	10.9	8.5	10.1	8.2	5.5	6.5	8.3
			Finance, real estate, and business services	7.3	5.5	6.5	6.0	4.0	3.0	4.2
			Public administration, defense and other services	4.2	1.4	7.2	6.7	4.8	4.7	2.2
Gross domestic product				3.3	5.3	3.9	5.0	3.8	4.5	5.5

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 3.

Ghana: Composition and Growth of Gross Domestic Product by Sector, 1990-1996

				1990	1991	1992	1993	1994	1995 Prov.	1996 Prov.
				(In percent of GDP at 1975 prices)
	Agriculture			44.6	44.8	42.6	41.6	41.1	41.0	41.1
			Agriculture and livestock	31.1	31.0	29.6	29.0	28.2	27.8	28.3
			Cocoa	6.8	7.4	6.6	6.3	6.8	7.2	7.0
			Forestry and logging	5.1	4.9	4.9	4.7	4.6	4.5	4.4
			Fishing	1.6	1.6	1.5	1.5	1.5	1.4	1.4
	Industry			14.5	14.3	14.6	14.7	14.5	14.4	14.2
			Mining and quarrying	1.3	1.3	1.4	1.5	1.5	1.5	1.5
			Manufacturing	9.2	8.8	8.8	8.7	8.5	8.3	8.1
			Electricity, water, and gas	1.3	1.4	1.5	1.5	1.5	1.6	1.6
			Construction	2.7	2.8	3.0	3.0	3.0	3.0	3.1
	Services			43.5	43.5	45.2	46.2	46.7	46.9	46.9
			Transport, storage, and communication	5.4	5.4	5.6	5.8	5.9	5.9	5.9
			Wholesale and retail trade¹	14.1	14.6	15.4	15.9	16.2	16.5	17.0
			Finance, real estate, and business services	9.2	9.2	9.4	9.5	9.5	9.4	9.3
			Public administration, defense and other services	14.8	14.3	14.8	15.0	15.1	15.2	14.7
		Less: Imputed bank charges		4.1	4.0	3.9	3.8	3.8	3.7	3.6
		Plus: Import duties		1.4	1.4	1.4	1.4	1.4	1.4	1.3
Gross domestic product				100.0	100.0	100.0	100.0	100.0	100.0	100.0
				(Annual percentage changes in constant prices)
	Agriculture			-2.0	5.8	-1.2	2.3	2.7	4.2	5.5
			Agriculture and livestock	-4.1	4.8	-0.7	3.0	0.9	3.1	6.7
			Cocoa	3.0	13.9	-7.2	0.1	12.2	11.1	2.9
			Forestry and logging	3.8	2.1	3.3	1.2	1.8	2.0	2.6
			Fishing	2.4	1.4	2.0	2.4	1.2	1.6	3.0
	Industry			6.9	3.7	6.2	5.4	2.8	3.3	3.9
			Mining and quarrying	6.4	6.7	10.4	9.1	5.1	5.5	4.2
			Manufacturing	5.9	1.1	3.5	4.0	1.5	1.8	2.6
			Electricity, water, and gas	14.6	7.9	12.0	8.2	5.3	6.0	6.5
			Construction	7.3	9.1	10.1	6.3	4.2	5.2	6.1
	Services			7.9	5.2	8.2	7.2	5.0	4.9	5.1
			Transport, storage, and communication	12.2	6.4	8.5	7.3	6.1	4.2	5.0
			Wholesale and retail trade	10.9	8.5	10.1	8.2	5.5	6.5	8.3
			Finance, real estate, and business services	7.3	5.5	6.5	6.0	4.0	3.0	4.2
			Public administration, defense and other services	4.2	1.4	7.2	6.7	4.8	4.7	2.2
Gross domestic product				3.3	5.3	3.9	5.0	3.8	4.5	5.5

Sources: Ghana Statistical Service.

^¹Including restaurants and hotels.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1990-1996

Sources: Ghana Statistical Service.

^¹Total investment expenditure published by the GSS is smaller than the staffs estimate; it differs by the amount of government domestic investment expenditure on commitment basis and by the estimate of foreign financed investment expenditure.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1990-1996

			1990	1991	1992	1993	1994	1995 Prov.	1996 Prov.
			(In percent of nominal GDP)
	Total consumption expenditure		94.1	92.0	97.7	101.2	96.9	94.8	95.4
		Private sector	83.1	80.6	83.4	86.0	82.7	82.3	82.8
		Central Government	10.9	11.4	14.3	15.2	14.2	12.4	12.6
	Total investment expenditure¹		14.4	15.9	13.8	15.8	15.0	13.9	13.8
		Gross fixed capital formation	14.3	15.8	13.8	15.7	14.9	13.9	13.8
		Change in stocks	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Gross domestic expenditure			108.5	107.9	111.5	117.0	111.9	108.7	109.2
	Exports of goods and nonfactor service		15.5	15.8	17.2	21.3	26.8	25.6	23.9
	Imports of goods and nonfactor service		-24.0	-23.7	-28.8	-38.3	-38.7	-34.3	-33.1
Gross domestic product			100.0	100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes in constant prices)
	Total consumption expenditure		13.5	3.9	5.5	5.8	1.9	1.6	3.6
		Private sector	16.2	3.6	5.0	3.8	1.7	1.7	4.2
		Central Government	1.5	5.5	8.2	15.3	2.7	0.9	0.9
	Total investment expenditure		5.3	15.0	8.9	21.0	6.3	2.3	1.3
		Gross fixed capital formation	5.1	15.1	8.9	21.0	6.4	2.3	1.3
		Change in stocks	-20.0	-13.3	3.8	11.1	3.3	0.0	3.2
Gross domestic expenditure			12.5	5.2	5.9	7.8	2.6	1.7	3.2
	Exports of goods and nonfactor service		41.2	14.9	6.4	3.2	5.3	10.1	10.7
	Imports of goods and nonfactor service		117.7	11.2	14.0	14.7	0.1	-2.6	1.4
Gross domestic product			3.3	5.3	3.9	5.0	3.8	4.5	5.2
Gross national product			2.9	5.3	3.9	5.2	3.8	4.4	5.2
Gross national disposable income			4.8	4.9	3.4	5.7	3.8	4.4	5.2

Sources: Ghana Statistical Service.

Table 4.

Ghana: Composition and Growth of Gross Domestic Product by Expenditure Category, 1990-1996

			1990	1991	1992	1993	1994	1995 Prov.	1996 Prov.
			(In percent of nominal GDP)
	Total consumption expenditure		94.1	92.0	97.7	101.2	96.9	94.8	95.4
		Private sector	83.1	80.6	83.4	86.0	82.7	82.3	82.8
		Central Government	10.9	11.4	14.3	15.2	14.2	12.4	12.6
	Total investment expenditure¹		14.4	15.9	13.8	15.8	15.0	13.9	13.8
		Gross fixed capital formation	14.3	15.8	13.8	15.7	14.9	13.9	13.8
		Change in stocks	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Gross domestic expenditure			108.5	107.9	111.5	117.0	111.9	108.7	109.2
	Exports of goods and nonfactor service		15.5	15.8	17.2	21.3	26.8	25.6	23.9
	Imports of goods and nonfactor service		-24.0	-23.7	-28.8	-38.3	-38.7	-34.3	-33.1
Gross domestic product			100.0	100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes in constant prices)
	Total consumption expenditure		13.5	3.9	5.5	5.8	1.9	1.6	3.6
		Private sector	16.2	3.6	5.0	3.8	1.7	1.7	4.2
		Central Government	1.5	5.5	8.2	15.3	2.7	0.9	0.9
	Total investment expenditure		5.3	15.0	8.9	21.0	6.3	2.3	1.3
		Gross fixed capital formation	5.1	15.1	8.9	21.0	6.4	2.3	1.3
		Change in stocks	-20.0	-13.3	3.8	11.1	3.3	0.0	3.2
Gross domestic expenditure			12.5	5.2	5.9	7.8	2.6	1.7	3.2
	Exports of goods and nonfactor service		41.2	14.9	6.4	3.2	5.3	10.1	10.7
	Imports of goods and nonfactor service		117.7	11.2	14.0	14.7	0.1	-2.6	1.4
Gross domestic product			3.3	5.3	3.9	5.0	3.8	4.5	5.2
Gross national product			2.9	5.3	3.9	5.2	3.8	4.4	5.2
Gross national disposable income			4.8	4.9	3.4	5.7	3.8	4.4	5.2

Sources: Ghana Statistical Service.

Table 5.

Ghana: Saving and Investment, 1991-1996

Sources: Ghana Statistical Service.

Table 5.

Ghana: Saving and Investment, 1991-1996

			1991	1992	1993	1994	1995	1996
							Prov.	Prov.
			(In billions of cedis at current market prices)
National income			2,400	2,600	3,372	4,556	6,903	9,853
	Net transfer from abroad		155	206	336	451	628	789
National disposable income			2,555	2,806	3,707	5,008	7,531	10,641
	Total consumption		-2,369	-2,738	-3,719	-4,797	-7,030	-10,145
Net saving			186	67	-11	211	501	496
	Net capital formation		-197	-232	-352	-454	-674	-910
		Consumption of fixed capital	…	156	230	288	360	561
	Gross capital formation		…	-388	-582	-742	-1,033	-1,470
		Buildings	…	-153	-186	-227	-312	-494
		Other construction work	…	-47	-63	-113	-142	-211
		Land improvements and plantations	…	0	-1	-1	-2	-2
		Transport equipment	…	-71	-138	-125	-173	-279
		Machinery and equipment	…	-115	-191	-271	-399	-478
		Change in stocks	…	-2	-3	-4	-5	-6
External current account balance			-11	-164	-363	-243	-172	-414
			(In percent of nominal GDP)
National disposable income			99.2	100.1	100.9	101.2	101.5	100.1
Total consumption			92.0	97.7	101.2	96.9	94.8	95.4
Net saving			7.2	2.4	-0.3	4.3	6.8	4.7
Net capital formation			7.7	8.3	9.6	9.2	9.1	8.6
Gross capital formation			…	13.8	15.8	15.0	13.9	13.8
External current account balance			-0.4	-5.9	-9.9	-4.9	-2.3	-3.9

Sources: Ghana Statistical Service.

Table 5.

Ghana: Saving and Investment, 1991-1996

			1991	1992	1993	1994	1995	1996
							Prov.	Prov.
			(In billions of cedis at current market prices)
National income			2,400	2,600	3,372	4,556	6,903	9,853
	Net transfer from abroad		155	206	336	451	628	789
National disposable income			2,555	2,806	3,707	5,008	7,531	10,641
	Total consumption		-2,369	-2,738	-3,719	-4,797	-7,030	-10,145
Net saving			186	67	-11	211	501	496
	Net capital formation		-197	-232	-352	-454	-674	-910
		Consumption of fixed capital	…	156	230	288	360	561
	Gross capital formation		…	-388	-582	-742	-1,033	-1,470
		Buildings	…	-153	-186	-227	-312	-494
		Other construction work	…	-47	-63	-113	-142	-211
		Land improvements and plantations	…	0	-1	-1	-2	-2
		Transport equipment	…	-71	-138	-125	-173	-279
		Machinery and equipment	…	-115	-191	-271	-399	-478
		Change in stocks	…	-2	-3	-4	-5	-6
External current account balance			-11	-164	-363	-243	-172	-414
			(In percent of nominal GDP)
National disposable income			99.2	100.1	100.9	101.2	101.5	100.1
Total consumption			92.0	97.7	101.2	96.9	94.8	95.4
Net saving			7.2	2.4	-0.3	4.3	6.8	4.7
Net capital formation			7.7	8.3	9.6	9.2	9.1	8.6
Gross capital formation			…	13.8	15.8	15.0	13.9	13.8
External current account balance			-0.4	-5.9	-9.9	-4.9	-2.3	-3.9

Sources: Ghana Statistical Service.

Table 6.

Ghana: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1985/86-1996/97

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: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1985/86-1996/97

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)
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
1995/96 ^5/	349	54	403	58	345	840,000 ^3/ 1,200,000 ^4/	372,666	693,605
1996/97	295	25	320	60	260	1,200,000 ^3/ 1,800,000 ^4/	400,950	710,677

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: Cocoa Bean Production, Consumption, Prices, Payments to Farmers, and Export Receipts, 1985/86-1996/97

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)
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
1995/96 ^5/	349	54	403	58	345	840,000 ^3/ 1,200,000 ^4/	372,666	693,605
1996/97	295	25	320	60	260	1,200,000 ^3/ 1,800,000 ^4/	400,950	710,677

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 7.

Ghana: Operations of the Cocoa Board (Cocoa Division), 1989/90-1996/97 ^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 7.

Ghana: Operations of the Cocoa Board (Cocoa Division), 1989/90-1996/97 ^1/

			1989/90	1990/91	1991/92	1992/93	1993/94	1994/95	1995/96	1996/97
								(Actual)	(Estimated Actual)	(Budget)
			(In millions of cedis)
Revenue			116,882	134,560	141,983	168,302	267,240	460,432	793,990	854,543
	Exports		101,443	119,522	126,450	137,866	243,805	381,360	693,605	710,677
	Local deliveries		15,102	13,938	15,223	19,220	16,347	72,072	73,836	114,066
	Miscellaneous		27	206	310	11,216	7,088	7,000	26,549	29,000
	Other		310	894	0.0	0.0	0.0	0.0	0.0	0.0
Costs			84,105	105,600	109,848	138,034	147,451	306,410	523,990	591,543
	Producer proceeds		52,000	64,714	62,034	67,915	86,784	205,500	372,666	400,950
	Licensed buying agents		10,303	13,871	14,661	--	15,116	32,580	86,475	73,155
	Freight		2,343	2,406	1,857	--	16,862	31,238	16,984	17,364
	Finance costs ^2/		3,752	9,892	8,576	19,449	5,060	7,402	16,157	10,548
	Administration ^3/		3,583	3,800	11,406	4,661	4,108	3,523	13,138	4,477
	Other ^4/		12,124	10,917	11,314	46,009	19,521	26,167	18,570	84,949
Profits/Losses (-) before taxes			32,777	28,960	32,135	30,268	119,709	154,022	270,000	263,000
Duties paid			17,609	31,552	20,610	36,703	122,999	154,022	270,000	263,000
Profits/Losses (-) after taxes			15,168	-2,592	11,525	-6,435	-3,290	00	00	00
			(In thousands of metric tons)
Memorandum items:
	Purchases		295.0	287.9	247.0	312.0	255.0	309.0	403.8	320.0
	Shipments		295.0	272.0	262.0	260.0	283.0	326.0	403.8	320.0
	Of which:
		Exports	262.0	242.5	238.0	231.0	261.0	256.0	345.4	260.0
		Local deliveries	33.0	29.5	24.0	29.0	22.0	70.0	58.4	60.0
			(In cedis per metric ton)
	Value of exports		387,187	492,874	531,303	596,823	934,119	1,549,168	2,008,121	2,733,370
	Value of local deliveries		457,636	472,475	634,292	662,759	743,045	1,149,700	1,264,315	1,914,430
Average price received			422,412	490,662	…	604,177	919,265	1,463,393	1,900,547	2,579,800
Producer proceeds			176,271	224,779	…	217,676	340,329	698,482	922,897	1,252,900
Total costs			285,102	366,794	…	442,417	578,239	988,838	1,297,647	1,848,500
Duties paid			59,692	109,594	…	141,165	434,625	555,712	668,648	821,800

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: Operations of the Cocoa Board (Cocoa Division), 1989/90-1996/97 ^1/

			1989/90	1990/91	1991/92	1992/93	1993/94	1994/95	1995/96	1996/97
								(Actual)	(Estimated Actual)	(Budget)
			(In millions of cedis)
Revenue			116,882	134,560	141,983	168,302	267,240	460,432	793,990	854,543
	Exports		101,443	119,522	126,450	137,866	243,805	381,360	693,605	710,677
	Local deliveries		15,102	13,938	15,223	19,220	16,347	72,072	73,836	114,066
	Miscellaneous		27	206	310	11,216	7,088	7,000	26,549	29,000
	Other		310	894	0.0	0.0	0.0	0.0	0.0	0.0
Costs			84,105	105,600	109,848	138,034	147,451	306,410	523,990	591,543
	Producer proceeds		52,000	64,714	62,034	67,915	86,784	205,500	372,666	400,950
	Licensed buying agents		10,303	13,871	14,661	--	15,116	32,580	86,475	73,155
	Freight		2,343	2,406	1,857	--	16,862	31,238	16,984	17,364
	Finance costs ^2/		3,752	9,892	8,576	19,449	5,060	7,402	16,157	10,548
	Administration ^3/		3,583	3,800	11,406	4,661	4,108	3,523	13,138	4,477
	Other ^4/		12,124	10,917	11,314	46,009	19,521	26,167	18,570	84,949
Profits/Losses (-) before taxes			32,777	28,960	32,135	30,268	119,709	154,022	270,000	263,000
Duties paid			17,609	31,552	20,610	36,703	122,999	154,022	270,000	263,000
Profits/Losses (-) after taxes			15,168	-2,592	11,525	-6,435	-3,290	00	00	00
			(In thousands of metric tons)
Memorandum items:
	Purchases		295.0	287.9	247.0	312.0	255.0	309.0	403.8	320.0
	Shipments		295.0	272.0	262.0	260.0	283.0	326.0	403.8	320.0
	Of which:
		Exports	262.0	242.5	238.0	231.0	261.0	256.0	345.4	260.0
		Local deliveries	33.0	29.5	24.0	29.0	22.0	70.0	58.4	60.0
			(In cedis per metric ton)
	Value of exports		387,187	492,874	531,303	596,823	934,119	1,549,168	2,008,121	2,733,370
	Value of local deliveries		457,636	472,475	634,292	662,759	743,045	1,149,700	1,264,315	1,914,430
Average price received			422,412	490,662	…	604,177	919,265	1,463,393	1,900,547	2,579,800
Producer proceeds			176,271	224,779	…	217,676	340,329	698,482	922,897	1,252,900
Total costs			285,102	366,794	…	442,417	578,239	988,838	1,297,647	1,848,500
Duties paid			59,692	109,594	…	141,165	434,625	555,712	668,648	821,800

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 8.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1990-96

Source: Statistical Service, Quarterly Digest of Statistics.

Table 8.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1990-96

	Production							Acreage							Yield
	1990	1991	1992	1993	1994	1995	1996	1990	1991	1992	1993	1994	1995	1996	1990	1991	1992	1993	1994	1995	1996
	(In thousands of metric tons)							(In thousands of hectares)							(In metric tons per hectare)
Cassava	2,717	5,702	5,662	5,972	6,025	6,611	7,111	323	535	552	532	520	551	591	8.41	10.66	10.26	11.23	11.58	11.99	12.03
Plantain	799	1,178	1,082	1,322	1,475	1,636	1,823	129	174	157	164	165	213	227	6.19	6.77	6.89	8.06	6.03	7.7	7.96
Cocoyams	815	1,297	1,202	1,236	1,148	1,383	1,552	119	203	196	173	191	203	214	6.85	6.39	6.13	7.14	6.41	6.75	7.25
Yams	877	2,632	2,331	2,720	1,700	2,126	2,275	142	227	224	207	219	176	178	6.18	11.59	10.41	13.14	11.02	12.07	12.78
Maize	553	932	731	961	939	1,034	1,008	465	610	607	637	618	569	665	1.19	1.53	1.20	1.51	1.49	1.55	1.52
Guinea corn	136	241	259	328	394	360	353	215	263	307	309	293	335	314	0.63	0.92	0.84	1.06	1.08	1.08	1.12
Millet	75	112	133	198	168	209	193	124	209	210	204	208	193	150	0.60	0.54	0.63	0.97	0.88	1.08	1.02
Rice	81	151	132	157	162	221	216	49	95	80	77	84	100	105	1.65	1.59	1.65	2.04	2.01	2.22	2.06

Source: Statistical Service, Quarterly Digest of Statistics.

Table 8.

Ghana: Production, Acreage, and Yield of Principal Food Crops, 1990-96

	Production							Acreage							Yield
	1990	1991	1992	1993	1994	1995	1996	1990	1991	1992	1993	1994	1995	1996	1990	1991	1992	1993	1994	1995	1996
	(In thousands of metric tons)							(In thousands of hectares)							(In metric tons per hectare)
Cassava	2,717	5,702	5,662	5,972	6,025	6,611	7,111	323	535	552	532	520	551	591	8.41	10.66	10.26	11.23	11.58	11.99	12.03
Plantain	799	1,178	1,082	1,322	1,475	1,636	1,823	129	174	157	164	165	213	227	6.19	6.77	6.89	8.06	6.03	7.7	7.96
Cocoyams	815	1,297	1,202	1,236	1,148	1,383	1,552	119	203	196	173	191	203	214	6.85	6.39	6.13	7.14	6.41	6.75	7.25
Yams	877	2,632	2,331	2,720	1,700	2,126	2,275	142	227	224	207	219	176	178	6.18	11.59	10.41	13.14	11.02	12.07	12.78
Maize	553	932	731	961	939	1,034	1,008	465	610	607	637	618	569	665	1.19	1.53	1.20	1.51	1.49	1.55	1.52
Guinea corn	136	241	259	328	394	360	353	215	263	307	309	293	335	314	0.63	0.92	0.84	1.06	1.08	1.08	1.12
Millet	75	112	133	198	168	209	193	124	209	210	204	208	193	150	0.60	0.54	0.63	0.97	0.88	1.08	1.02
Rice	81	151	132	157	162	221	216	49	95	80	77	84	100	105	1.65	1.59	1.65	2.04	2.01	2.22	2.06

Source: Statistical Service, Quarterly Digest of Statistics.

Table 9.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1990-96

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

Table 9.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1990-96

		1990	1991	1992	1993	1994	1995	1996
		(In thousands of cubic meters)
Logs		1,290	1,229	1,318	…	…	1,194	…
	Exports	155	215	161	496	572	80	2
	Sawmill intake	903	924	916	…	…	…	…
	Veneer/plywood intake	185	21	31	…	…	…	…
	Unrecorded uses and changes in stocks	47	69	210	…	…	…	…
Sawn timber		632	578	549	…	…	…	…
	Exports	202	183	232	238	259	284	223
	Local sales	310	202	200	…	…	…	…
	Own use	15	…	…	…	…	…	…
	Unrecorded uses and changes in stocks	105	193	117	…	…	…	…
Veneer		71	…	…	…	…	…	…
	Exports	17	…	…	25	35	45	54
	Local sales	6	…	…	…	…	…	…
	Own use	45	…	…	…	…	…	…
	Changes in stocks	3	…	…	…	…	…	…
Plywood		29	…	…	…	…	…	…
	Exports	2	…	…	2	1	4	20
	Local sales	26	…	…	…	…	…	…
	Changes in stocks	1	…	…	…	…	…	…

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

Table 9.

Ghana: Production and Exports of Logs, Sawn Timber, Veneer, and Plywood, 1990-96

		1990	1991	1992	1993	1994	1995	1996
		(In thousands of cubic meters)
Logs		1,290	1,229	1,318	…	…	1,194	…
	Exports	155	215	161	496	572	80	2
	Sawmill intake	903	924	916	…	…	…	…
	Veneer/plywood intake	185	21	31	…	…	…	…
	Unrecorded uses and changes in stocks	47	69	210	…	…	…	…
Sawn timber		632	578	549	…	…	…	…
	Exports	202	183	232	238	259	284	223
	Local sales	310	202	200	…	…	…	…
	Own use	15	…	…	…	…	…	…
	Unrecorded uses and changes in stocks	105	193	117	…	…	…	…
Veneer		71	…	…	…	…	…	…
	Exports	17	…	…	25	35	45	54
	Local sales	6	…	…	…	…	…	…
	Own use	45	…	…	…	…	…	…
	Changes in stocks	3	…	…	…	…	…	…
Plywood		29	…	…	…	…	…	…
	Exports	2	…	…	2	1	4	20
	Local sales	26	…	…	…	…	…	…
	Changes in stocks	1	…	…	…	…	…	…

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

Table 10.

Ghana: Domestic Fish Catch and Imports, 1990-95

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: Domestic Fish Catch and Imports, 1990-95

	1990	1991	1992	1993	1994	1995
	(In thousands of metric meters)
Total domestic marine catch ^1/	319	290	371	319	287	337
Volta Lake catch	46	45	45	40	42	52
Other inland catch	12	12	12	12	12	13
Landings from foreign vessels on contract	0	0	0	0	0	0
Imports of fish and fish products ^2/	23	3	3	37	19	2
Total fish supply	400	350	431	408	360	404
	(In millions of cedis)
Total domestic marine catch ^1/	112,984	122,536	192,755	236,461	295,447	353,850
Volta Lake catch	24,380	28,530	35,089	40,000	63,000	74,600
Other inland catch	6,360	7,560	9,357	1,200	18,000	23,650
Landings from foreign vessels on contract	--	--	--	--	--	--
Imports of fish and fish products ^2/	--	48,305	7,221	10,515	8,641	2,310
Value of total fish supply ^3/	143,724	153,304	244,422	298,976	385,088	454,410

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: Domestic Fish Catch and Imports, 1990-95

	1990	1991	1992	1993	1994	1995
	(In thousands of metric meters)
Total domestic marine catch ^1/	319	290	371	319	287	337
Volta Lake catch	46	45	45	40	42	52
Other inland catch	12	12	12	12	12	13
Landings from foreign vessels on contract	0	0	0	0	0	0
Imports of fish and fish products ^2/	23	3	3	37	19	2
Total fish supply	400	350	431	408	360	404
	(In millions of cedis)
Total domestic marine catch ^1/	112,984	122,536	192,755	236,461	295,447	353,850
Volta Lake catch	24,380	28,530	35,089	40,000	63,000	74,600
Other inland catch	6,360	7,560	9,357	1,200	18,000	23,650
Landings from foreign vessels on contract	--	--	--	--	--	--
Imports of fish and fish products ^2/	--	48,305	7,221	10,515	8,641	2,310
Value of total fish supply ^3/	143,724	153,304	244,422	298,976	385,088	454,410

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 11.

Ghana: Mineral Production, 1990-96

Sources: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 11.

Ghana: Mineral Production, 1990-96

		1990	1991	1992	1993	1994	1995	1996 ^1/
			(In millions of cedis)
Value of output
	Gold	66,576.2	76,865.4	205,786.3	265,606.6	359,173.5	765,755.1	970,588.5
	Diamonds	1,076.1	4,658.3	8,498.0	9,404.0	19,350.6	15,344.0	23,696.9
	Manganese	6,616.3	9,333.5	12,811.0	10,185.1	10,720.3	8,076.1	17,565.3
	Bauxite	3,366.6	6,050.2	9,000.5	8,968.7	8,653.2	12,605.4	16,901.3
			(In units specified)
Volume
	Gold (’000 kg)	16.5	26.1	31.4	38.6	43.3	51.3	48.3
	Diamonds (’000 carats)	150.4	419.4	584.5	616.0	426.1	622.7	714.3
	Manganese (’000 metric tons)	364.0	415.2	477.7	361.7	269.7	100.0	447.9
	Bauxite (’000 metric tons)	382.1	485.1	498.1	482.5	426.1	513.0	413.2
			(In cedis per unit)
Unit values
	Gold (gram)	4,035	5,388	6,554	6,881	8,295	14,927	20,095
	Diamonds (carat)	8,485	11,107	14,539	15,266	26,768	24,641	33,175
	Manganese (metric ton)	18,177	22,477	26,818	28,159	39,749	11,867	39,217
	Bauxite (metric ton)	8,811	12,472	17,655	18,588	20,308	24,572	35,717

Sources: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 11.

Ghana: Mineral Production, 1990-96

		1990	1991	1992	1993	1994	1995	1996 ^1/
			(In millions of cedis)
Value of output
	Gold	66,576.2	76,865.4	205,786.3	265,606.6	359,173.5	765,755.1	970,588.5
	Diamonds	1,076.1	4,658.3	8,498.0	9,404.0	19,350.6	15,344.0	23,696.9
	Manganese	6,616.3	9,333.5	12,811.0	10,185.1	10,720.3	8,076.1	17,565.3
	Bauxite	3,366.6	6,050.2	9,000.5	8,968.7	8,653.2	12,605.4	16,901.3
			(In units specified)
Volume
	Gold (’000 kg)	16.5	26.1	31.4	38.6	43.3	51.3	48.3
	Diamonds (’000 carats)	150.4	419.4	584.5	616.0	426.1	622.7	714.3
	Manganese (’000 metric tons)	364.0	415.2	477.7	361.7	269.7	100.0	447.9
	Bauxite (’000 metric tons)	382.1	485.1	498.1	482.5	426.1	513.0	413.2
			(In cedis per unit)
Unit values
	Gold (gram)	4,035	5,388	6,554	6,881	8,295	14,927	20,095
	Diamonds (carat)	8,485	11,107	14,539	15,266	26,768	24,641	33,175
	Manganese (metric ton)	18,177	22,477	26,818	28,159	39,749	11,867	39,217
	Bauxite (metric ton)	8,811	12,472	17,655	18,588	20,308	24,572	35,717

Sources: Statistical Service; and staff estimates.

^{^1/}Estimates.

Table 12.

Ghana: Index of Manufacturing Production, 1990-96

(1977 = 100)

Sources: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

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

Table 12.

Ghana: Index of Manufacturing Production, 1990-96

(1977 = 100)

		Weights	1990	1991	1992	1993	1994	1995 ^1/	1996 ^1/
Food products		15.00	57.5	59.3	62.8	90.3	90.8	99.6	102.5
Beverages		8.11	94.0	93.0	112.2	105.5	109.4	109.0	116.2
Tobacco and tobacco products		7.75	57.1	49.6	47.1	52.2	53.0	52.0	53.1
Textiles, wearing apparel, and leather goods		13.71	37.7	39.1	23.7	60.2	48.0	54.8	56.1
Sawmill and wood products		7.22	74.2	133.6	120.2	91.9	98.2	100.2	105.3
Paper products and printing		1.94	53.5	49.3	54.6	33.7	47.1	45.1	49.3
Petroleum products		19.00	70.5	92.2	65.0	65.8	94.4	101.4	103.5
Chemical products other than petroleum		6.56	57.6	44.7	56.7	38.4	129.8	140.0	148.2
Cement and other nonmetallic mineral products		2.98	117.3	125.6	177.0	206.2	217.0	258.1	258.9
Iron and steel products		3.25	5.2	…	356.0	392.8	541.1	581.6	584.5
Nonferrous metal basic industries		9.62	103.8	104.6	115.8	109.9	88.8	119.8	125.6
Cutlery and other nonferrous metal products		0.49	55.2	63.2	83.3	99.9	124.0	102.4	116.4
Electrical equipment and appliances		1.34	25.5	40.0	46.3	52.6	29.8	42.9	53.5
Transport equipment and other products		3.03	…	…	11.0	…	…	…	…
	Overall index	100.00	63.5	71.3	76.9	87.3	101.2	109.9	115.0
Memorandum items:
	Percentage change in overall index		0.8	12.3	7.9	13.5	15.9	8.6	4.6
Average capacity utilization (in percent) ^2/			39.8	40.5	44.5	45.7	…	…	…

Sources: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

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

Table 12.

Ghana: Index of Manufacturing Production, 1990-96

(1977 = 100)

		Weights	1990	1991	1992	1993	1994	1995 ^1/	1996 ^1/
Food products		15.00	57.5	59.3	62.8	90.3	90.8	99.6	102.5
Beverages		8.11	94.0	93.0	112.2	105.5	109.4	109.0	116.2
Tobacco and tobacco products		7.75	57.1	49.6	47.1	52.2	53.0	52.0	53.1
Textiles, wearing apparel, and leather goods		13.71	37.7	39.1	23.7	60.2	48.0	54.8	56.1
Sawmill and wood products		7.22	74.2	133.6	120.2	91.9	98.2	100.2	105.3
Paper products and printing		1.94	53.5	49.3	54.6	33.7	47.1	45.1	49.3
Petroleum products		19.00	70.5	92.2	65.0	65.8	94.4	101.4	103.5
Chemical products other than petroleum		6.56	57.6	44.7	56.7	38.4	129.8	140.0	148.2
Cement and other nonmetallic mineral products		2.98	117.3	125.6	177.0	206.2	217.0	258.1	258.9
Iron and steel products		3.25	5.2	…	356.0	392.8	541.1	581.6	584.5
Nonferrous metal basic industries		9.62	103.8	104.6	115.8	109.9	88.8	119.8	125.6
Cutlery and other nonferrous metal products		0.49	55.2	63.2	83.3	99.9	124.0	102.4	116.4
Electrical equipment and appliances		1.34	25.5	40.0	46.3	52.6	29.8	42.9	53.5
Transport equipment and other products		3.03	…	…	11.0	…	…	…	…
	Overall index	100.00	63.5	71.3	76.9	87.3	101.2	109.9	115.0
Memorandum items:
	Percentage change in overall index		0.8	12.3	7.9	13.5	15.9	8.6	4.6
Average capacity utilization (in percent) ^2/			39.8	40.5	44.5	45.7	…	…	…

Sources: Statistical Service, Quarterly Digest of Statistics.

^{^1/}Provisional.

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

Table 13.

Ghana: Generation and Consumption of Electricity, 1988-95

(In billions 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 13.

Ghana: Generation and Consumption of Electricity, 1988-95

(In billions of kilowatt-hours)

		1988	1989	1990	1991	1992	1993	1994	1995
Electricity generation		4,897	5,321	5,731	6,116	6,603	6,312	6,105	6,133
	Akosombo	3,996	4,383	4,827	5,150	5,566	5,280	5,128	5,094
	Kpong	811	847	893	959	1,036	1,011	947	1,021
	Other ^1/	90	90	11	7	1	21	30	19
Electricity consumption		4,782	5,116	5,537	5,768	6,188	6,197	6,004	6,234
	Electricity Corporation of Ghana	1,319	1,463	1,627	1,753	2,021	2,291	2,466	2,693
	Mines	297	300	315	408	419	469	590	654
	Volta Aluminum Company	2,745	2,788	2,789	2,795	2,854	2,822	2,275	2,198
	Exports	387	526	761	808	894	395	448	451
	Other ^2/	34	39	45	4	--	220	225	238

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: Generation and Consumption of Electricity, 1988-95

(In billions of kilowatt-hours)

		1988	1989	1990	1991	1992	1993	1994	1995
Electricity generation		4,897	5,321	5,731	6,116	6,603	6,312	6,105	6,133
	Akosombo	3,996	4,383	4,827	5,150	5,566	5,280	5,128	5,094
	Kpong	811	847	893	959	1,036	1,011	947	1,021
	Other ^1/	90	90	11	7	1	21	30	19
Electricity consumption		4,782	5,116	5,537	5,768	6,188	6,197	6,004	6,234
	Electricity Corporation of Ghana	1,319	1,463	1,627	1,753	2,021	2,291	2,466	2,693
	Mines	297	300	315	408	419	469	590	654
	Volta Aluminum Company	2,745	2,788	2,789	2,795	2,854	2,822	2,275	2,198
	Exports	387	526	761	808	894	395	448	451
	Other ^2/	34	39	45	4	--	220	225	238

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 14.

Ghana: Average Monthly Earnings per Employee, 1976-96 ^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, 1976-96 ^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)
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
1994	…	…	…	…	…	…	…	…		1200.00
1995	…	…	…	…	…	…	…	…		1200.00
1996	…	…	…	…	…	…	…	…		2000.00

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, 1976-96 ^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)
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
1994	…	…	…	…	…	…	…	…		1200.00
1995	…	…	…	…	…	…	…	…		1200.00
1996	…	…	…	…	…	…	…	…		2000.00

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 Index, 1985-96

(Monthly averages; 1977 = 100)

Sources: Statistical Services; 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 Index, 1985-96

(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
1995	46,354.6	32,660.9	59,617.1	55,025.0	52,277.1	67,336.7	57,613.3	25,778.9	83,463.1	79,041.5	48,387.5
1996	67,937.8	44,344.9	90,787.6	81,723.5	80,507.55	90,500.2	86,255.4	36,771.7	164,556.9	108,897.4	69,239.6
1994
Q1	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	22,746.4	41,474.4	39,358.8	36,718.1	42,360.0	42,112.3	20,354.8	52,488.9	50,953.1	35,340.0
1995
Q1	36,591.8	25,506.6	47,327.8	43,641.0	40,839.4	55,423.7	45,625.6	21,721.0	64,332.3	63,759.8	38,729.1
Q2	43,642.7	30,404.8	56,463.6	51,943.0	48,820.0	66,290.0	54,105.4	23,991.4	80,523.8	73,719.5	45,976.1
Q3	50,286.9	35,978.0	64,144.8	58,612.8	56,171.0	70,098.5	61,917.2	27,791.4	92,243.9	86,875.8	52,495.1
Q4	54,897.2	38,754.3	70,532.2	65,903.1	63,278.0	77,534.4	68,804.7	29,611.7	96,752.5	91,810.7	56,249.7
1996
Q1	61,203.8	21,761.7	80,033.8	73,638.4	72,029.4	85,454.7	77,895.4	33,311.9	124,818.3	96,941.5	62,093.2
Q2	67,241.8	24,282.5	89,478.1	79,233.1	79,050.5	89,186.1	87,995.7	37,094.9	161,120.2	108,164.7	66,701.1
Q3	70,098.1	25,019.9	94,386.6	62,768.3	83,996.4	92,545.4	88,808.4	38,012.1	179,722.7	110,432.2	72,685.4
Q4	73,207.3	26,315.8	99,251.9	91,254.2	86,953.5	94,314.5	90,822.3	33,668.0	192,556.4	120,051.3	75,477.8

Sources: Statistical Services; 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 Index, 1985-96

(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
1995	46,354.6	32,660.9	59,617.1	55,025.0	52,277.1	67,336.7	57,613.3	25,778.9	83,463.1	79,041.5	48,387.5
1996	67,937.8	44,344.9	90,787.6	81,723.5	80,507.55	90,500.2	86,255.4	36,771.7	164,556.9	108,897.4	69,239.6
1994
Q1	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	22,746.4	41,474.4	39,358.8	36,718.1	42,360.0	42,112.3	20,354.8	52,488.9	50,953.1	35,340.0
1995
Q1	36,591.8	25,506.6	47,327.8	43,641.0	40,839.4	55,423.7	45,625.6	21,721.0	64,332.3	63,759.8	38,729.1
Q2	43,642.7	30,404.8	56,463.6	51,943.0	48,820.0	66,290.0	54,105.4	23,991.4	80,523.8	73,719.5	45,976.1
Q3	50,286.9	35,978.0	64,144.8	58,612.8	56,171.0	70,098.5	61,917.2	27,791.4	92,243.9	86,875.8	52,495.1
Q4	54,897.2	38,754.3	70,532.2	65,903.1	63,278.0	77,534.4	68,804.7	29,611.7	96,752.5	91,810.7	56,249.7
1996
Q1	61,203.8	21,761.7	80,033.8	73,638.4	72,029.4	85,454.7	77,895.4	33,311.9	124,818.3	96,941.5	62,093.2
Q2	67,241.8	24,282.5	89,478.1	79,233.1	79,050.5	89,186.1	87,995.7	37,094.9	161,120.2	108,164.7	66,701.1
Q3	70,098.1	25,019.9	94,386.6	62,768.3	83,996.4	92,545.4	88,808.4	38,012.1	179,722.7	110,432.2	72,685.4
Q4	73,207.3	26,315.8	99,251.9	91,254.2	86,953.5	94,314.5	90,822.3	33,668.0	192,556.4	120,051.3	75,477.8

Sources: Statistical Services; 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 Index, 1985-96

(Percentage changes from the previous period)

Sources: Statistical Services; 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 Index, 1985-96

(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
1995	59.5	62.2	58.1	52.9	60.5	46.1	53.1	31.6	67.4	73.1	49.2
1996	46.6	35.8	52.3	48.5	54.0	34.4	49.7	42.6	97.2	37.8	43.1
1994
Q1	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
1995
Q1	13.4	12.1	14.1	10.9	11.2	30.8	8.3	6.7	22.6	25.1	9.6
Q2	19:3	19.2	19.3	19.0	19.5	19.6	18.6	10.5	25.2	15.6	18.7
Q3	15.2	18.3	13.6	12.8	15.1	5.7	14.4	15.8	14.6	17.8	14.2
Q4	9.2	7.7	10.0	12.4	12.7	10.6	11.1	6.5	4.9	5.7	7.3
1996
Q1	11.5	7.8	13.5	11.7	13.8	10.2	13.2	12.5	29.0	5.6	10.2
Q2	9.9	6.0	11.9	7.6	9.7	4.4	13.0	11.4	29.1	11.6	7.4
Q3	4.2	1.7	5.5	4.5	6.3	3.8	0.9	2.5	11.5	2.1	9.0
Q4	4.4	2.9	5.2	10.3	3.5	2.5	1.7	1.7	7.1	8.7	3.8

Sources: Statistical Services; 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 Index, 1985-96

(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
1995	59.5	62.2	58.1	52.9	60.5	46.1	53.1	31.6	67.4	73.1	49.2
1996	46.6	35.8	52.3	48.5	54.0	34.4	49.7	42.6	97.2	37.8	43.1
1994
Q1	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
1995
Q1	13.4	12.1	14.1	10.9	11.2	30.8	8.3	6.7	22.6	25.1	9.6
Q2	19:3	19.2	19.3	19.0	19.5	19.6	18.6	10.5	25.2	15.6	18.7
Q3	15.2	18.3	13.6	12.8	15.1	5.7	14.4	15.8	14.6	17.8	14.2
Q4	9.2	7.7	10.0	12.4	12.7	10.6	11.1	6.5	4.9	5.7	7.3
1996
Q1	11.5	7.8	13.5	11.7	13.8	10.2	13.2	12.5	29.0	5.6	10.2
Q2	9.9	6.0	11.9	7.6	9.7	4.4	13.0	11.4	29.1	11.6	7.4
Q3	4.2	1.7	5.5	4.5	6.3	3.8	0.9	2.5	11.5	2.1	9.0
Q4	4.4	2.9	5.2	10.3	3.5	2.5	1.7	1.7	7.1	8.7	3.8

Sources: Statistical Services; 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, 1987-96

(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, 1987-96

(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
1995		70.8	67.2	72.6	71.4	76.0	56.1	64.0	47.2	86.6	82.5	60.6
1996		32.7	20.8	31.8	37.1	32.4	22.3	29.9	28.4	95.1	34.6	33.9
1995
	January	35.6	41.1	32.8	30.0	38.5	21.0	33.8	12.9	20.7	46.3	26.3
	February	38.4	43.8	35.7	31.8	40.2	22.9	34.8	14.6	15.4	49.8	28.8
	March	43.6	46.5	42.1	35.6	43.4	37.2	38.0	17.1	49.8	53.5	32.4
	April	49.9	51.9	48.9	42.8	50.5	42.6	42.8	20.6	57.5	60.5	39.8
	May	56.1	57.8	55.2	49.6	57.0	47.5	48.3	24.0	62.0	65.3	46.1
	June	61.9	63.8	60.8	57.0	63.7	48.8	57.3	27.9	70.3	76.4	52.0
	July	67.2	70.6	65.4	59.1	63.9	49.9	58.1	36.9	79.8	93.7	60.3
	August	69.9	72.9	67.5	59.1	68.3	50.6	62.1	41.3	64.8	97.2	59.2
	September	69.8	75.0	68.7	59.6	69.8	52.5	61.4	43.8	85.3	78.3	59.1
	October	69.1	73.0	66.2	62.4	67.3	56.2	61.1	47.4	84.8	78.5	57.3
	November	70.2	70.3	69.3	65.9	71.3	62.2	64.9	41.5	75.8	79.6	59.6
	December	70.8	67.9	72.6	71.4	78.0	157.9	64.0	47.4	86.6	82.5	0.0
1996
	January	69.2	65.0	71.4	73.5	78.3	57.5	68.6	52.8	99.5	53.2	62.8
	February	68.0	65.2	69.5	67.8	75.4	60.5	72.4	50.2	91.8	51.7	59.4
	March	64.8	61.2	66.6	66.3	75.5	45.8	71.1	55.8	91.8	49.4	59.0
	April	60.3	64.1	63.4	56.1	70.3	37.6	72.1	52.4	96.3	50.7	51.9
	May	54.2	45.6	58.8	53.7	51.0	33.0	63.9	62.4	104.7	47/7	39.8
	June	48.4	38.3	53.8	45.5	55.5	33.2	53.2	49.2	99.2	42.2	44.0
	July	42.6	29.6	49.7	42.1	54.5	33.5	49.6	40.3	91.8	30.0	37.8
	August	39.2	24.9	46.9	33.7	48.9	33.1	42.8	36.0	95.1	24.0	38.8
	September	36.5	21.1	45.0	41.9	45.5	29.7	38.3	34.2	97.4	24.4	39.0
	October	34.3	18.8	42.8	39.0	42.7	25.5	34.3	29.4	100.0	24.9	35.4
	November	33.2	19.0	40.7	39.5	37.9	18.8	29.8	34.1	102.2	32.5	32.5
	December	32.7	20.8	38.8	37.1	32.4	22.8	29.9	21.4	95.1	34.6	33.3

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, 1987-96

(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
1995		70.8	67.2	72.6	71.4	76.0	56.1	64.0	47.2	86.6	82.5	60.6
1996		32.7	20.8	31.8	37.1	32.4	22.3	29.9	28.4	95.1	34.6	33.9
1995
	January	35.6	41.1	32.8	30.0	38.5	21.0	33.8	12.9	20.7	46.3	26.3
	February	38.4	43.8	35.7	31.8	40.2	22.9	34.8	14.6	15.4	49.8	28.8
	March	43.6	46.5	42.1	35.6	43.4	37.2	38.0	17.1	49.8	53.5	32.4
	April	49.9	51.9	48.9	42.8	50.5	42.6	42.8	20.6	57.5	60.5	39.8
	May	56.1	57.8	55.2	49.6	57.0	47.5	48.3	24.0	62.0	65.3	46.1
	June	61.9	63.8	60.8	57.0	63.7	48.8	57.3	27.9	70.3	76.4	52.0
	July	67.2	70.6	65.4	59.1	63.9	49.9	58.1	36.9	79.8	93.7	60.3
	August	69.9	72.9	67.5	59.1	68.3	50.6	62.1	41.3	64.8	97.2	59.2
	September	69.8	75.0	68.7	59.6	69.8	52.5	61.4	43.8	85.3	78.3	59.1
	October	69.1	73.0	66.2	62.4	67.3	56.2	61.1	47.4	84.8	78.5	57.3
	November	70.2	70.3	69.3	65.9	71.3	62.2	64.9	41.5	75.8	79.6	59.6
	December	70.8	67.9	72.6	71.4	78.0	157.9	64.0	47.4	86.6	82.5	0.0
1996
	January	69.2	65.0	71.4	73.5	78.3	57.5	68.6	52.8	99.5	53.2	62.8
	February	68.0	65.2	69.5	67.8	75.4	60.5	72.4	50.2	91.8	51.7	59.4
	March	64.8	61.2	66.6	66.3	75.5	45.8	71.1	55.8	91.8	49.4	59.0
	April	60.3	64.1	63.4	56.1	70.3	37.6	72.1	52.4	96.3	50.7	51.9
	May	54.2	45.6	58.8	53.7	51.0	33.0	63.9	62.4	104.7	47/7	39.8
	June	48.4	38.3	53.8	45.5	55.5	33.2	53.2	49.2	99.2	42.2	44.0
	July	42.6	29.6	49.7	42.1	54.5	33.5	49.6	40.3	91.8	30.0	37.8
	August	39.2	24.9	46.9	33.7	48.9	33.1	42.8	36.0	95.1	24.0	38.8
	September	36.5	21.1	45.0	41.9	45.5	29.7	38.3	34.2	97.4	24.4	39.0
	October	34.3	18.8	42.8	39.0	42.7	25.5	34.3	29.4	100.0	24.9	35.4
	November	33.2	19.0	40.7	39.5	37.9	18.8	29.8	34.1	102.2	32.5	32.5
	December	32.7	20.8	38.8	37.1	32.4	22.8	29.9	21.4	95.1	34.6	33.3

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: Average Wholesale Prices of Selected Agricultural Commodities, 1988-96

(In cedis per unit)

Source: Ministry of Agriculture.

Table 18.

Ghana: Average Wholesale Prices of Selected Agricultural Commodities, 1988-96

(In cedis per unit)

	Unit of measurement	1988	1989	1990	1991	1992	1993	1994	1995	1996
Maize	100 kg.	6,816	5,424	8,633	9,434	10,048	11,938	13,863	24,708	32,814
Millet	93 kg.	9,502	10,633	10,956	14,362	14,632	17,060	18,357	30,527	42,784
Guinea corn	109 kg.	7,434	9,415	10,603	13,404	14,544	17,169	17,918	29,757	43,210
Rice	100 kg.	10,767	18,132	18,503	19,277	21,179	26,970	35,164	55,159	80,270
Yams	100 tubers	18,023	23,668	30,102	29,469	29,070	43,582	53,310	82,219	87,427
Cocoyams	91kg.	2,406	5,354	7,984	7,680	9,117	11,725	16,017	26,679	25,301
Cassava	91kg.	4,674	2,510	4,274	4,000	4,048	5,342	5,733	9,550	10,269
Plantain	16 kg.	496	698	1,109	887	1,069	1,698	1,940	4,160	3,693
Cowpeas	109 kg.	14,992	17,734	20,479	23,059	21,861	30,988	35,991	46,428	97,907
Tomatoes	51kg.	2,662	4,934	6,969	11,150	13,380	24,352	14,575	25,023	34,866
Groundnuts	82 kg.	12,056	16,275	17,205	20,670	25,973	33,114	34,576	54,346	69,025

Source: Ministry of Agriculture.

Table 18.

Ghana: Average Wholesale Prices of Selected Agricultural Commodities, 1988-96

(In cedis per unit)

	Unit of measurement	1988	1989	1990	1991	1992	1993	1994	1995	1996
Maize	100 kg.	6,816	5,424	8,633	9,434	10,048	11,938	13,863	24,708	32,814
Millet	93 kg.	9,502	10,633	10,956	14,362	14,632	17,060	18,357	30,527	42,784
Guinea corn	109 kg.	7,434	9,415	10,603	13,404	14,544	17,169	17,918	29,757	43,210
Rice	100 kg.	10,767	18,132	18,503	19,277	21,179	26,970	35,164	55,159	80,270
Yams	100 tubers	18,023	23,668	30,102	29,469	29,070	43,582	53,310	82,219	87,427
Cocoyams	91kg.	2,406	5,354	7,984	7,680	9,117	11,725	16,017	26,679	25,301
Cassava	91kg.	4,674	2,510	4,274	4,000	4,048	5,342	5,733	9,550	10,269
Plantain	16 kg.	496	698	1,109	887	1,069	1,698	1,940	4,160	3,693
Cowpeas	109 kg.	14,992	17,734	20,479	23,059	21,861	30,988	35,991	46,428	97,907
Tomatoes	51kg.	2,662	4,934	6,969	11,150	13,380	24,352	14,575	25,023	34,866
Groundnuts	82 kg.	12,056	16,275	17,205	20,670	25,973	33,114	34,576	54,346	69,025

Source: Ministry of Agriculture.

Table 19.

Ghana: Retail Prices of Major Petroleum Products, December 1979-February 1997

(In cedis per liter) ^1/

Source: Ministry of Fuel and Power.

^{^1/}Except LPG, which is in cedis/kg.

^{^2/}Aviation turbine kerosene.

^{^3/}Residual fuel oil.

^{^4/}Liquefied petroleum gas.

Table 19.

Ghana: Retail Prices of Major Petroleum Products, December 1979-February 1997

(In cedis per liter) ^1/

Date of Price Change	Premium gasoline	Regular gasoline	Kerosene	Gas oil	ATK ^2/	RFP ^3/	LPG^4/
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	2.49	2.27	1.21	1.43	…	…	0.18
September 7, 1981	2.71	2.49	1.87	1.10	…	…	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
February 2, 1996	621.50	…	397.00	567.00	…	200.52	344.00
June 7, 1996	665.55	…	411.00	607.78	459.20	217.86	380.00
February 1, 1997	778.89	…	493.20	729.52	560.00	301.68	828.40

Source: Ministry of Fuel and Power.

^{^1/}Except LPG, which is in cedis/kg.

^{^2/}Aviation turbine kerosene.

^{^3/}Residual fuel oil.

^{^4/}Liquefied petroleum gas.

Table 19.

Ghana: Retail Prices of Major Petroleum Products, December 1979-February 1997

(In cedis per liter) ^1/

Date of Price Change	Premium gasoline	Regular gasoline	Kerosene	Gas oil	ATK ^2/	RFP ^3/	LPG^4/
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	2.49	2.27	1.21	1.43	…	…	0.18
September 7, 1981	2.71	2.49	1.87	1.10	…	…	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
February 2, 1996	621.50	…	397.00	567.00	…	200.52	344.00
June 7, 1996	665.55	…	411.00	607.78	459.20	217.86	380.00
February 1, 1997	778.89	…	493.20	729.52	560.00	301.68	828.40

Source: Ministry of Fuel and Power.

^{^1/}Except LPG, which is in cedis/kg.

^{^2/}Aviation turbine kerosene.

^{^3/}Residual fuel oil.

^{^4/}Liquefied petroleum gas.

Table 20.

Ghana: Central Government Operations and Financing, 1989-96

(In billions of cedis)

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

^¹Includes pensions to government employees.

^²Defined as total revenue minus noninterest domestic expenditure.

^³Defined as total revenue minus recurrent expenditure.

Table 20.

Ghana: Central Government Operations and Financing, 1989-96

(In billions of cedis)

					1989	1990	1991	1992	1993	1994	1995	1996
Total revenue and grants					238.1	296.7	429.6	425.1	742.8	1,160.2	1,864.7	2,304.9
	Revenue				193.2	239.5	354.4	333.6	578.1	975.8	1,584.6	1,997.6
		Direct taxes			45.9	55.1	62.4	62.1	110.3	170.5	275.0	433.3
		Indirect taxes			70.6	99.5	172.8	164.2	277.5	395.8	503.7	732.4
		Trade taxes			58.0	65.0	84.3	75.5	121.4	274.8	359.9	544.9
		Nontax revenue			18.6	19.8	34.9	31.7	69.0	134.7	446.1	287.0
	Foreign grants				44.9	57.2	75.3	91.5	164.7	184.4	280.1	307.3
Total expenditure and net lending					268.2	341.4	463.5	689.3	1,124.5	1,621.8	2,359.4	3,385.8
	Recurrent expenditure				158.3	206.2	273.0	400.4	694.3	929.6	1,270.6	1,861.1
		Wages and salaries			62.9	82.3	105.6	171.1	227.6	297.1	431.0	612.6
		Goods and services			35.8	45.0	60.5	69.2	141.2	170.0	190.1	242.9
		Subsidies and transfers¹			40.9	51.6	64.1	99.1	190.7	232.1	320.7	426.2
		Interest			18.7	27.3	42.8	61.0	134.8	230.5	328.8	579.3
	Capital expenditure (total)				109.9	135.2	190.5	288.9	430.2	692.2	1,088.8	1,524.7
		Capital expenditure (domestic financing)			45.9	57.8	78.6	131.3	143.3	236.2	524.1	681.6
			Development		38.2	48.3	67.2	119.4	135.3	227.9	508.3	572.8
			Net lending		7.7	9.5	11.4	11.9	8.0	8.3	15.8	108.8
		Capital expenditure (foreign financing)			64.0	77.4	111.9	157.6	286.9	456.0	564.7	843.2
	Surplus or deficit (-)				-30.1	-44.7	-33.9	-264.2	-381.7	-461.6	-494.7	-1,080.9
	Domestic arrears (net change)				0.0	0.0	0.0	21.0	16.0	9.0	81.0	-11.7
	Divestiture proceeds				0.0	0.0	0.0	0.0	79.5	255.3	106.2	143.5
	Financing				30.1	44.7	33.9	243.2	286.2	197.3	307.5	949.0
			Foreign (net)		45.3	72.6	85.6	99.1	240.9	236.2	335.8	418.0
				Borrowing	94.6	106.3	124.9	141.8	306.9	351.1	530.0	855.1
				Repayments	-49.2	-33.7	-39.3	-42.8	-66.1	-115.0	-194.2	-437.1
			Domestic (net)		-15.3	-28.0	-51.7	144.2	45.4	-38.8	-28.3	531.0
				Banking system	-21.4	-20.8	-50.7	102.5	-22.1	-44.3	-66.5	226.4
				Other	6.2	-7.2	-1.1	41.7	67.5	5.5	38.2	304.6
					(In percent of GDP)
Total revenue and grants					16.8	15.4	17.7	15.2	20.2	23.4	25.1	22.2
	Of which: tax revenue				12.3	11.4	13.2	10.8	13.9	17.0	15.3	16.5
Total expenditure and net lending					18.9	17.8	19.1	24.6	30.6	32.8	31.8	32.6
Surplus or deficit (-)					-2.1	-2.3	-1.4	-9.4	-10.4	-9.3	-6.7	-10.4
Domestic primary balance²					0.5	0.1	1.9	-4.9	-3.4	0.8	1.6	0.3
Current savings³					2.5	1.7	3.4	-2.4	-3.2	0.9	4.2	1.3

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

^¹Includes pensions to government employees.

^²Defined as total revenue minus noninterest domestic expenditure.

^³Defined as total revenue minus recurrent expenditure.

Table 20.

Ghana: Central Government Operations and Financing, 1989-96

(In billions of cedis)

					1989	1990	1991	1992	1993	1994	1995	1996
Total revenue and grants					238.1	296.7	429.6	425.1	742.8	1,160.2	1,864.7	2,304.9
	Revenue				193.2	239.5	354.4	333.6	578.1	975.8	1,584.6	1,997.6
		Direct taxes			45.9	55.1	62.4	62.1	110.3	170.5	275.0	433.3
		Indirect taxes			70.6	99.5	172.8	164.2	277.5	395.8	503.7	732.4
		Trade taxes			58.0	65.0	84.3	75.5	121.4	274.8	359.9	544.9
		Nontax revenue			18.6	19.8	34.9	31.7	69.0	134.7	446.1	287.0
	Foreign grants				44.9	57.2	75.3	91.5	164.7	184.4	280.1	307.3
Total expenditure and net lending					268.2	341.4	463.5	689.3	1,124.5	1,621.8	2,359.4	3,385.8
	Recurrent expenditure				158.3	206.2	273.0	400.4	694.3	929.6	1,270.6	1,861.1
		Wages and salaries			62.9	82.3	105.6	171.1	227.6	297.1	431.0	612.6
		Goods and services			35.8	45.0	60.5	69.2	141.2	170.0	190.1	242.9
		Subsidies and transfers¹			40.9	51.6	64.1	99.1	190.7	232.1	320.7	426.2
		Interest			18.7	27.3	42.8	61.0	134.8	230.5	328.8	579.3
	Capital expenditure (total)				109.9	135.2	190.5	288.9	430.2	692.2	1,088.8	1,524.7
		Capital expenditure (domestic financing)			45.9	57.8	78.6	131.3	143.3	236.2	524.1	681.6
			Development		38.2	48.3	67.2	119.4	135.3	227.9	508.3	572.8
			Net lending		7.7	9.5	11.4	11.9	8.0	8.3	15.8	108.8
		Capital expenditure (foreign financing)			64.0	77.4	111.9	157.6	286.9	456.0	564.7	843.2
	Surplus or deficit (-)				-30.1	-44.7	-33.9	-264.2	-381.7	-461.6	-494.7	-1,080.9
	Domestic arrears (net change)				0.0	0.0	0.0	21.0	16.0	9.0	81.0	-11.7
	Divestiture proceeds				0.0	0.0	0.0	0.0	79.5	255.3	106.2	143.5
	Financing				30.1	44.7	33.9	243.2	286.2	197.3	307.5	949.0
			Foreign (net)		45.3	72.6	85.6	99.1	240.9	236.2	335.8	418.0
				Borrowing	94.6	106.3	124.9	141.8	306.9	351.1	530.0	855.1
				Repayments	-49.2	-33.7	-39.3	-42.8	-66.1	-115.0	-194.2	-437.1
			Domestic (net)		-15.3	-28.0	-51.7	144.2	45.4	-38.8	-28.3	531.0
				Banking system	-21.4	-20.8	-50.7	102.5	-22.1	-44.3	-66.5	226.4
				Other	6.2	-7.2	-1.1	41.7	67.5	5.5	38.2	304.6
					(In percent of GDP)
Total revenue and grants					16.8	15.4	17.7	15.2	20.2	23.4	25.1	22.2
	Of which: tax revenue				12.3	11.4	13.2	10.8	13.9	17.0	15.3	16.5
Total expenditure and net lending					18.9	17.8	19.1	24.6	30.6	32.8	31.8	32.6
Surplus or deficit (-)					-2.1	-2.3	-1.4	-9.4	-10.4	-9.3	-6.7	-10.4
Domestic primary balance²					0.5	0.1	1.9	-4.9	-3.4	0.8	1.6	0.3
Current savings³					2.5	1.7	3.4	-2.4	-3.2	0.9	4.2	1.3

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

^¹Includes pensions to government employees.

^²Defined as total revenue minus noninterest domestic expenditure.

^³Defined as total revenue minus recurrent expenditure.

Table 21.

Ghana: Central Government Revenue and Grants, 1989-96

(In billions of cedis)

Source: Ministry of Finance

Table 21.

Ghana: Central Government Revenue and Grants, 1989-96

(In billions of cedis)

						1989	1990	1991	1992	1993	1994	1995	1996
Total revenue and grants						238.1	296.7	429.6	425.1	742.8	1,160.2	1,864.7	2,304.9
	Tax revenue					174.5	219.7	319.5	301.8	509.2	841.1	1,138.5	1,710.6
		Direct taxes				45.9	55.1	62.4	62.1	110.3	170.5	275.0	433.3
			Individual			12.3	17.4	18.7	21.1	44.3	62.3	80.8	131.1
				Personal		7.2	10.8	11.7	15.7	37.0	51.5	65.4	110.5
				Self-employed		5.1	6.6	7.0	5.4	7.3	10.9	15.4	20.6
			Corporate			31.4	34.0	39.9	34.5	54.3	89.5	157.2	242.3
			Other			2.2	3.7	3.8	6.5	11.7	18.7	37.0	59.9
		Indirect taxes				70.6	99.5	172.8	164.2	277.5	395.8	503.7	732.4
			Sales tax			37.0	55.6	69.8	70.8	109.2	173.6	280.2	314.7
					Sales tax on domestic goods	19.1	22.9	29.6	31.0	39.7	57.5	69.9	112.6
					Sales taxes on imports	18.5	27.8	34.9	35.4	54.6	86.8	140.1	157.4
			Excise duties			17.9	23.4	29.5	27.5	31.2	49.8	69.6	172.2
			Petroleum excise duty			15.1	25.4	78.8	70.3	151.9	201.7	224.0	290.2
		Trade taxes				58.0	65.0	84.3	75.5	121.4	274.8	359.9	544.9
			Import taxes			26.6	37.8	48.1	55.2	85.6	128.7	202.6	267.2
					Customs duties	24.3	34.5	43.5	49.5	72.1	106.1	162.5	214.2
					Special tax	2.1	2.5	3.7	5.3	7.6	5.0	6.4	11.2
					Other import charges	0.3	0.8	0.9	0.3	5.9	17.6	33.8	41.7
			Export duty - cocoa			31.4	27.2	36.2	20.4	35.7	146.2	157.2	277.7
		Nontax revenue				18.6	19.8	34.9	31.7	69.0	134.7	446.1	287.0
	Grants					44.9	57.2	75.3	91.5	164.7	184.4	280.1	307.3
			Program grants			21.3	27.8	36.3	32.7	66.6	49.5	93.8	78.3
			Project grants			23.6	29.4	39.0	58.8	98.1	134.9	186.3	229.1
						(In percent of GDP)
	Direct taxes					3.2	2.9	2.6	2.2	3.0	3.4	3.7	4.2
	Indirect taxes					5.0	5.2	7.1	5.9	7.6	8.0	6.8	7.1
	Trade taxes					4.1	3.4	3.5	2.7	3.3	5.6	4.9	5.2
	Nontax revenue					1.3	1.0	1.4	1.1	1.9	2.7	6.0	2.8
	Grants					3.2	3.0	3.1	3.3	4.5	3.7	3.8	3.0
	Total revenue and grants					16.8	15.4	17.7	15.2	20.2	23.4	25.1	22.2

Source: Ministry of Finance

Table 21.

Ghana: Central Government Revenue and Grants, 1989-96

(In billions of cedis)

						1989	1990	1991	1992	1993	1994	1995	1996
Total revenue and grants						238.1	296.7	429.6	425.1	742.8	1,160.2	1,864.7	2,304.9
	Tax revenue					174.5	219.7	319.5	301.8	509.2	841.1	1,138.5	1,710.6
		Direct taxes				45.9	55.1	62.4	62.1	110.3	170.5	275.0	433.3
			Individual			12.3	17.4	18.7	21.1	44.3	62.3	80.8	131.1
				Personal		7.2	10.8	11.7	15.7	37.0	51.5	65.4	110.5
				Self-employed		5.1	6.6	7.0	5.4	7.3	10.9	15.4	20.6
			Corporate			31.4	34.0	39.9	34.5	54.3	89.5	157.2	242.3
			Other			2.2	3.7	3.8	6.5	11.7	18.7	37.0	59.9
		Indirect taxes				70.6	99.5	172.8	164.2	277.5	395.8	503.7	732.4
			Sales tax			37.0	55.6	69.8	70.8	109.2	173.6	280.2	314.7
					Sales tax on domestic goods	19.1	22.9	29.6	31.0	39.7	57.5	69.9	112.6
					Sales taxes on imports	18.5	27.8	34.9	35.4	54.6	86.8	140.1	157.4
			Excise duties			17.9	23.4	29.5	27.5	31.2	49.8	69.6	172.2
			Petroleum excise duty			15.1	25.4	78.8	70.3	151.9	201.7	224.0	290.2
		Trade taxes				58.0	65.0	84.3	75.5	121.4	274.8	359.9	544.9
			Import taxes			26.6	37.8	48.1	55.2	85.6	128.7	202.6	267.2
					Customs duties	24.3	34.5	43.5	49.5	72.1	106.1	162.5	214.2
					Special tax	2.1	2.5	3.7	5.3	7.6	5.0	6.4	11.2
					Other import charges	0.3	0.8	0.9	0.3	5.9	17.6	33.8	41.7
			Export duty - cocoa			31.4	27.2	36.2	20.4	35.7	146.2	157.2	277.7
		Nontax revenue				18.6	19.8	34.9	31.7	69.0	134.7	446.1	287.0
	Grants					44.9	57.2	75.3	91.5	164.7	184.4	280.1	307.3
			Program grants			21.3	27.8	36.3	32.7	66.6	49.5	93.8	78.3
			Project grants			23.6	29.4	39.0	58.8	98.1	134.9	186.3	229.1
						(In percent of GDP)
	Direct taxes					3.2	2.9	2.6	2.2	3.0	3.4	3.7	4.2
	Indirect taxes					5.0	5.2	7.1	5.9	7.6	8.0	6.8	7.1
	Trade taxes					4.1	3.4	3.5	2.7	3.3	5.6	4.9	5.2
	Nontax revenue					1.3	1.0	1.4	1.1	1.9	2.7	6.0	2.8
	Grants					3.2	3.0	3.1	3.3	4.5	3.7	3.8	3.0
	Total revenue and grants					16.8	15.4	17.7	15.2	20.2	23.4	25.1	22.2

Source: Ministry of Finance

Table 22.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1989-96

(In billions of cedis)

Source: Ministry of Finance

Table 22.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1989-96

(In billions of cedis)

							1989	1990	1991	1992	1993	1994	1995	1996
Total expenditure and net lending							268.2	341.4	463.5	689.3	1,124.5	1,621.8	2,359.4	3,385.8
	Current expenditure						158.3	206.2	273.0	400.4	694.3	929.6	1,270.6	1,861.1
		Noninterest expenditure
				Wages and salaries			62.9	82.3	105.6	171.1	227.6	297.1	431.0	612.6
				Goods and services			35.8	45.0	60.5	69.2	141.2	170.0	190.1	242.9
					Items 2-5		35.8	42.7	55.5	67.1	94.2	142.3	157.3	242.9
					Other goods and services		0.0	2.3	5.0	2.1	47.0	27.7	32.8	0.0
				Interest payments			18.7	27.3	42.8	61.0	134.8	230.5	328.8	579.3
					Domestic		7.9	17.5	29.6	34.9	94.3	166.4	232.9	434.5
					External		10.8	9.8	13.2	26.1	40.4	64.0	95.8	144.8
				Subsidies and transfers			40.9	51.6	64.1	99.1	190.7	232.1	320.7	426.2
					Subventions		18.0	26.9	33.6	41.0	139.9	94.8	135.0	239.0
					Pensions and gratuities		8.3	10.9	13.5	18.6	0.0	36.7	86.7	105.7
					Social security		4.9	5.8	7.7	12.3	0.0	36.5	47.6	54.9
					Special efficiency		9.6	8.0	9.3	27.1	50.8	64.0	51.4	26.6
						Of which: End-of-service benefit	0.0	0.0	0.0	19.9	32.8	27.7	31.3	10.0
	Capital expenditure						109.9	135.2	190.5	288.9	430.2	692.2	1,088.8	1,524.7
		Capital expenditure (domestic financing)					45.9	57.8	78.6	131.3	143.3	236.2	524.1	681.6
			Development				38.2	48.3	67.2	119.4	135.3	227.9	508.3	572.8
			Net lending				7.7	9.5	11.4	11.9	8.0	8.3	15.8	108.8
		Capital expenditure (foreign financing)					64.0	77.4	111.9	157.6	286.9	456.0	564.7	843.2
Change in arrears (net)							0.0	0.0	0.0	21.0	16.0	9.0	81.0	-11.7
							(In percent of GDP)
	Current expenditure						11.2	10.7	11.2	14.3	18.9	18.8	17.1	17.9
	Wages and salaries						4.4	4.3	4.3	6.1	6.2	6.0	5.8	5.9
	Expenditure on goods and services						2.5	2.3	2.5	2.5	3.8	3.4	2.6	2.3
	Interest payments						1.3	1.4	1.8	2.2	3.7	4.7	4.4	5.6
	Subsidies and transfers						2.9	2.7	2.6	3.5	5.2	4.7	4.3	4.1
	Capital expenditure and net lending						-7.8	7.0	7.8	10.3	11.7	14.0	14.7	14.7
	Total expenditure and net lending						18.9	17.8	19.1	24.6	30.6	32.8	31.8	32.6

Source: Ministry of Finance

Table 22.

Ghana: Economic Classification of Central Government Expenditure and Net Lending, 1989-96

(In billions of cedis)

							1989	1990	1991	1992	1993	1994	1995	1996
Total expenditure and net lending							268.2	341.4	463.5	689.3	1,124.5	1,621.8	2,359.4	3,385.8
	Current expenditure						158.3	206.2	273.0	400.4	694.3	929.6	1,270.6	1,861.1
		Noninterest expenditure
				Wages and salaries			62.9	82.3	105.6	171.1	227.6	297.1	431.0	612.6
				Goods and services			35.8	45.0	60.5	69.2	141.2	170.0	190.1	242.9
					Items 2-5		35.8	42.7	55.5	67.1	94.2	142.3	157.3	242.9
					Other goods and services		0.0	2.3	5.0	2.1	47.0	27.7	32.8	0.0
				Interest payments			18.7	27.3	42.8	61.0	134.8	230.5	328.8	579.3
					Domestic		7.9	17.5	29.6	34.9	94.3	166.4	232.9	434.5
					External		10.8	9.8	13.2	26.1	40.4	64.0	95.8	144.8
				Subsidies and transfers			40.9	51.6	64.1	99.1	190.7	232.1	320.7	426.2
					Subventions		18.0	26.9	33.6	41.0	139.9	94.8	135.0	239.0
					Pensions and gratuities		8.3	10.9	13.5	18.6	0.0	36.7	86.7	105.7
					Social security		4.9	5.8	7.7	12.3	0.0	36.5	47.6	54.9
					Special efficiency		9.6	8.0	9.3	27.1	50.8	64.0	51.4	26.6
						Of which: End-of-service benefit	0.0	0.0	0.0	19.9	32.8	27.7	31.3	10.0
	Capital expenditure						109.9	135.2	190.5	288.9	430.2	692.2	1,088.8	1,524.7
		Capital expenditure (domestic financing)					45.9	57.8	78.6	131.3	143.3	236.2	524.1	681.6
			Development				38.2	48.3	67.2	119.4	135.3	227.9	508.3	572.8
			Net lending				7.7	9.5	11.4	11.9	8.0	8.3	15.8	108.8
		Capital expenditure (foreign financing)					64.0	77.4	111.9	157.6	286.9	456.0	564.7	843.2
Change in arrears (net)							0.0	0.0	0.0	21.0	16.0	9.0	81.0	-11.7
							(In percent of GDP)
	Current expenditure						11.2	10.7	11.2	14.3	18.9	18.8	17.1	17.9
	Wages and salaries						4.4	4.3	4.3	6.1	6.2	6.0	5.8	5.9
	Expenditure on goods and services						2.5	2.3	2.5	2.5	3.8	3.4	2.6	2.3
	Interest payments						1.3	1.4	1.8	2.2	3.7	4.7	4.4	5.6
	Subsidies and transfers						2.9	2.7	2.6	3.5	5.2	4.7	4.3	4.1
	Capital expenditure and net lending						-7.8	7.0	7.8	10.3	11.7	14.0	14.7	14.7
	Total expenditure and net lending						18.9	17.8	19.1	24.6	30.6	32.8	31.8	32.6

Source: Ministry of Finance

Table 23.

Ghana: Functional Classification of Central Government Expenditure, 1989-94¹

(In billions of cedis)

Source: Ministry of Finance

^¹Reported on a cash basis.

Table 23.

Ghana: Functional Classification of Central Government Expenditure, 1989-94¹

(In billions of cedis)

			1989	1990	1991	1992	1993	1994
Total expenditure			196.5	254.5	340.3	498.8	813.5	1,157.4
	General public services		37.9	49.5	41.7	58.5	83.9	145.4
	Defense		6.1	9.0	15.2	23.2	39.5	30.9
	Public order and safety		0.0	0.0	17.2	21.5	30.8	73.5
	Education		47.7	64.8	78.8	118.4	179.2	207.6
	Health		19.9	25.7	28.7	39.5	56.6	58.6
	Social security and welfare		14.4	18.4	23.9	34.6	57.8	40.8
		Social security and assistance	13.2	13.8	21.2	30.9	51.9	27.5
		Welfare	1.1	4.6	2.7	3.7	5.8	13.3
	Housing and community amenities		5.2	6.6	7.5	8.6	12.4	8.7
	Other community and social services		3.9	6.9	7.8	7.0	10.1	20.6
	Economic services		33.1	38.3	54.8	82.7	129.7	110.1
		Agriculture, forestry, and fishing	9.1	10.4	12.4	19.8	28.4	26.8
		Mining, manufacturing, and construction	2.2	2.6	3.2	7.7	11.0	8.3
		Electricity, gas, steam, and water	0.0	1.0	1.1	4.9	7.0	0.0
		Roads	14.9	16.1	28.2	42.6	72.2	17.7
		Other transport and communications	2.4	3.2	4.3	5.1	7.3	43.2
		Other economic services	4.5	4.8	5.6	2.6	3.8	14.1
	Interest on public debt		18.7	27.3	42.8	61.0	134.8	230.5
	Other purpose		0.0	0.0	12.6	16.7	27.9	166.7
	Special efficiency		9.6	8.0	9.3	27.1	50.8	64.0
			(In percent of GDP)
Education			3.4	3.4	3.2	4.2	4.9	4.2
Health			1.4	1.3	1.2	1.4	1.5	1.2
Defense			0.4	0.5	0.6	0.8	1.1	0.6
Social security and welfare			1.0	1.0	1.0	1.2	1.6	0.8
Economic services			2.3	2.0	2.3	3.0	3.5	2.2
Total expenditure			13.9	13.2	14.0	17.8	22.1	23.4

Source: Ministry of Finance

^¹Reported on a cash basis.

Table 23.

Ghana: Functional Classification of Central Government Expenditure, 1989-94¹

(In billions of cedis)

			1989	1990	1991	1992	1993	1994
Total expenditure			196.5	254.5	340.3	498.8	813.5	1,157.4
	General public services		37.9	49.5	41.7	58.5	83.9	145.4
	Defense		6.1	9.0	15.2	23.2	39.5	30.9
	Public order and safety		0.0	0.0	17.2	21.5	30.8	73.5
	Education		47.7	64.8	78.8	118.4	179.2	207.6
	Health		19.9	25.7	28.7	39.5	56.6	58.6
	Social security and welfare		14.4	18.4	23.9	34.6	57.8	40.8
		Social security and assistance	13.2	13.8	21.2	30.9	51.9	27.5
		Welfare	1.1	4.6	2.7	3.7	5.8	13.3
	Housing and community amenities		5.2	6.6	7.5	8.6	12.4	8.7
	Other community and social services		3.9	6.9	7.8	7.0	10.1	20.6
	Economic services		33.1	38.3	54.8	82.7	129.7	110.1
		Agriculture, forestry, and fishing	9.1	10.4	12.4	19.8	28.4	26.8
		Mining, manufacturing, and construction	2.2	2.6	3.2	7.7	11.0	8.3
		Electricity, gas, steam, and water	0.0	1.0	1.1	4.9	7.0	0.0
		Roads	14.9	16.1	28.2	42.6	72.2	17.7
		Other transport and communications	2.4	3.2	4.3	5.1	7.3	43.2
		Other economic services	4.5	4.8	5.6	2.6	3.8	14.1
	Interest on public debt		18.7	27.3	42.8	61.0	134.8	230.5
	Other purpose		0.0	0.0	12.6	16.7	27.9	166.7
	Special efficiency		9.6	8.0	9.3	27.1	50.8	64.0
			(In percent of GDP)
Education			3.4	3.4	3.2	4.2	4.9	4.2
Health			1.4	1.3	1.2	1.4	1.5	1.2
Defense			0.4	0.5	0.6	0.8	1.1	0.6
Social security and welfare			1.0	1.0	1.0	1.2	1.6	0.8
Economic services			2.3	2.0	2.3	3.0	3.5	2.2
Total expenditure			13.9	13.2	14.0	17.8	22.1	23.4

Source: Ministry of Finance

^¹Reported on a cash basis.

Table 24.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1989-94

(In millions of cedis; end of period)

Source: Bank of Ghana

^¹Estimate.

^²For 1990-95, the data refer to total debt held by financial intermediaries and the nonfinancial sector.

^³Public enterprises and the nonfinancial private sector.

Table 24.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1989-94

(In millions of cedis; end of period)

		1989	1990	1991	1992	1993	1994¹
Domestic debt		61,207	46,069	48,162	226,736	473,488	496,384
	Monetary authorities	13,686	13,691	16,667	155,138	306,928	314,546
	Deposit money banks	6,357	3,076	858	280	275	275
	Social security fund	11,928	18,430	18,430	32,261	94,525	82,874
	Financial intermediaries²	5,208	10,872	12,207	39,057	71,760	98,689
	Nonfinancial sector³	24,028	…	…	…	…	…
Memorandum item:
	Domestic debt as a percent of GDP	4.3	2.4	2.0	8.1	12.9	10.0

Source: Bank of Ghana

^¹Estimate.

^²For 1990-95, the data refer to total debt held by financial intermediaries and the nonfinancial sector.

^³Public enterprises and the nonfinancial private sector.

Table 24.

Ghana: Distribution of Outstanding Central Government Domestic Debt, 1989-94

(In millions of cedis; end of period)

		1989	1990	1991	1992	1993	1994¹
Domestic debt		61,207	46,069	48,162	226,736	473,488	496,384
	Monetary authorities	13,686	13,691	16,667	155,138	306,928	314,546
	Deposit money banks	6,357	3,076	858	280	275	275
	Social security fund	11,928	18,430	18,430	32,261	94,525	82,874
	Financial intermediaries²	5,208	10,872	12,207	39,057	71,760	98,689
	Nonfinancial sector³	24,028	…	…	…	…	…
Memorandum item:
	Domestic debt as a percent of GDP	4.3	2.4	2.0	8.1	12.9	10.0

Source: Bank of Ghana

^¹Estimate.

^²For 1990-95, the data refer to total debt held by financial intermediaries and the nonfinancial sector.

^³Public enterprises and the nonfinancial private sector.

Table 25.

Ghana: Operations of the Social Security and National Investment Trust, 1989-95

(In millions of cedis)

Source: Social Security and National Insurance Trust.

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

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

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

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

Table 25.

Ghana: Operations of the Social Security and National Investment Trust, 1989-95

(In millions of cedis)

		1989	1990	1991	1992	1993	1994	1995
Contributions¹		13,262	17,356	20,657	32,361	86,100	83,352	115,685
	From Central Government	6,828	8,045	10,507	12,085	54,030	39,820	54,698
	From others	6,434	9,311	10,149	20,276	32,070	43,532	60,988
Property income		4,612	6,712	8,954	10,287	18,850	27,345	38,604
	From central government stock	4,242	5,981	7,208	7,783	13,473	20,679	15,283
	Other	370	731	1,746	2,505	5,377	6,665	23,321
	Total revenue	17,874	24,068	29,611	42,648	104,950	110,697	154,290
Administrative expenditures		2,604	3,562	4,999	6,948	9,933	17,766	20,299
	Wages and salaries	786	1,205	2,307	3,467	4,957	9,869	9,314
	Other	1,818	2,358	2,692	3,481	4,977	7,896	10,985
Transfers to households		594	957	787	1,449	3,321	8,124	13,545
	Superannuation benefits	507	857	502	550	704	1,129	2,004
	Other²	88	100	285	899	2,618	6,995	11,541
Acquisition of fixed capital assets³		6,264	13,133	17,676	11,851	18,904	24,722	79,748
	Total expenditure	9,462	17,652	23,461	20,247	32,158	50,612	113,592
Surplus		8,411	6,416	6,150	22,400	72,792	60,085	40,698
Financing		-8,411	-6,416	-6,150	-22,400	-72,792	-60,085	-40,698
	Acquisition of central government securities	270	-3,689	148	-14,839	-57,791	1,902	18,196
	Short-term deposits	-8,001	-12	-1,650	-1,889	1,128	-14,485	20,608
	Other⁴	-1,431	-1,470	-439	-934	-14,950	-52,713	-143,004
	Unidentified	751	-1,244	-4,209	-4,739	-1,179	5,210	63,502
Memorandum item:
	Interest accruing to members’ accounts	943	1,378	…	…	…	…	…

Source: Social Security and National Insurance Trust.

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

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

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

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

Table 25.

Ghana: Operations of the Social Security and National Investment Trust, 1989-95

(In millions of cedis)

		1989	1990	1991	1992	1993	1994	1995
Contributions¹		13,262	17,356	20,657	32,361	86,100	83,352	115,685
	From Central Government	6,828	8,045	10,507	12,085	54,030	39,820	54,698
	From others	6,434	9,311	10,149	20,276	32,070	43,532	60,988
Property income		4,612	6,712	8,954	10,287	18,850	27,345	38,604
	From central government stock	4,242	5,981	7,208	7,783	13,473	20,679	15,283
	Other	370	731	1,746	2,505	5,377	6,665	23,321
	Total revenue	17,874	24,068	29,611	42,648	104,950	110,697	154,290
Administrative expenditures		2,604	3,562	4,999	6,948	9,933	17,766	20,299
	Wages and salaries	786	1,205	2,307	3,467	4,957	9,869	9,314
	Other	1,818	2,358	2,692	3,481	4,977	7,896	10,985
Transfers to households		594	957	787	1,449	3,321	8,124	13,545
	Superannuation benefits	507	857	502	550	704	1,129	2,004
	Other²	88	100	285	899	2,618	6,995	11,541
Acquisition of fixed capital assets³		6,264	13,133	17,676	11,851	18,904	24,722	79,748
	Total expenditure	9,462	17,652	23,461	20,247	32,158	50,612	113,592
Surplus		8,411	6,416	6,150	22,400	72,792	60,085	40,698
Financing		-8,411	-6,416	-6,150	-22,400	-72,792	-60,085	-40,698
	Acquisition of central government securities	270	-3,689	148	-14,839	-57,791	1,902	18,196
	Short-term deposits	-8,001	-12	-1,650	-1,889	1,128	-14,485	20,608
	Other⁴	-1,431	-1,470	-439	-934	-14,950	-52,713	-143,004
	Unidentified	751	-1,244	-4,209	-4,739	-1,179	5,210	63,502
Memorandum item:
	Interest accruing to members’ accounts	943	1,378	…	…	…	…	…

Source: Social Security and National Insurance Trust.

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

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

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

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

Table 26.

Ghana: Summary of Financial Operations of Major State-Owned Enterprises, 1989-95

(In millions of cedis)

Source: State Enterprise Commission; and staff estimates.

^¹Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30.

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

^³Excludes Ghana Railways Corporation in 1993 and Ghana Airways Corporation in 1994.

Table 26.

Ghana: Summary of Financial Operations of Major State-Owned Enterprises, 1989-95

(In millions of cedis)

			1989	1990	1991	1992	1993	1994	1995
Electricity Corporation of Ghana
	Revenues		9,633	11,081	14,466	24,458	46,530	59,831	103,826
	Costs		6,558	10,604	17,202	25,826	36,305	52,078	115,916
		Of which: wages and salaries	1,027	1,029	…	…	4,414	4,611	7,577
	Gross profit		3,075	477	-2,736	-1,368	10,225	7,753	-12,090
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	13,654	7,839
	Investment		4,326	480	480	480	36,789	31,590	35,594
	Foreign financing of investment		1,496	…	…	…	18,309	16,868	15,839
Ghana Airways Corporation
	Revenues		14,614	19,274	25,576	30,248	38,153	…	…
	Costs		14,161	19,138	25,008	29,982	36,358	…	…
		Of which: wages and salaries	…	…	…	1,138	3,537	…	…
	Gross profit		453	136	568	266	1,795	…	…
	Tax paid		107	264	60	70	…	…	…
	Dividend payments		…	336	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		364	464	137	363	149,901	…	…
	Foreign financing of investment		…	…	…	…	941,200	…	…
Ghana Cocoa Board (Cocoa Division) ¹
	Revenues		88,187	100,207	107,599	123,930	134,760	184,784	360,806
	Costs		75,700	89,479	106,662	116,895	140,388	187,191	360,806
		Of which: wages and salaries	…	…	…	…	…	58,252	…
	Gross profit		12,488	10,728	937	7,035	-5,629	-2,408	0
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		…	…	223,886	223,886	223,886	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Oil Company Limited
	Revenues		15,476	29,568	48,208	63,000	73,028	83,125	111,102
	Costs		14,700	28,777	46,756	60,000	72,234	78,156	110,406
		Of which: wages and salaries	198'	233	…	290	812	1,222	…
	Gross profit		776	791	1,452	3,000	794	4,969	696
	Tax paid		149	224	378	945	403	406	472
	Dividend payments		30	15	100	100	…	209	104
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		110	110	110	110	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Ports and Harbours Authority
	Revenues		10,660	16,608	16,500	35,875	32,910	48,891	60,174
	Costs		7,708	9,733	10,350	16,695	20,634	36,243	49,124
		Of which: wages and salaries	2,526	1,980	3,052	4,578	8,047	12,723	16,204
	Gross profit		2,952	6,875	6,150	19,180	12,276	12,648	11,050
	Tax paid		10	14	559	900	3,500	4,200	56,000
	Dividend payments		70	200	…	…	…	7,000	15,000
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		6,137	…	8,134	…	…	50,557	84,281
	Foreign financing of investment		…	…	…	…	…	17,310	10,493
Ghana Post and Telecommunications Corporation
	Revenues		10,200	15,389	14,127	44,342	52,622	48,990	84,700
	Costs		8,348	12,553	8,714	29,320	49,794	25,691	17,400
		Of which: wages and salaries	1,651	924	1,155	1,733	7,801	9,640	4,040
	Gross profit		1,852	2,836	5,413	15,022	2,828	23,299	67,300
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	24,765	…	…
	Investment		28,160	…	…	…	44,713	…	…
	Foreign financing of investment		8,941	…	…	…	24,765	…	…
Ghana Railway Corporation
	Revenues		2,236	2,809	4,214	4,925	…	8,157	10,319
	Costs		3,300	3,316	4,974	5,710	…	10,330	14,131
		Of which: wages and salaries	…	1,852	2,778	…	…	5,002	4,828
	Gross profit		-1,064	-507	-760	-785	…	-2,173	-3,812
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		214	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		…	…	…	…	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Supply Commission
	Revenues		307	634	1,006	942	1,119	1,068	2,192
	Costs		230	454	464	540	714	800	895
		Of which: wages and salaries	58	74	147	265	460	450	492
	Gross profit		77'	180	542	402	405	268	1,297
	Tax paid		5	6	45	33	55	110	90
	Dividend payments		…	…	…	…	…	…	447
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		381	125	1,528	1,458	1,796	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Water and Sewerage Corporation
	Revenues		5,200	7,264	9,309	15,005	21,717	22,237	36,824
	Costs		4,700	13,189	11,681	10,659	31,605	46,445	38,599
		Of which: wages and salaries	1,600	1,622	1,523	1,523	5,558	6,374	6,528
	Gross profit		500	-5,925	-2,372	4,346	-9,888	-24,208	-1,775
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	4,767	6,204	6,204	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		18,290	335	192	192	55	913	423
	Foreign financing of investment		1,200	…	…	…	37,923	60,813	109,841
State Shipping Corporation
	Revenues		7,092	10,957	5,873	3,108	7,058	9,701	3,094
	Costs		7,696	7,752	6,400	3,171	7,472	6,994	4,135
		Of which: wages and salaries	304	…	…	…	1,164	725	…
	Gross profit		-604	3,205	-527	-63	-414	2,707	-1,041
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		3	…	…	…	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
TEMA Oil Refinary
	Revenues		2,240	3,875	6,810	9,000	10,201	15,100	16,747
	Costs		2,048	3,435	5,359	7,000	7,866	10,291	15,765
		Of which: wages and salaries	…	…	612	918	902	1,173	1,390
	Gross profit		192	440	1,451	2,000	2,335	4,809	982
	Tax paid		32	25	187	187	263	631	1,700
	Dividend payments		…	2	2	2	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	2,077	672	4,246
	Investment		…	34	34	34	3,924	5,277	4,319
	Foreign financing of investment		…	…	…	…	2,077	674	4,246
Volta River Authority
	Revenues		20,800	39,437	48,654	55,300	70,874	94,313	187,837
	Costs		19,723	27,508	32,865	24,341	20,277	53,136	47,132
		Of which: wages and salaries	1,300	686	1,126	…	6,413	4,347	9,960
	Gross profit		1,077	11,929	15,789	30,959	50,597	41,177	140,705
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	5,323	5,323	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	4,045	…	…
	Investment		…	4,376	7,833	7,833	7,600	…	9,880
	Foreign financing of investment		11,500	…	…	…	…	…	…
Ghana National Procurement Agency
	Revenues		7,438	9,631	10,822	16,304	29,815	31,191	56,354
	Costs		5,869	6,898	8,743	14,438	26,573	26,481	49,696
		Of which: wages and salaries	40	48	114	275	405	425	702
	Gross profit		1,569	2,733	2,079	1,866	3,242	4,710	6,658
	Tax paid		…	…	202,785	222,785	544,275	247	787
	Dividend payments		…	…	130	…	500	…	785
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	4,045	…	…
	Investment		259	1,097	4,558	5,943	3,956	1,979	4,951
	Foreign financing of investment		…	…	…	…	…	…	…
Total ³
	Revenues		194,083	266,734	313,164	426,437	518,787	607,388	1,033,975
	Costs		170,741	232,836	285,178	344,577	450,220	533,836	824,005
		Of which: wages and salaries	8,704	8,448	10,507	10,720	39,513	104,944	51,721
	Gross profit		23,343	33,898	27,986	81,860	68,566	73,552	209,970
		(In percent of total revenues)	12.0	12.7	8.9	19.2	13.2	12.1	20.3
	Tax paid		303	533	204,014	224,920	548,496	5,594	59,049
		(In percent of total profit)	1.3	1.6	729.0	274.8	800.0	7.6	28.1
	Dividend payments		100	553	5,555	5,425	500	7,209	16,336
	Subvention receipts		214	4,767	6,204	6,204	0	0	0
	Net lending receipts		0	0	0	0	34,932	14,326	12,085
	Investment		58,030	7,021	246,892	240,299	472,620	90,316	139,448
	Foreign financing of investment		23,137	0	0	0	1,024,274	95,665	140,419
Memorandum item:
Ghana National Petroleum Corporation
	Revenues		44,865	88,997	…	…	…	…	…
	Costs		46,790	90,215	…	…	…	…	…
		Of which: wages and salaries	61	…	…	…	…	…	…
	Gross profit		-1,925	-1,218	…	…	…	…	…
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		551	706	…	…	…	…	…
	Foreign financing of investment		606	…	…	…	…	…	…

Source: State Enterprise Commission; and staff estimates.

^¹Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30.

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

^³Excludes Ghana Railways Corporation in 1993 and Ghana Airways Corporation in 1994.

Table 26.

Ghana: Summary of Financial Operations of Major State-Owned Enterprises, 1989-95

(In millions of cedis)

			1989	1990	1991	1992	1993	1994	1995
Electricity Corporation of Ghana
	Revenues		9,633	11,081	14,466	24,458	46,530	59,831	103,826
	Costs		6,558	10,604	17,202	25,826	36,305	52,078	115,916
		Of which: wages and salaries	1,027	1,029	…	…	4,414	4,611	7,577
	Gross profit		3,075	477	-2,736	-1,368	10,225	7,753	-12,090
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	13,654	7,839
	Investment		4,326	480	480	480	36,789	31,590	35,594
	Foreign financing of investment		1,496	…	…	…	18,309	16,868	15,839
Ghana Airways Corporation
	Revenues		14,614	19,274	25,576	30,248	38,153	…	…
	Costs		14,161	19,138	25,008	29,982	36,358	…	…
		Of which: wages and salaries	…	…	…	1,138	3,537	…	…
	Gross profit		453	136	568	266	1,795	…	…
	Tax paid		107	264	60	70	…	…	…
	Dividend payments		…	336	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		364	464	137	363	149,901	…	…
	Foreign financing of investment		…	…	…	…	941,200	…	…
Ghana Cocoa Board (Cocoa Division) ¹
	Revenues		88,187	100,207	107,599	123,930	134,760	184,784	360,806
	Costs		75,700	89,479	106,662	116,895	140,388	187,191	360,806
		Of which: wages and salaries	…	…	…	…	…	58,252	…
	Gross profit		12,488	10,728	937	7,035	-5,629	-2,408	0
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		…	…	223,886	223,886	223,886	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Oil Company Limited
	Revenues		15,476	29,568	48,208	63,000	73,028	83,125	111,102
	Costs		14,700	28,777	46,756	60,000	72,234	78,156	110,406
		Of which: wages and salaries	198'	233	…	290	812	1,222	…
	Gross profit		776	791	1,452	3,000	794	4,969	696
	Tax paid		149	224	378	945	403	406	472
	Dividend payments		30	15	100	100	…	209	104
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		110	110	110	110	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Ports and Harbours Authority
	Revenues		10,660	16,608	16,500	35,875	32,910	48,891	60,174
	Costs		7,708	9,733	10,350	16,695	20,634	36,243	49,124
		Of which: wages and salaries	2,526	1,980	3,052	4,578	8,047	12,723	16,204
	Gross profit		2,952	6,875	6,150	19,180	12,276	12,648	11,050
	Tax paid		10	14	559	900	3,500	4,200	56,000
	Dividend payments		70	200	…	…	…	7,000	15,000
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		6,137	…	8,134	…	…	50,557	84,281
	Foreign financing of investment		…	…	…	…	…	17,310	10,493
Ghana Post and Telecommunications Corporation
	Revenues		10,200	15,389	14,127	44,342	52,622	48,990	84,700
	Costs		8,348	12,553	8,714	29,320	49,794	25,691	17,400
		Of which: wages and salaries	1,651	924	1,155	1,733	7,801	9,640	4,040
	Gross profit		1,852	2,836	5,413	15,022	2,828	23,299	67,300
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	24,765	…	…
	Investment		28,160	…	…	…	44,713	…	…
	Foreign financing of investment		8,941	…	…	…	24,765	…	…
Ghana Railway Corporation
	Revenues		2,236	2,809	4,214	4,925	…	8,157	10,319
	Costs		3,300	3,316	4,974	5,710	…	10,330	14,131
		Of which: wages and salaries	…	1,852	2,778	…	…	5,002	4,828
	Gross profit		-1,064	-507	-760	-785	…	-2,173	-3,812
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		214	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		…	…	…	…	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Supply Commission
	Revenues		307	634	1,006	942	1,119	1,068	2,192
	Costs		230	454	464	540	714	800	895
		Of which: wages and salaries	58	74	147	265	460	450	492
	Gross profit		77'	180	542	402	405	268	1,297
	Tax paid		5	6	45	33	55	110	90
	Dividend payments		…	…	…	…	…	…	447
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		381	125	1,528	1,458	1,796	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
Ghana Water and Sewerage Corporation
	Revenues		5,200	7,264	9,309	15,005	21,717	22,237	36,824
	Costs		4,700	13,189	11,681	10,659	31,605	46,445	38,599
		Of which: wages and salaries	1,600	1,622	1,523	1,523	5,558	6,374	6,528
	Gross profit		500	-5,925	-2,372	4,346	-9,888	-24,208	-1,775
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	4,767	6,204	6,204	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		18,290	335	192	192	55	913	423
	Foreign financing of investment		1,200	…	…	…	37,923	60,813	109,841
State Shipping Corporation
	Revenues		7,092	10,957	5,873	3,108	7,058	9,701	3,094
	Costs		7,696	7,752	6,400	3,171	7,472	6,994	4,135
		Of which: wages and salaries	304	…	…	…	1,164	725	…
	Gross profit		-604	3,205	-527	-63	-414	2,707	-1,041
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		3	…	…	…	…	…	…
	Foreign financing of investment		…	…	…	…	…	…	…
TEMA Oil Refinary
	Revenues		2,240	3,875	6,810	9,000	10,201	15,100	16,747
	Costs		2,048	3,435	5,359	7,000	7,866	10,291	15,765
		Of which: wages and salaries	…	…	612	918	902	1,173	1,390
	Gross profit		192	440	1,451	2,000	2,335	4,809	982
	Tax paid		32	25	187	187	263	631	1,700
	Dividend payments		…	2	2	2	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	2,077	672	4,246
	Investment		…	34	34	34	3,924	5,277	4,319
	Foreign financing of investment		…	…	…	…	2,077	674	4,246
Volta River Authority
	Revenues		20,800	39,437	48,654	55,300	70,874	94,313	187,837
	Costs		19,723	27,508	32,865	24,341	20,277	53,136	47,132
		Of which: wages and salaries	1,300	686	1,126	…	6,413	4,347	9,960
	Gross profit		1,077	11,929	15,789	30,959	50,597	41,177	140,705
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	5,323	5,323	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	4,045	…	…
	Investment		…	4,376	7,833	7,833	7,600	…	9,880
	Foreign financing of investment		11,500	…	…	…	…	…	…
Ghana National Procurement Agency
	Revenues		7,438	9,631	10,822	16,304	29,815	31,191	56,354
	Costs		5,869	6,898	8,743	14,438	26,573	26,481	49,696
		Of which: wages and salaries	40	48	114	275	405	425	702
	Gross profit		1,569	2,733	2,079	1,866	3,242	4,710	6,658
	Tax paid		…	…	202,785	222,785	544,275	247	787
	Dividend payments		…	…	130	…	500	…	785
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	4,045	…	…
	Investment		259	1,097	4,558	5,943	3,956	1,979	4,951
	Foreign financing of investment		…	…	…	…	…	…	…
Total ³
	Revenues		194,083	266,734	313,164	426,437	518,787	607,388	1,033,975
	Costs		170,741	232,836	285,178	344,577	450,220	533,836	824,005
		Of which: wages and salaries	8,704	8,448	10,507	10,720	39,513	104,944	51,721
	Gross profit		23,343	33,898	27,986	81,860	68,566	73,552	209,970
		(In percent of total revenues)	12.0	12.7	8.9	19.2	13.2	12.1	20.3
	Tax paid		303	533	204,014	224,920	548,496	5,594	59,049
		(In percent of total profit)	1.3	1.6	729.0	274.8	800.0	7.6	28.1
	Dividend payments		100	553	5,555	5,425	500	7,209	16,336
	Subvention receipts		214	4,767	6,204	6,204	0	0	0
	Net lending receipts		0	0	0	0	34,932	14,326	12,085
	Investment		58,030	7,021	246,892	240,299	472,620	90,316	139,448
	Foreign financing of investment		23,137	0	0	0	1,024,274	95,665	140,419
Memorandum item:
Ghana National Petroleum Corporation
	Revenues		44,865	88,997	…	…	…	…	…
	Costs		46,790	90,215	…	…	…	…	…
		Of which: wages and salaries	61	…	…	…	…	…	…
	Gross profit		-1,925	-1,218	…	…	…	…	…
	Tax paid		…	…	…	…	…	…	…
	Dividend payments		…	…	…	…	…	…	…
	Subvention receipts		…	…	…	…	…	…	…
	Net lending receipts		…	…	…	…	…	…	…
	Investment		551	706	…	…	…	…	…
	Foreign financing of investment		606	…	…	…	…	…	…

Source: State Enterprise Commission; and staff estimates.

^¹Cocoa Board figures are staff estimates based on annual crop year accounts ending September 30.

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

^³Excludes Ghana Railways Corporation in 1993 and Ghana Airways Corporation in 1994.

Table 27.

Ghana: Public Investment Program, 1994-96¹

(In millions of cedis)

Source: Data provided by the Ghanaian authorities.

^¹Formulated on the basis of a £ 1600/US$1 exchange rate (end-April 1996) for foreign sources of funding.

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

Table 27.

Ghana: Public Investment Program, 1994-96¹

(In millions of cedis)

		1994-96		1994		1995		1996
				Actual		Actual		Provisional
		Investment by sector	Percentage distribution	Investment by sector	Percentage distribution	Investment by sector	Percentage distribution	Investment by sector	Percentage distribution
Directly productive sectors		210.2	7.1	43.6	8.2	67.8	8.8	98.8	6.0
	Agriculture	129.3	4.4	9.4	1.8	50.5	6.5	69.4	4.2
	Industry	8.1	0.3	1.1	0.2	1.2	0.2	5.8	0.4
	Mining and forestry	72.9	2.5	33.1	6.3	16.1	2.1	23.6	1.4
Economic infrastructure		2,036.7	69.1	383.6	72.5	549.8	71.3	1,103.2	67.0
	Water	286.5	9.7	96.3	18.2	99.0	12.8	91.3	5.5
	Transport and communication	197.0	6.7	65.2	12.3	59.4	7.7	72.4	4.4
	Energy	574.6	19.5	57.6	10.9	154.3	20.0	362.8	22.0
	Roads and highways	894.8	30.4	150.5	28.5	222.7	28.9	521.6	31.7
	Works and housing	83.7	2.8	14.1	2.7	14.5	1.9	55.1	3.3
Social and administrative sectors		691.9	23.5	98.7	18.7	152.5	19.8	440.8	26.7
	Education	221.8	7.5	58.2	11.0	83.3	10.8	80.3	4.9
	Health	215.1	7.3	26.8	5.1	48.5	6.3	139.8	8.5
	Local gov’t and community de	200.1	6.8	2.5	0.5	9.3	1.2	188.3	11.4
	PAMSCAD²	1.2	0.0	0.4	0.1	0.5	0.1	0.3	0.0
	Other	53.7	1.8	10.7	2.0	10.9	1.4	32.1	1.9
Culture		9.4	0.3	2.9	0.5	1.5	0.2	5.0	0.3
	Total	2,948.1	100.0	528.8	100.0	771.6	100.0	1,647.8	100.0

Source: Data provided by the Ghanaian authorities.

^¹Formulated on the basis of a £ 1600/US$1 exchange rate (end-April 1996) for foreign sources of funding.

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

Table 27.

Ghana: Public Investment Program, 1994-96¹

(In millions of cedis)

		1994-96		1994		1995		1996
				Actual		Actual		Provisional
		Investment by sector	Percentage distribution	Investment by sector	Percentage distribution	Investment by sector	Percentage distribution	Investment by sector	Percentage distribution
Directly productive sectors		210.2	7.1	43.6	8.2	67.8	8.8	98.8	6.0
	Agriculture	129.3	4.4	9.4	1.8	50.5	6.5	69.4	4.2
	Industry	8.1	0.3	1.1	0.2	1.2	0.2	5.8	0.4
	Mining and forestry	72.9	2.5	33.1	6.3	16.1	2.1	23.6	1.4
Economic infrastructure		2,036.7	69.1	383.6	72.5	549.8	71.3	1,103.2	67.0
	Water	286.5	9.7	96.3	18.2	99.0	12.8	91.3	5.5
	Transport and communication	197.0	6.7	65.2	12.3	59.4	7.7	72.4	4.4
	Energy	574.6	19.5	57.6	10.9	154.3	20.0	362.8	22.0
	Roads and highways	894.8	30.4	150.5	28.5	222.7	28.9	521.6	31.7
	Works and housing	83.7	2.8	14.1	2.7	14.5	1.9	55.1	3.3
Social and administrative sectors		691.9	23.5	98.7	18.7	152.5	19.8	440.8	26.7
	Education	221.8	7.5	58.2	11.0	83.3	10.8	80.3	4.9
	Health	215.1	7.3	26.8	5.1	48.5	6.3	139.8	8.5
	Local gov’t and community de	200.1	6.8	2.5	0.5	9.3	1.2	188.3	11.4
	PAMSCAD²	1.2	0.0	0.4	0.1	0.5	0.1	0.3	0.0
	Other	53.7	1.8	10.7	2.0	10.9	1.4	32.1	1.9
Culture		9.4	0.3	2.9	0.5	1.5	0.2	5.0	0.3
	Total	2,948.1	100.0	528.8	100.0	771.6	100.0	1,647.8	100.0

Source: Data provided by the Ghanaian authorities.

^¹Formulated on the basis of a £ 1600/US$1 exchange rate (end-April 1996) for foreign sources of funding.

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

Table 28.

Ghana: Monetary Survey, 1993-97

(In billions of cedis, unless otherwise specified; end of period)

Sources: Ghanaian authorities; and Fund staff estimates and projections.

^¹Including public enterprises.

^²Newly defined broad money includes all foreign currency deposits held in commercial banks.

Table 28.

Ghana: Monetary Survey, 1993-97

(In billions of cedis, unless otherwise specified; end of period)

						1993	1994	1995	1996	1997
						Dec.	Dec.	Dec.	Dec.	June
Bank of Ghana
	Net foreign assets					-309	-225	51	28	-186
		(in millions of U.S. dollars)				-377	-214	35	16	-88
	Net domestic assets					567	687	572	874	1,054
		Claims on government (net)				213	175	114	289	156
		Claims on deposit money banks				7	7	8	9	37
		Claims on public enterprises				45	149	189	146	148
		Bank of Ghana bills (-)				-334	-479	-657	-518	-329
		Other items net; assets +				637	836	917	948	1,042
	Reserve money (RM)					258	461	623	902	868
		Currency outside banks				222	369	546	724	667
		Bank reserves				32	89	69	169	184
		Nonbank deposits				4	4	8	10	17
Deposit money banks
	Net foreign assets					228	393	409	586	712
	Reserves					42	89	107	194	164
		Cash				17	23	39	43	33
		Deposits with Bank of Ghana				24	65	67	151	132
	Bank of Ghana bills					263	369	564	475	307
	Credit from Bank of Ghana					-6	-20	-18	-29	24
	Domestic credit					167	234	362	693	1,183
			Claims on government (net)			-63	-69	-76	-46	175
				Claims		0	0	0	74	288
				Deposits		63	69	76	120	113
		Claims on private sector¹				230	303	438	738	1,008
				Of which
					In foreign currency	…	13	47	89	217
	Other items net; assets +					-155	-267	-331	-351	-430
	Total deposits					539	798	1,093	1,567	1,961
Monetary Survey
	Net foreign assets					-81	167	460	614	526
	Net domestic assets					846	1,003	1,188	1,687	2,119
		Domestic credit				425	557	666	1,128	1,488
			Claims on government (net)			150	106	39	243	331
			Claims on private sector¹			275	452	627	885	1,157
		Bank of Ghana bills held by nonbanks				-71	-37	-33	-37	-22
		Other items net; assets +				492	483	555	596	654
	Broad money (M2)²					765	1,170	1,648	2,301	2,645
		Currency				222	369	546	724	667
		Deposits				543	802	1,101	1,577	1,978
			Of which
				Foreign currency deposits		103	203	318	516	645
Memorandum items:
	Broad money (12-month change in percent)					34.5	53.0	40.8	39.7	37.9
		Excluding foreign currency deposits (cedi M2)				27.4	46.2	37.4	34.3	34.2
	Reserve money (12-month change in percent)					4.9	78.9	35.1	44.8	45.0
	Currency/M2 ratio					0.29	0.32	0.33	0.31	0.25
	Velocity (GDP/average of M2)					5.64	5.24	5.35	5.13	…
	Reserve monev multiolier (M2/RM)					2.97	2.54	2.64	2.55	3.05

Sources: Ghanaian authorities; and Fund staff estimates and projections.

^¹Including public enterprises.

^²Newly defined broad money includes all foreign currency deposits held in commercial banks.

Table 28.

Ghana: Monetary Survey, 1993-97

(In billions of cedis, unless otherwise specified; end of period)

						1993	1994	1995	1996	1997
						Dec.	Dec.	Dec.	Dec.	June
Bank of Ghana
	Net foreign assets					-309	-225	51	28	-186
		(in millions of U.S. dollars)				-377	-214	35	16	-88
	Net domestic assets					567	687	572	874	1,054
		Claims on government (net)				213	175	114	289	156
		Claims on deposit money banks				7	7	8	9	37
		Claims on public enterprises				45	149	189	146	148
		Bank of Ghana bills (-)				-334	-479	-657	-518	-329
		Other items net; assets +				637	836	917	948	1,042
	Reserve money (RM)					258	461	623	902	868
		Currency outside banks				222	369	546	724	667
		Bank reserves				32	89	69	169	184
		Nonbank deposits				4	4	8	10	17
Deposit money banks
	Net foreign assets					228	393	409	586	712
	Reserves					42	89	107	194	164
		Cash				17	23	39	43	33
		Deposits with Bank of Ghana				24	65	67	151	132
	Bank of Ghana bills					263	369	564	475	307
	Credit from Bank of Ghana					-6	-20	-18	-29	24
	Domestic credit					167	234	362	693	1,183
			Claims on government (net)			-63	-69	-76	-46	175
				Claims		0	0	0	74	288
				Deposits		63	69	76	120	113
		Claims on private sector¹				230	303	438	738	1,008
				Of which
					In foreign currency	…	13	47	89	217
	Other items net; assets +					-155	-267	-331	-351	-430
	Total deposits					539	798	1,093	1,567	1,961
Monetary Survey
	Net foreign assets					-81	167	460	614	526
	Net domestic assets					846	1,003	1,188	1,687	2,119
		Domestic credit				425	557	666	1,128	1,488
			Claims on government (net)			150	106	39	243	331
			Claims on private sector¹			275	452	627	885	1,157
		Bank of Ghana bills held by nonbanks				-71	-37	-33	-37	-22
		Other items net; assets +				492	483	555	596	654
	Broad money (M2)²					765	1,170	1,648	2,301	2,645
		Currency				222	369	546	724	667
		Deposits				543	802	1,101	1,577	1,978
			Of which
				Foreign currency deposits		103	203	318	516	645
Memorandum items:
	Broad money (12-month change in percent)					34.5	53.0	40.8	39.7	37.9
		Excluding foreign currency deposits (cedi M2)				27.4	46.2	37.4	34.3	34.2
	Reserve money (12-month change in percent)					4.9	78.9	35.1	44.8	45.0
	Currency/M2 ratio					0.29	0.32	0.33	0.31	0.25
	Velocity (GDP/average of M2)					5.64	5.24	5.35	5.13	…
	Reserve monev multiolier (M2/RM)					2.97	2.54	2.64	2.55	3.05

Sources: Ghanaian authorities; and Fund staff estimates and projections.

^¹Including public enterprises.

^²Newly defined broad money includes all foreign currency deposits held in commercial banks.

Table 29.

Ghana: Monetary Authorities, 1993-1997

(In billions of cedis)

Source: Bank of Ghana.

Table 29.

Ghana: Monetary Authorities, 1993-1997

(In billions of cedis)

					1993	1994	1995	1996	1997
					Dec.	Dec.	Dec.	Dec.	June
Net foreign assets					-309.1	-225.3	50.9	28.3	-186.3
	(in millions of U.S. dollars)				-377.1	-214.0	35.1	16.2	-88.1
Net domestic assets					567.0	686.5	572.2	873.9	1,054.0
	Claims on government (net)				213.0	174.5	114.4	288.7	155.8
		Claims on government			450.2	492.6	608.7	613.2	614.9
			Treasury bills		1.6	2.9	4.2	10.3	13.1
			Ghana stocks		14.0	12.8	17.1	12.1	11.1
			Government overdrafts		0.0	42.3	152.9	0.0	0.0
			Long-term gov. stocks		434.6	434.6	434.6	590.7	590.7
		Government Deposits			237.2	318.1	494.3	324.5	459.1
	Claims on deposit money banks				6.8	6.7	8.3	9.4	37.0
	Claims on nonbank sector (including public enterprises)				44.8	148.8	189.1	146.5	148.4
		Claims on public enterprises			44.8	148.8	151.9	135.8	136.3
			Of which
				claims on Cocoa Board	8.2	0.2	0.0	0.0	0.0
				Claims on Ghana National Petroleum Corporation	…	…	…	128.0	128.0
		Claims on private sector			0.0	0.0	0.0	0.0	0.0
		Claims on other financial institutions			0.0	0.0	37.2	10.7	12.1
	Bank of Ghana bills (-)				-334.5	-479.5	-656.8	-518.2	-329.3
		Held by banks			-263.1	-442.7	-623.9	-481.5	-307.0
		Held by nonbanks			-71.4	-36.8	-32.9	-36.7	-22.3
	Other items net (assets +)				636.9	836.1	917.1	947.6	1,042.1
Reserve money					257.9	461.3	623.1	902.2	867.7
	Currency outside banks				222.2	368.8	546.3	724.0	666.9
	Bank reserves				31.9	88.6	68.9	168.6	184.0
		Cash			17.3	23.3	39.2	43.2	32.6
		Deposits			14.6	65.3	29.8	125.4	151.4
			Required reserves		21.8	29.7	38.8	105.2	156.9
			Excess reserves		-7.2	35.5	-9.0	20.2	-5.4
		Nonbank deposits			3.8	3.9	7.9	9.6	16.8
Memorandum item:
Exchange rate (cedis/US$)					819.7	1,052.6	1,449.3	1,740.4	2,115.7

Source: Bank of Ghana.

Table 29.

Ghana: Monetary Authorities, 1993-1997

(In billions of cedis)

					1993	1994	1995	1996	1997
					Dec.	Dec.	Dec.	Dec.	June
Net foreign assets					-309.1	-225.3	50.9	28.3	-186.3
	(in millions of U.S. dollars)				-377.1	-214.0	35.1	16.2	-88.1
Net domestic assets					567.0	686.5	572.2	873.9	1,054.0
	Claims on government (net)				213.0	174.5	114.4	288.7	155.8
		Claims on government			450.2	492.6	608.7	613.2	614.9
			Treasury bills		1.6	2.9	4.2	10.3	13.1
			Ghana stocks		14.0	12.8	17.1	12.1	11.1
			Government overdrafts		0.0	42.3	152.9	0.0	0.0
			Long-term gov. stocks		434.6	434.6	434.6	590.7	590.7
		Government Deposits			237.2	318.1	494.3	324.5	459.1
	Claims on deposit money banks				6.8	6.7	8.3	9.4	37.0
	Claims on nonbank sector (including public enterprises)				44.8	148.8	189.1	146.5	148.4
		Claims on public enterprises			44.8	148.8	151.9	135.8	136.3
			Of which
				claims on Cocoa Board	8.2	0.2	0.0	0.0	0.0
				Claims on Ghana National Petroleum Corporation	…	…	…	128.0	128.0
		Claims on private sector			0.0	0.0	0.0	0.0	0.0
		Claims on other financial institutions			0.0	0.0	37.2	10.7	12.1
	Bank of Ghana bills (-)				-334.5	-479.5	-656.8	-518.2	-329.3
		Held by banks			-263.1	-442.7	-623.9	-481.5	-307.0
		Held by nonbanks			-71.4	-36.8	-32.9	-36.7	-22.3
	Other items net (assets +)				636.9	836.1	917.1	947.6	1,042.1
Reserve money					257.9	461.3	623.1	902.2	867.7
	Currency outside banks				222.2	368.8	546.3	724.0	666.9
	Bank reserves				31.9	88.6	68.9	168.6	184.0
		Cash			17.3	23.3	39.2	43.2	32.6
		Deposits			14.6	65.3	29.8	125.4	151.4
			Required reserves		21.8	29.7	38.8	105.2	156.9
			Excess reserves		-7.2	35.5	-9.0	20.2	-5.4
		Nonbank deposits			3.8	3.9	7.9	9.6	16.8
Memorandum item:
Exchange rate (cedis/US$)					819.7	1,052.6	1,449.3	1,740.4	2,115.7

Source: Bank of Ghana.

Table 30.

Ghana: Deposit Money Banks, 1993-1996

(In billions of cedis)

Source: Bank of Ghana.

Table 30.

Ghana: Deposit Money Banks, 1993-1996

(In billions of cedis)

						1993	1994	1995	1996	1997
						Dec.	Dec.	Dec.	Dec.	June
Net foreign assets						228.3	392.6	409.0	585.7	711.9
	(in millions of US dollars)					278.5	373.0	282.2	336.6	336.5
Reserves						41.6	88.7	106.7	194.1	164.3
	Cash					17.3	23.3	39.2	43.2	32.6
	Deposits with Bank of Ghana					24.3	65.4	67.5	150.9	131.7
Bank of Ghana bills						263.1	369.4	564.1	475.3	307.0
Credit from Bank of Ghana						-5.8	-19.8	-17.6	-29.4	24.2
Domestic credit						167.1	233.9	362.1	692.8	1,183.3
	Claims on government (net)					-63.2	-68.9	-75.7	-45.6	175.0
		Claims				0.3	0.3	0.3	74.1	288.3
		Deposits				63.5	69.2	76.0	119.7	113.3
	Claims on nonbank private sector (including public enterprises)					230.3	302.8	437.8	738.3	1,008.3
		Claims on public enterprises				22.4	21.8	36.4	48.3	47.4
		Cocoa financing				20.5	7.8	8.1	9.1	37.2
		Credit to private sector				187.3	273.3	393.3	680.9	923.7
			Of which
				In foreign currency		…	13.1	46.7	88.8	217.0
					(in millions of U.S. dollars)	…	…	…	51.0	102.6
Other items net (assets +)						-155.4	-267.1	-330.8	-351.0	-429.8
Total deposits						538.9	797.8	1,093.3	1,567.5	1,961.0
	Demand deposits					235.3	320.9	371.1	482.1	642.4
	Savings and time deposits					200.2	273.8	404.3	569.7	673.2
	Foreign currency deposits					103.4	203.1	318.0	515.6	645.3
		(in millions of U.S. dollars)				126.1	192.9	219.4	296.3	305.0
Memorandum item:
Exchange rate (cedis/US$)						819.7	1,052.6	1,449.3	1,740.4	2,115.7

Source: Bank of Ghana.

Table 30.

Ghana: Deposit Money Banks, 1993-1996

(In billions of cedis)

						1993	1994	1995	1996	1997
						Dec.	Dec.	Dec.	Dec.	June
Net foreign assets						228.3	392.6	409.0	585.7	711.9
	(in millions of US dollars)					278.5	373.0	282.2	336.6	336.5
Reserves						41.6	88.7	106.7	194.1	164.3
	Cash					17.3	23.3	39.2	43.2	32.6
	Deposits with Bank of Ghana					24.3	65.4	67.5	150.9	131.7
Bank of Ghana bills						263.1	369.4	564.1	475.3	307.0
Credit from Bank of Ghana						-5.8	-19.8	-17.6	-29.4	24.2
Domestic credit						167.1	233.9	362.1	692.8	1,183.3
	Claims on government (net)					-63.2	-68.9	-75.7	-45.6	175.0
		Claims				0.3	0.3	0.3	74.1	288.3
		Deposits				63.5	69.2	76.0	119.7	113.3
	Claims on nonbank private sector (including public enterprises)					230.3	302.8	437.8	738.3	1,008.3
		Claims on public enterprises				22.4	21.8	36.4	48.3	47.4
		Cocoa financing				20.5	7.8	8.1	9.1	37.2
		Credit to private sector				187.3	273.3	393.3	680.9	923.7
			Of which
				In foreign currency		…	13.1	46.7	88.8	217.0
					(in millions of U.S. dollars)	…	…	…	51.0	102.6
Other items net (assets +)						-155.4	-267.1	-330.8	-351.0	-429.8
Total deposits						538.9	797.8	1,093.3	1,567.5	1,961.0
	Demand deposits					235.3	320.9	371.1	482.1	642.4
	Savings and time deposits					200.2	273.8	404.3	569.7	673.2
	Foreign currency deposits					103.4	203.1	318.0	515.6	645.3
		(in millions of U.S. dollars)				126.1	192.9	219.4	296.3	305.0
Memorandum item:
Exchange rate (cedis/US$)						819.7	1,052.6	1,449.3	1,740.4	2,115.7

Source: Bank of Ghana.

Table 31.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1990-96

Source: Bank of Ghana.

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

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

Table 31.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1990-96

			1990	1991	1992	1993	1994	1995	1996
			(In millions of cedis; end of period)
Agriculture, forestry and fishing ^1/			12,158.3	12,431.8	14,715	17,257.0	24,425.4	42,121.2	79,712.0
Mining and quarrying			1,032.8	1,163.4	2,460.1	3,168.5	5370.8	6,506.1	29,003.6
Manufacturing			22,882.9	23,024.4	37,943.9	51,187.1	86,554.3	129,264.2	227,133.2
Construction			10,588.1	14,393.3	27,039.1	32,776.7	43,579.6	50,761.4	72,176.9
Electricity, gas, and water			286.1	1,579.0	3,421	5,832.7	6,155.8	6,251.8	14,278.7
Commerce			16,012.6	25,875.0	44,458.8	66,073.9	89,322.9	137,158.3	199,120.2
	Imports		4,140.3	5,940.5	12,519.1	14,923.9	18,898.0	23,560.3	34,506.0
	Exports		3,376.9	4,733.0	8,952.9	12,340.5	19,994.8	44,570.8	58,475.2
	Domestic ^2/		8,495.4	15,201.5	22,986.8	38,809.5	50,430.1	69,027.2	106,139.0
Transport, storage, and communications			4,427.2	5,321.9	5,594.3	6,863.3	8,327.3	8,044.0	13,655.2
Services			6,310.5	7,163.2	11,033.7	13,757.7	18,598.4	33,238.2	68,322.4
Miscellaneous			2,673.5	2,918.2	4,604.4	10,142.2	12,885.8	19,193.0	29,002.2
		Total	76,372.0	93,870.2	151,271.5	207,059.1	295,220.3	432,538.5	732,404.4
			(Shares in total; in percent)
Agriculture, forestry, and fishing ^1/			15.9	13.2	9.7	8.3	8.3	9.7	10.9
Mining and quarrying			1.4	1.2	1.6	1.5	1.8	1.5	4.0
Manufacturing			30.0	24.5	25.1	24.7	29.3	29.9	31.0
Construction			13.9	15.3	17.9	15.8	14.8	11.7	9.9
Electricity, gas, and water			0.4	1.7	2.3	2.8	2.1	1.4	1.9
Commerce			21.0	27.6	29.4	31.9	30.3	31.7	27.2
	Imports		5.4	6.3	8.3	7.2	6.4	5.4	4.7
	Exports		4.4	5.0	5.9	6.0	6.8	10.3	8.0
	Domestic		11.1	16.2	15.2	18.7	17.1	16.0	14.5
Transport, storage, and communications			5.8	5.7	3.7	3.3	2.8	1.9	1.9
Services			8.3	7.6	7.3	6.6	6.3	7.7	9.3
Miscellaneous			3.5	3.1	3.0	4.9	4.4	4.4	4.0
		Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes)
Agriculture, forestry, and fishing ^1/			5.9	2.2	18.4	17.3	41.5	72.4	89.2
Mining and quarrying			-46.4	12.6	111.5	28.8	69.5	21.1	345.8
Manufacturing			-14.8	0.6	64.8	34.9	69.1	49.3	75.7
Construction			19.4	35.9	87.9	21.2	33.0	16.5	42.2
Electricity, gas, and water			-12.4	451.9	116.7	70.5	5.5	1.6	128.4
Commerce			-5.3	61.6	71.8	48.6	35.2	53.6	45.2
	Imports		-1.6	43.5	110.7	19.2	26.6	24.7	46.5
	Exports		6.5	40.2	89.2	37.8	62.0	122.9	31.2
	Domestic ^2/		-10.8	78.9	51.2	68.8	29.9	36.9	53.8
Transport, storage, and communications			-23.8	20.2	5.1	22.7	21.3	-3.4	69.8
Services			10.0	13.5	54.0	24.7	35.2	78.7	105.6
Miscellaneous			63.8	9.2	57.8	120.3	27.1	48.9	51.1
		Total	-4.0	22.9	61.1	36.9	42.6	46.5	69.3

Source: Bank of Ghana.

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

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

Table 31.

Ghana: Distribution of Bank Loans and Advances to Public Institutions and the Private Sector, 1990-96

			1990	1991	1992	1993	1994	1995	1996
			(In millions of cedis; end of period)
Agriculture, forestry and fishing ^1/			12,158.3	12,431.8	14,715	17,257.0	24,425.4	42,121.2	79,712.0
Mining and quarrying			1,032.8	1,163.4	2,460.1	3,168.5	5370.8	6,506.1	29,003.6
Manufacturing			22,882.9	23,024.4	37,943.9	51,187.1	86,554.3	129,264.2	227,133.2
Construction			10,588.1	14,393.3	27,039.1	32,776.7	43,579.6	50,761.4	72,176.9
Electricity, gas, and water			286.1	1,579.0	3,421	5,832.7	6,155.8	6,251.8	14,278.7
Commerce			16,012.6	25,875.0	44,458.8	66,073.9	89,322.9	137,158.3	199,120.2
	Imports		4,140.3	5,940.5	12,519.1	14,923.9	18,898.0	23,560.3	34,506.0
	Exports		3,376.9	4,733.0	8,952.9	12,340.5	19,994.8	44,570.8	58,475.2
	Domestic ^2/		8,495.4	15,201.5	22,986.8	38,809.5	50,430.1	69,027.2	106,139.0
Transport, storage, and communications			4,427.2	5,321.9	5,594.3	6,863.3	8,327.3	8,044.0	13,655.2
Services			6,310.5	7,163.2	11,033.7	13,757.7	18,598.4	33,238.2	68,322.4
Miscellaneous			2,673.5	2,918.2	4,604.4	10,142.2	12,885.8	19,193.0	29,002.2
		Total	76,372.0	93,870.2	151,271.5	207,059.1	295,220.3	432,538.5	732,404.4
			(Shares in total; in percent)
Agriculture, forestry, and fishing ^1/			15.9	13.2	9.7	8.3	8.3	9.7	10.9
Mining and quarrying			1.4	1.2	1.6	1.5	1.8	1.5	4.0
Manufacturing			30.0	24.5	25.1	24.7	29.3	29.9	31.0
Construction			13.9	15.3	17.9	15.8	14.8	11.7	9.9
Electricity, gas, and water			0.4	1.7	2.3	2.8	2.1	1.4	1.9
Commerce			21.0	27.6	29.4	31.9	30.3	31.7	27.2
	Imports		5.4	6.3	8.3	7.2	6.4	5.4	4.7
	Exports		4.4	5.0	5.9	6.0	6.8	10.3	8.0
	Domestic		11.1	16.2	15.2	18.7	17.1	16.0	14.5
Transport, storage, and communications			5.8	5.7	3.7	3.3	2.8	1.9	1.9
Services			8.3	7.6	7.3	6.6	6.3	7.7	9.3
Miscellaneous			3.5	3.1	3.0	4.9	4.4	4.4	4.0
		Total	100.0	100.0	100.0	100.0	100.0	100.0	100.0
			(Annual percentage changes)
Agriculture, forestry, and fishing ^1/			5.9	2.2	18.4	17.3	41.5	72.4	89.2
Mining and quarrying			-46.4	12.6	111.5	28.8	69.5	21.1	345.8
Manufacturing			-14.8	0.6	64.8	34.9	69.1	49.3	75.7
Construction			19.4	35.9	87.9	21.2	33.0	16.5	42.2
Electricity, gas, and water			-12.4	451.9	116.7	70.5	5.5	1.6	128.4
Commerce			-5.3	61.6	71.8	48.6	35.2	53.6	45.2
	Imports		-1.6	43.5	110.7	19.2	26.6	24.7	46.5
	Exports		6.5	40.2	89.2	37.8	62.0	122.9	31.2
	Domestic ^2/		-10.8	78.9	51.2	68.8	29.9	36.9	53.8
Transport, storage, and communications			-23.8	20.2	5.1	22.7	21.3	-3.4	69.8
Services			10.0	13.5	54.0	24.7	35.2	78.7	105.6
Miscellaneous			63.8	9.2	57.8	120.3	27.1	48.9	51.1
		Total	-4.0	22.9	61.1	36.9	42.6	46.5	69.3

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: Reserve Ratios of Commercial Banks, 1990-96

(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.

^{^5/}From June 1996, First Atlantice and Metro Allied have been added.

Table 32.

Ghana: Reserve Ratios of Commercial Banks, 1990-96

(End-of-period figures)

		Deposits subject to reserve ratios	Actual reserves			Reserve ratios
			Cash ^1/	Other assets ^2/	Total	Cash ^1/			Other assets ^2/		Total
						Minimum		Actual	Minimum	Actual	Actual	Excess
						Demand ^3/	Time ^4/
		(In millions of cedis)				(In percent of deposits subject to reserve requirements)
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	93	52.0	63.1	72.4	15.4
1994
	March	440,139.3	35,533.3	297,898.1	333,431.4	5.0	5.0	7.9	52.0	66.5	74.4	17.4
	June	507,205.8	42,834.4	341,650.6	384,485.0	5.0	5.0	8.4	52.0	67.4	75.8	18.8
	September	545,995.6	47,143.6	364,358.9	411,502.1	5.0	5.0	8.6	52.0	66.7	75.4	10.4
	December	614,369.6	53,640.1	437,735.2	401,375.5	5.0	5.0	8.7	52.0	71.2	80.0	23.0
1995
	March	654,114.4	60,048.5	437,699.3	505,747.8	5.0	5.0	10.4	52.0	66.9	77.3	20.3
	June	720,229.4	72,286.2	447,570.1	519,856.3	5.0	6.0	10.0	52.0	62.1	72.2	15.2
	September	836,423.9	78,094.4	427,398.6	505,483.0	5.0	5.0	9.3	52.0	51.1	60.4	3.4
	December	954,391.1	109,096.2	468,156.9	577,263.1	5.0	5.0	11.4	52.0	49.1	60.5	3.5
1996
	March	996,872.5	100,122.5	499,962.0	600,084.5	…	…	10	52.0	50.2	60.2	3.2
	June ^5/	1,120,972.5	97,557.5	706,987.5	803,545.0	…	…	8.7	52.0	63.0	71.7	14.7
	September	1,221,622.5	110,802.5	541,980.0	652,782.5	…	…	9.1	52.0	44.4	53.4	-3.6
	December	1,311,760.0	152,755.0	626,282.5	779,037.5	…	…	11.6	52.0	47.7	59.4	2.4

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.

^{^5/}From June 1996, First Atlantice and Metro Allied have been added.

Table 32.

Ghana: Reserve Ratios of Commercial Banks, 1990-96

(End-of-period figures)

		Deposits subject to reserve ratios	Actual reserves			Reserve ratios
			Cash ^1/	Other assets ^2/	Total	Cash ^1/			Other assets ^2/		Total
						Minimum		Actual	Minimum	Actual	Actual	Excess
						Demand ^3/	Time ^4/
		(In millions of cedis)				(In percent of deposits subject to reserve requirements)
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	93	52.0	63.1	72.4	15.4
1994
	March	440,139.3	35,533.3	297,898.1	333,431.4	5.0	5.0	7.9	52.0	66.5	74.4	17.4
	June	507,205.8	42,834.4	341,650.6	384,485.0	5.0	5.0	8.4	52.0	67.4	75.8	18.8
	September	545,995.6	47,143.6	364,358.9	411,502.1	5.0	5.0	8.6	52.0	66.7	75.4	10.4
	December	614,369.6	53,640.1	437,735.2	401,375.5	5.0	5.0	8.7	52.0	71.2	80.0	23.0
1995
	March	654,114.4	60,048.5	437,699.3	505,747.8	5.0	5.0	10.4	52.0	66.9	77.3	20.3
	June	720,229.4	72,286.2	447,570.1	519,856.3	5.0	6.0	10.0	52.0	62.1	72.2	15.2
	September	836,423.9	78,094.4	427,398.6	505,483.0	5.0	5.0	9.3	52.0	51.1	60.4	3.4
	December	954,391.1	109,096.2	468,156.9	577,263.1	5.0	5.0	11.4	52.0	49.1	60.5	3.5
1996
	March	996,872.5	100,122.5	499,962.0	600,084.5	…	…	10	52.0	50.2	60.2	3.2
	June ^5/	1,120,972.5	97,557.5	706,987.5	803,545.0	…	…	8.7	52.0	63.0	71.7	14.7
	September	1,221,622.5	110,802.5	541,980.0	652,782.5	…	…	9.1	52.0	44.4	53.4	-3.6
	December	1,311,760.0	152,755.0	626,282.5	779,037.5	…	…	11.6	52.0	47.7	59.4	2.4

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.

^{^5/}From June 1996, First Atlantice and Metro Allied have been added.

Table 33.

Ghana: Interest Rate Structure of Banks, March 1994-March 1997

(In percent per annum)

Source: Bank of Ghana.

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

^{^2/}Weighted average of monthly lending and deposit rates.

Table 33.

Ghana: Interest Rate Structure of Banks, March 1994-March 1997

(In percent per annum)

			1994				1995				1996				1997
			March	June	Sept.	Dec.	March	June	Sept.	Dec.	March	June	Sept.	Dec.	Mar.
Money market rates ^1/
Bank of Ghana instruments
		91-day	27.00	27.00	27.77	29.50	33.00	33.00	39.00	40.50	40.99	41.46	42.59	42.76	42.80
		180-day	26.50	25.35	25.50	28.00	32.00	32.00	32.00	33.00	33.47	35.83	35.83	36.00	38.60
		1-year	28.25	28.25	29.05	32.55	36.00	36.00	36.00	39.00	39.36	39.86	40.30	42.52	42.79
		2-year	28.50	28.50	29.15	32.60	33.00	33.00	33.00	33.00	33.00	33.50	33.50	33.50	33.50
	Treasury bills (91-day)		27.00	27.00	28.61	29.50	33.00	33.00	39.00	40.50	40.99	41.63	42.59	42.76	42.80
	Bank of Ghana rediscount rate		30.00	30.00	30.00	33.00	39.00	39.00	45.00	45.00	45.00	45.00	45.00	45.00	45.00
Commercial bank rates ^2/
	Demand deposits		5.83	6.02	6.13	6.99	7.94	7.17	7.17	6.35	6.35	6.50	6.50	6.50	7.21
	Savings deposits		17.91	17.30	17.44	18.28	21.33	21.69	21.69	25.75	27.69	27.52	27.53	27.25	27.50
	Time deposits
		3-month	22.39	20.62	22.76	24.21	27.96	28.04	28.38	32.90	34.15	34.32	34.32	35.62	35.68
		6-month	23.14	23.27	23.36	24.81	26.54	29.20	29.16	31.65	33.64	33.83	33.83	35.33	35.55
		12-month	23.39	25.42	24.00	26.48	2628	29.63	29.77	32.40	34.91	34.92	35.00	34.79	34.92
		24-month	25.75	25.05	25.40	26.79	29.88	30.88	30.83	31.33	35.25	35.25	35.25	31.25	31.25
	Certificates of deposit		20.05	20.58	20.49	20.69	26.71	26.96	24.46	29.89	32.46	32.30	32.30	33.10	33.10
	Lending rates
		Agriculture	26.83	28.23	28.20	29.49	32.77	33.65	33.65	38.66	38.65	38.96	39.50	40.73	41.52
		Export trade	26.78	27.42	27.42	28.16	32.35	33.25	33.25	38.54	39.65	39.64	40.39	41.88	42.48
		Manufacturing	29.72	29.77	29.55	31.45	34.50	35.35	35.21	40.33	41.57	41.61	41.86	43.55	43.92
		Mining and quarrying	31.06	30.73	30.64	32.67	35.73	36.44	36.30	41.01	41.60	42.17	41.83	43.23	44.07
		Construction	30.72	30.50	30.39	32.67	35.73	36.35	36.52	41.58	42.06	42.41	42.52	44.36	44.70
		Other sectors	32.39	30.92	30.68	32.71	35.77	36.48	36.30	41.79	42.71	43.05	43.30	45.32	45.82

Source: Bank of Ghana.

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

^{^2/}Weighted average of monthly lending and deposit rates.

Table 33.

Ghana: Interest Rate Structure of Banks, March 1994-March 1997

(In percent per annum)

			1994				1995				1996				1997
			March	June	Sept.	Dec.	March	June	Sept.	Dec.	March	June	Sept.	Dec.	Mar.
Money market rates ^1/
Bank of Ghana instruments
		91-day	27.00	27.00	27.77	29.50	33.00	33.00	39.00	40.50	40.99	41.46	42.59	42.76	42.80
		180-day	26.50	25.35	25.50	28.00	32.00	32.00	32.00	33.00	33.47	35.83	35.83	36.00	38.60
		1-year	28.25	28.25	29.05	32.55	36.00	36.00	36.00	39.00	39.36	39.86	40.30	42.52	42.79
		2-year	28.50	28.50	29.15	32.60	33.00	33.00	33.00	33.00	33.00	33.50	33.50	33.50	33.50
	Treasury bills (91-day)		27.00	27.00	28.61	29.50	33.00	33.00	39.00	40.50	40.99	41.63	42.59	42.76	42.80
	Bank of Ghana rediscount rate		30.00	30.00	30.00	33.00	39.00	39.00	45.00	45.00	45.00	45.00	45.00	45.00	45.00
Commercial bank rates ^2/
	Demand deposits		5.83	6.02	6.13	6.99	7.94	7.17	7.17	6.35	6.35	6.50	6.50	6.50	7.21
	Savings deposits		17.91	17.30	17.44	18.28	21.33	21.69	21.69	25.75	27.69	27.52	27.53	27.25	27.50
	Time deposits
		3-month	22.39	20.62	22.76	24.21	27.96	28.04	28.38	32.90	34.15	34.32	34.32	35.62	35.68
		6-month	23.14	23.27	23.36	24.81	26.54	29.20	29.16	31.65	33.64	33.83	33.83	35.33	35.55
		12-month	23.39	25.42	24.00	26.48	2628	29.63	29.77	32.40	34.91	34.92	35.00	34.79	34.92
		24-month	25.75	25.05	25.40	26.79	29.88	30.88	30.83	31.33	35.25	35.25	35.25	31.25	31.25
	Certificates of deposit		20.05	20.58	20.49	20.69	26.71	26.96	24.46	29.89	32.46	32.30	32.30	33.10	33.10
	Lending rates
		Agriculture	26.83	28.23	28.20	29.49	32.77	33.65	33.65	38.66	38.65	38.96	39.50	40.73	41.52
		Export trade	26.78	27.42	27.42	28.16	32.35	33.25	33.25	38.54	39.65	39.64	40.39	41.88	42.48
		Manufacturing	29.72	29.77	29.55	31.45	34.50	35.35	35.21	40.33	41.57	41.61	41.86	43.55	43.92
		Mining and quarrying	31.06	30.73	30.64	32.67	35.73	36.44	36.30	41.01	41.60	42.17	41.83	43.23	44.07
		Construction	30.72	30.50	30.39	32.67	35.73	36.35	36.52	41.58	42.06	42.41	42.52	44.36	44.70
		Other sectors	32.39	30.92	30.68	32.71	35.77	36.48	36.30	41.79	42.71	43.05	43.30	45.32	45.82

Source: Bank of Ghana.

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

^{^2/}Weighted average of monthly lending and deposit rates.

Table 34.

Ghana: Balance of Payments, 1989-96

(In millions of U.S. dollars)

Sources: Bank of Ghana; and Fund staff estimates.

Table 34.

Ghana: Balance of Payments, 1989-96

(In millions of U.S. dollars)

			1989	1990	1991	1992	1993	1994	1995	1996
Exports f.o.b.			808.3	896.8	998.0	986.3	1,063.6	1,226.8	1,431.2	1,571.0
	Cocoa		407.8	360.6	346.5	302.5	285.9	320.2	389.5	551.6
	Other		400.5	536.2	651.5	683.8	777.7	906.6	1,041.7	1,045.4
Imports f.o.b.			-1,006.1	-1,205.0	-1,318.7	-1,456.5	-1,728.0	-1,579.9	-1,687.2	-1,931.6
	Oil		-155.8	-198.5	-165.1	-157.5	-153.6	-171.1	-191.0	-253.0
	Non-oil		-850.3	-1,006.5	-1,153.6	-1,299.0	-1,574.4	-1,408.8	-1,496.2	-1,678.6
Trade balance			-197.8	-308.2	-320.7	-470.2	-664.3	-353.1	-256.0	-360.6
Services (net)			-318.7	-325.5	-352.5	-376.3	-412.1	-383.5	-408.9	-440.8
	Freight and insurance		-80.6	-85.1	-92.9	-101.8	-123.9	-106.9	-115.9	-145.1
	Investment income (net)		-117.8	-111.1	-119.4	-106.2	-112.3	-110.9	-129.8	-141.1
	Other services		-120.3	-129.3	-140.2	-168.2	-175.9	-165.7	-163.2	-154.6
Unrequited transfers (net)			421.5	415.7	421.9	470.2	517.4	471.8	523.2	481.7
	Official		219.4	213.8	202.4	215.3	256.2	200.8	260.0	205.6
	Private		202.1	201.9	219.5	254.9	261.2	271.0	263.2	276.1
Current account balance			-94.9	-218.0	-251.3	-376.1	-559.0	-264.9	-141.8	-319.7
Capital account balance			222.4	284.0	391.5	274.1	630.1	478.8	432.4	278.7
Official capital (net)			192.0	290.4	356.6	386.5	370.2	295.3	170.5	358.2
	Long-term loans		307.0	322.4	373.0	311.6	462.8	312.1	322.4	309.3
		Inflows	343.9	354.5	410.6	350.6	508.7	369.4	397.1	385.9
		Amortization	-36.9	-32.1	-37.6	-39.0	-45,9	-57.3	-74.7	-76.6
	Medium-term loans		-103.9	-28.5	-16.0	74.9	-92.6	-16.8	-151.9	-48.9
		Inflows	34.1	65.1	70.6	155.4	124.0	113.2	103.6	-175.4
		Amortization	-138.0	-93.6	-86.6	-80.5	-216.6	-130.0	-255.5	-126.5
	Trust fund		-11.1	-3.5	-0.4	--	--	--	--	--
Private capital (net)			11.7	52.8	19.1	6.4	106.3	205.8	259.2	70.0
	Direct investments		15.0	14.8	20.0	22.5	25.0	30.0	35.0	20.0
	Other		-3.3	38.0	-0.9	-16.1	81.3	175.8	224.2	50.0
Short-term capital (net)			18.7	-59.2	15.8	-118.9	153.6	-22.3	2.7	-149.3
Errors and omissions			…	52.0	31.0	-22.2	-30.0	-50.2	-6.5	28.0
Overall balance			127.5	118.0	171.2	-124.3	41.2	163.8	284.1	-12.7
Financing			-127.5	-118.0	-171.2	124.3	-41.2	-163.8	-284.1	12.7
	IMF (net)		4.4	-47.7	82.2	-64.5	-1.5	-82.8	-65.3	-85.6
	Payments arrears		-47.7	-17.3	--	--	--	--	-34.9	-100.2
	Bilateral balances		14.8	-14.1	-23.7	1.3	12.5	3.2	3.0	-0.4
	Other		-98.9	-38.9	-229.7	187.5	-52.2	-84.2	-186.9	198.9

Sources: Bank of Ghana; and Fund staff estimates.

Table 34.

Ghana: Balance of Payments, 1989-96

(In millions of U.S. dollars)

			1989	1990	1991	1992	1993	1994	1995	1996
Exports f.o.b.			808.3	896.8	998.0	986.3	1,063.6	1,226.8	1,431.2	1,571.0
	Cocoa		407.8	360.6	346.5	302.5	285.9	320.2	389.5	551.6
	Other		400.5	536.2	651.5	683.8	777.7	906.6	1,041.7	1,045.4
Imports f.o.b.			-1,006.1	-1,205.0	-1,318.7	-1,456.5	-1,728.0	-1,579.9	-1,687.2	-1,931.6
	Oil		-155.8	-198.5	-165.1	-157.5	-153.6	-171.1	-191.0	-253.0
	Non-oil		-850.3	-1,006.5	-1,153.6	-1,299.0	-1,574.4	-1,408.8	-1,496.2	-1,678.6
Trade balance			-197.8	-308.2	-320.7	-470.2	-664.3	-353.1	-256.0	-360.6
Services (net)			-318.7	-325.5	-352.5	-376.3	-412.1	-383.5	-408.9	-440.8
	Freight and insurance		-80.6	-85.1	-92.9	-101.8	-123.9	-106.9	-115.9	-145.1
	Investment income (net)		-117.8	-111.1	-119.4	-106.2	-112.3	-110.9	-129.8	-141.1
	Other services		-120.3	-129.3	-140.2	-168.2	-175.9	-165.7	-163.2	-154.6
Unrequited transfers (net)			421.5	415.7	421.9	470.2	517.4	471.8	523.2	481.7
	Official		219.4	213.8	202.4	215.3	256.2	200.8	260.0	205.6
	Private		202.1	201.9	219.5	254.9	261.2	271.0	263.2	276.1
Current account balance			-94.9	-218.0	-251.3	-376.1	-559.0	-264.9	-141.8	-319.7
Capital account balance			222.4	284.0	391.5	274.1	630.1	478.8	432.4	278.7
Official capital (net)			192.0	290.4	356.6	386.5	370.2	295.3	170.5	358.2
	Long-term loans		307.0	322.4	373.0	311.6	462.8	312.1	322.4	309.3
		Inflows	343.9	354.5	410.6	350.6	508.7	369.4	397.1	385.9
		Amortization	-36.9	-32.1	-37.6	-39.0	-45,9	-57.3	-74.7	-76.6
	Medium-term loans		-103.9	-28.5	-16.0	74.9	-92.6	-16.8	-151.9	-48.9
		Inflows	34.1	65.1	70.6	155.4	124.0	113.2	103.6	-175.4
		Amortization	-138.0	-93.6	-86.6	-80.5	-216.6	-130.0	-255.5	-126.5
	Trust fund		-11.1	-3.5	-0.4	--	--	--	--	--
Private capital (net)			11.7	52.8	19.1	6.4	106.3	205.8	259.2	70.0
	Direct investments		15.0	14.8	20.0	22.5	25.0	30.0	35.0	20.0
	Other		-3.3	38.0	-0.9	-16.1	81.3	175.8	224.2	50.0
Short-term capital (net)			18.7	-59.2	15.8	-118.9	153.6	-22.3	2.7	-149.3
Errors and omissions			…	52.0	31.0	-22.2	-30.0	-50.2	-6.5	28.0
Overall balance			127.5	118.0	171.2	-124.3	41.2	163.8	284.1	-12.7
Financing			-127.5	-118.0	-171.2	124.3	-41.2	-163.8	-284.1	12.7
	IMF (net)		4.4	-47.7	82.2	-64.5	-1.5	-82.8	-65.3	-85.6
	Payments arrears		-47.7	-17.3	--	--	--	--	-34.9	-100.2
	Bilateral balances		14.8	-14.1	-23.7	1.3	12.5	3.2	3.0	-0.4
	Other		-98.9	-38.9	-229.7	187.5	-52.2	-84.2	-186.9	198.9

Sources: Bank of Ghana; and Fund staff estimates.

Table 35.

Ghana: External Trade Indices, 1989-96

(1985 = 100)

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

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

Table 35.

Ghana: External Trade Indices, 1989-96

(1985 = 100)

			1989	1990	1991	1992	1993	1994	1995	1996
Exports
	Price index		87.2	90.0	88.0	83.2	73.7	84.1	97.8	. 95.4
		Percentage change	-16.6	3.3	-2.2	-5.5	-11.4	14.1	16.3	-2.4
	Volume index		146.6	157.5	179.3	187.4	228.2	230.8	231.5	260.4
		Percentage change	10.0	7.4	13.8	4.5	21.7	1.1	0.3	12.4
	Value index		127.8	141.8	157.8	156.0	168.2	194.0	226.3	248.4
		Percentage change	-8.2	10.9	11.2	-1.2	7.8	15.3	16.6	9.8
Imports
	Price index		113.6	126.8	124.1	127.3	127.0	140.0	151.8	152.8
		Percentage change	0.8	11.6	-2.2	2.6	-0.2	10.2	8.4	0.7
	Volume index		131.9	141.5	158.3	170.4	202.6	168.1	165.5	188.3
		Percentage change	0.8	7.3	11.9	7.7	18.9	-17.0	-1.5	13.8
	Value index		149.9	179.5	196.4	217.0	257.4	235.3	251.3	287.7
		Percentage change	1.5	19.8	9.4	10.5	18.6	-8.6	6.8	14.5
Terms of trade			76.7	71.0	70.9	65.4	58.0	60.0	64.4	62.1
	Percentage change		-17.2	-7.5	-0.1	-7.9	-11.2	3.4	7.3	-3.5

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

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

Table 35.

Ghana: External Trade Indices, 1989-96

(1985 = 100)

			1989	1990	1991	1992	1993	1994	1995	1996
Exports
	Price index		87.2	90.0	88.0	83.2	73.7	84.1	97.8	. 95.4
		Percentage change	-16.6	3.3	-2.2	-5.5	-11.4	14.1	16.3	-2.4
	Volume index		146.6	157.5	179.3	187.4	228.2	230.8	231.5	260.4
		Percentage change	10.0	7.4	13.8	4.5	21.7	1.1	0.3	12.4
	Value index		127.8	141.8	157.8	156.0	168.2	194.0	226.3	248.4
		Percentage change	-8.2	10.9	11.2	-1.2	7.8	15.3	16.6	9.8
Imports
	Price index		113.6	126.8	124.1	127.3	127.0	140.0	151.8	152.8
		Percentage change	0.8	11.6	-2.2	2.6	-0.2	10.2	8.4	0.7
	Volume index		131.9	141.5	158.3	170.4	202.6	168.1	165.5	188.3
		Percentage change	0.8	7.3	11.9	7.7	18.9	-17.0	-1.5	13.8
	Value index		149.9	179.5	196.4	217.0	257.4	235.3	251.3	287.7
		Percentage change	1.5	19.8	9.4	10.5	18.6	-8.6	6.8	14.5
Terms of trade			76.7	71.0	70.9	65.4	58.0	60.0	64.4	62.1
	Percentage change		-17.2	-7.5	-0.1	-7.9	-11.2	3.4	7.3	-3.5

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

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

Table 36.

Ghana: Value, Volume, and Unit Price of Exports, 1989-96

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

Source: Bank of Ghana.

Table 36.

Ghana: Value, Volume, and Unit Price of Exports, 1989-96

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

		1989	1990	1991	1992	1993	1994	1995	1996
Cocoa beans		381.3	323.8	313.4	276.8	250.5	295.0	361.1	479.6
	Volume (metric tons)	255,860	247,380	243,040	223,774	263,665	238,269	237,262	349,032
	Unit value ($/ton)	1,490	1,309	1,290	1,237	950	1,238	1,522	1,374
Cocoa products		26.4	36.8	33.1	25.6	35.4	25.2	28.4	72.2
	Volume (metric tons)	14,940	20,756	21,745	19,328	22,839	14,050	13,864	45,382
	Unit value ($/ton)	1,770	1,773	1,521	1,327	1,550	1,795	2,050	1,592
Sheanuts		0.4	1.3	0.2	0.7	1.0	0.8	0.8	4.5
	Volume (metric tons)	235	4,171	600	3,115	3,444	3,000	3,000	21,467
	Value ($/ton)	170	316	335	212	278	260	260	209
Coffee		0.9	0.6	0.4	0.9	1.0	1.2	1.2	1.2
	Volume (metric tons)	675	680	825	1,908	1,679	2,040	2,000	2,000
	Unit value ($/ton)	1,259	853	505	493	590	602	602	616
Timber and timber products		80.2	118.0	124.2	113.9	147.4	165.4	190.6	146.9
	Volume (cubic meters)	375,826	370,000	393,598	406,662	727,813	780,000	590,000	364,771
	Unit value ($/cu. meter)	213	319	316	280	203	212	323	402.6
Gold		159.9	201.7	304.4	343.4	434.0	548.6	647.2	612.4
	Volume (fine ounces)	420,096	526,361	834,986	995,377	1,210,473	1,435,415	1,689,470	1,584,378
	Unit value ($/ounce)	381	383	365	345	358	382	383	386.5
Diamonds		5.2	16.5	19.2	19.3	17.3	20.4	14.8	13.4
	Volume (carats)	262,691	636,371	663,390	690,408	552,854	717,419	645,100	634,192
	Unit value ($/carat)	20	26	29	28	31	28	23	21.1
Bauxite		9.1	10.0	8.6	9.5	8.4	9.5	10.4	8.5
	Volume (metric tons)	374,646	368,629	320,313	399,155	364,642	451,802	526,335	383,612
	Unit value ($/ton)	24	27	27	24	23	21	20	22.1
Manganese		11.7	14.2	20.2	16.4	13.9	9.6	6.4	7.1
	Volume (metric tons)	284,645	255,310	281,195	285,055	309,122	245,256	200,000	229,227
	Unit value ($/ton)	41	56	72	58	45	39	32	31.1
Residual oil		19.5	28.6	19.7	19.2	14.2	17.7	17.3	22.1
	Volume (metric tons)	216,616	227,472	205,442	187,930	140,588	194,068	156,007	196,100
	Unit value ($/ton)	90	126	96	102	101	91	111.2	112.8
Electricity		82.6	88.5	96.0	95.6	69.1	56.4	53.0	58.1
	Volume (million KWH)	3,303	3,556	3,610	3,763	3,236	2,712	2,456.0	2,573
	Unit value ($/000KWH)	25	25	27	25	21	21	22	22.6
Other		31.0	56.7	58:1	64.9	71.7	77.0	100.0	145.0

Source: Bank of Ghana.

Table 36.

Ghana: Value, Volume, and Unit Price of Exports, 1989-96

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

		1989	1990	1991	1992	1993	1994	1995	1996
Cocoa beans		381.3	323.8	313.4	276.8	250.5	295.0	361.1	479.6
	Volume (metric tons)	255,860	247,380	243,040	223,774	263,665	238,269	237,262	349,032
	Unit value ($/ton)	1,490	1,309	1,290	1,237	950	1,238	1,522	1,374
Cocoa products		26.4	36.8	33.1	25.6	35.4	25.2	28.4	72.2
	Volume (metric tons)	14,940	20,756	21,745	19,328	22,839	14,050	13,864	45,382
	Unit value ($/ton)	1,770	1,773	1,521	1,327	1,550	1,795	2,050	1,592
Sheanuts		0.4	1.3	0.2	0.7	1.0	0.8	0.8	4.5
	Volume (metric tons)	235	4,171	600	3,115	3,444	3,000	3,000	21,467
	Value ($/ton)	170	316	335	212	278	260	260	209
Coffee		0.9	0.6	0.4	0.9	1.0	1.2	1.2	1.2
	Volume (metric tons)	675	680	825	1,908	1,679	2,040	2,000	2,000
	Unit value ($/ton)	1,259	853	505	493	590	602	602	616
Timber and timber products		80.2	118.0	124.2	113.9	147.4	165.4	190.6	146.9
	Volume (cubic meters)	375,826	370,000	393,598	406,662	727,813	780,000	590,000	364,771
	Unit value ($/cu. meter)	213	319	316	280	203	212	323	402.6
Gold		159.9	201.7	304.4	343.4	434.0	548.6	647.2	612.4
	Volume (fine ounces)	420,096	526,361	834,986	995,377	1,210,473	1,435,415	1,689,470	1,584,378
	Unit value ($/ounce)	381	383	365	345	358	382	383	386.5
Diamonds		5.2	16.5	19.2	19.3	17.3	20.4	14.8	13.4
	Volume (carats)	262,691	636,371	663,390	690,408	552,854	717,419	645,100	634,192
	Unit value ($/carat)	20	26	29	28	31	28	23	21.1
Bauxite		9.1	10.0	8.6	9.5	8.4	9.5	10.4	8.5
	Volume (metric tons)	374,646	368,629	320,313	399,155	364,642	451,802	526,335	383,612
	Unit value ($/ton)	24	27	27	24	23	21	20	22.1
Manganese		11.7	14.2	20.2	16.4	13.9	9.6	6.4	7.1
	Volume (metric tons)	284,645	255,310	281,195	285,055	309,122	245,256	200,000	229,227
	Unit value ($/ton)	41	56	72	58	45	39	32	31.1
Residual oil		19.5	28.6	19.7	19.2	14.2	17.7	17.3	22.1
	Volume (metric tons)	216,616	227,472	205,442	187,930	140,588	194,068	156,007	196,100
	Unit value ($/ton)	90	126	96	102	101	91	111.2	112.8
Electricity		82.6	88.5	96.0	95.6	69.1	56.4	53.0	58.1
	Volume (million KWH)	3,303	3,556	3,610	3,763	3,236	2,712	2,456.0	2,573
	Unit value ($/000KWH)	25	25	27	25	21	21	22	22.6
Other		31.0	56.7	58:1	64.9	71.7	77.0	100.0	145.0

Source: Bank of Ghana.

Table 37.

Ghana: Direction of Trade, 1988-95

(In percent)

Source: IMF, Direction of Trade Statistics Yearbook, 1997.

Table 37.

Ghana: Direction of Trade, 1988-95

(In percent)

		Exports								Imports
		1988	1989	1990	1991	1992	1993	1994	1995	1988	1989	1990	1991	1992	1993	1994	1995
Industrial countries		80.9	80.9	84.2	92.3	77.4	71.2	72.8	71.5	77.1	73.5	63.6	84.0	64.6	61.0	59.0	56.9
	France	1.5	1.5	0.1	0.1	1.6	5.1	5.8	7.8	3.8	4.0	3.3	1.2	3.1	4.8	3.5	3.5
	Germany, Federal Republic of	8.8	8.8	31.7	45.2	6.4	15.7	14.8	12.0	10.2	9.8	8.2	5.5	9.0	5.7	5.5	7.5
	Italy	6.0	6.0	2.2	0.1	1.4	3.1	5.2	3.6	3.7	5.2	4.1	1.4	5.9	2.9	8.0	3.5
	Japan	7.0	7.0	5.0	3.2	1.7	4.5	3.8	3.9	5.9	5.9	4.8	3.7	6.6	4.0	6.7	4.0
	Netherlands	20.1	20.1	4.8	16.4	4.8	3.7	4.7	3.4	5.2	5.8	4.5	47.2	3.2	4.4	4.1	5.0
	United Kingdom	17.6	17.6	13.7	17.2	9.6	8.6	13.1	14.7	24.1	19.5	19.7	11.9	17.2	17.3	15.6	16.2
	United States	9.6	9.6	13.1	1.3	2.6	17.6	12.7	11.5	12.4	12.0	9.4	8.2	10.2	11.5	6.7	6.7
	Other	10.3	10.3	13.6	8.8	49.3	12.9	12.7	14.6	11.8	11.2	9.3	4.9	9.4	10.4	8.9	10.5
Other European countries, including BRO		9.0	9.0	0.9	0.4	0.5	1.0	0.2	0.7	2.8	2.3	0.2	1.0	1.2	0.3	0.9	0.4
Rest of the world		10.1	10.1	14.9	73	22.1	27.8	27.0	27.8	20.1	24.2	36.2	15.0	34.2	38.7	40.1	42.7

Source: IMF, Direction of Trade Statistics Yearbook, 1997.

Table 37.

Ghana: Direction of Trade, 1988-95

(In percent)

		Exports								Imports
		1988	1989	1990	1991	1992	1993	1994	1995	1988	1989	1990	1991	1992	1993	1994	1995
Industrial countries		80.9	80.9	84.2	92.3	77.4	71.2	72.8	71.5	77.1	73.5	63.6	84.0	64.6	61.0	59.0	56.9
	France	1.5	1.5	0.1	0.1	1.6	5.1	5.8	7.8	3.8	4.0	3.3	1.2	3.1	4.8	3.5	3.5
	Germany, Federal Republic of	8.8	8.8	31.7	45.2	6.4	15.7	14.8	12.0	10.2	9.8	8.2	5.5	9.0	5.7	5.5	7.5
	Italy	6.0	6.0	2.2	0.1	1.4	3.1	5.2	3.6	3.7	5.2	4.1	1.4	5.9	2.9	8.0	3.5
	Japan	7.0	7.0	5.0	3.2	1.7	4.5	3.8	3.9	5.9	5.9	4.8	3.7	6.6	4.0	6.7	4.0
	Netherlands	20.1	20.1	4.8	16.4	4.8	3.7	4.7	3.4	5.2	5.8	4.5	47.2	3.2	4.4	4.1	5.0
	United Kingdom	17.6	17.6	13.7	17.2	9.6	8.6	13.1	14.7	24.1	19.5	19.7	11.9	17.2	17.3	15.6	16.2
	United States	9.6	9.6	13.1	1.3	2.6	17.6	12.7	11.5	12.4	12.0	9.4	8.2	10.2	11.5	6.7	6.7
	Other	10.3	10.3	13.6	8.8	49.3	12.9	12.7	14.6	11.8	11.2	9.3	4.9	9.4	10.4	8.9	10.5
Other European countries, including BRO		9.0	9.0	0.9	0.4	0.5	1.0	0.2	0.7	2.8	2.3	0.2	1.0	1.2	0.3	0.9	0.4
Rest of the world		10.1	10.1	14.9	73	22.1	27.8	27.0	27.8	20.1	24.2	36.2	15.0	34.2	38.7	40.1	42.7

Source: IMF, Direction of Trade Statistics Yearbook, 1997.

Table 38.

Ghana: Services and Transfers Account, 1991-96

(In millions of U.S. dollars)

Sources: Bank of Ghana; and Fund staff estimates.

Table 38.

Ghana: Services and Transfers Account, 1991-96

(In millions of U.S. dollars)

		1991		1992		1993		1994		1995		1996
		Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit
Total services and transfers		544.4	-475.0	613.9	-519.7	688.3	-582.9	646.6	-558.3	703.2	-590.3	676.7	-635.1
Total services		110.3	-462.8	128.9	-505.1	156.3	-568.3	159.3	-542.8	164.3	-574.6	178.8	-601.8
Freight and merchandise insurance		25.3	-118.2	30.4	-132.2	36.4	-160.3	37.1	-144.0	37.9	-153.3	39.6	-172.1
Other transportation		26.6	-49.5	30.6	-59.4	45.9	-68.3	46.8	-69.7	47.8	-71.1	48.1	-74.2
Travel		5.9	-14.3	7.1	-17.2	10.6	-19.7	10.8	-20.1	11.0	-20.5	12.7	-22.4
Investment income		7.5	-126.9	10.5	-116.7	11.6	-123.9	11.8	-122.7	13.7	-142.9	23.5	-163.4
	IMF charges	0.0	-36.6	0.0	-25.9	0.0	-17.8	0.0	-14.8	0.0	-14.3	0.0	-11.1
	Interest medium term loans	0.0	-24.6	0.0	-24.9	0.0	-26.9	0.0	-30.7	0.0	-39.7	0.0	-45.8
	Interest long term loans	0.0	-52.4	0.0	-53.6	0.0	-60.1	0.0	-59.0	0.0	-71.6	0.0	-72.6
	Other official interest payments	0.0	-0.5	0.0	2.9	0.0	-8.2	0.0	-2.8	0.0	-1.3	0.0	-7.0
	Private suppliers’ credits	0.0	-5.1	0.0	-6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Banking loans	0.0	0.0	0.0	0.0	0.0	-1.7	0.0	-4.8	0.0	-5.4	0.0	-15.3
	Profit and dividends	0.0	-7.7	0.0	-9.2	0.0	-9.2	0.0	-10.6	0.0	-10.6	0.0	-11.7
Government (n.i.e.)		8.2	-84.9	9.8	-96.8	11.3	-113.3	11.5	-101.8	0.0	-100.7	12.4	-92.8
Other services		36.8	-69.0	40.5	-82.8	40.5	-82.8	41.3	-84.5	42.1	-86.1	44.0	-93.9
Total transfers		434.1	-12.2	485.0	-14.6	532.0	-14.6	487.3	-15.5	538.9	-15.7	497.9	-16.2
	Private	224.1	-4.6	260.4	-5.5	266.7	-5.5	276.5	-5.5	268.9	-5.7	282.3	-6.2
	Official	210.0	-7.6	224.6	-9.1	265.3	-9.1	210.8	-10.0	270.0	-10.0	215.6	-10.0

Sources: Bank of Ghana; and Fund staff estimates.

Table 38.

Ghana: Services and Transfers Account, 1991-96

(In millions of U.S. dollars)

		1991		1992		1993		1994		1995		1996
		Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit
Total services and transfers		544.4	-475.0	613.9	-519.7	688.3	-582.9	646.6	-558.3	703.2	-590.3	676.7	-635.1
Total services		110.3	-462.8	128.9	-505.1	156.3	-568.3	159.3	-542.8	164.3	-574.6	178.8	-601.8
Freight and merchandise insurance		25.3	-118.2	30.4	-132.2	36.4	-160.3	37.1	-144.0	37.9	-153.3	39.6	-172.1
Other transportation		26.6	-49.5	30.6	-59.4	45.9	-68.3	46.8	-69.7	47.8	-71.1	48.1	-74.2
Travel		5.9	-14.3	7.1	-17.2	10.6	-19.7	10.8	-20.1	11.0	-20.5	12.7	-22.4
Investment income		7.5	-126.9	10.5	-116.7	11.6	-123.9	11.8	-122.7	13.7	-142.9	23.5	-163.4
	IMF charges	0.0	-36.6	0.0	-25.9	0.0	-17.8	0.0	-14.8	0.0	-14.3	0.0	-11.1
	Interest medium term loans	0.0	-24.6	0.0	-24.9	0.0	-26.9	0.0	-30.7	0.0	-39.7	0.0	-45.8
	Interest long term loans	0.0	-52.4	0.0	-53.6	0.0	-60.1	0.0	-59.0	0.0	-71.6	0.0	-72.6
	Other official interest payments	0.0	-0.5	0.0	2.9	0.0	-8.2	0.0	-2.8	0.0	-1.3	0.0	-7.0
	Private suppliers’ credits	0.0	-5.1	0.0	-6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Banking loans	0.0	0.0	0.0	0.0	0.0	-1.7	0.0	-4.8	0.0	-5.4	0.0	-15.3
	Profit and dividends	0.0	-7.7	0.0	-9.2	0.0	-9.2	0.0	-10.6	0.0	-10.6	0.0	-11.7
Government (n.i.e.)		8.2	-84.9	9.8	-96.8	11.3	-113.3	11.5	-101.8	0.0	-100.7	12.4	-92.8
Other services		36.8	-69.0	40.5	-82.8	40.5	-82.8	41.3	-84.5	42.1	-86.1	44.0	-93.9
Total transfers		434.1	-12.2	485.0	-14.6	532.0	-14.6	487.3	-15.5	538.9	-15.7	497.9	-16.2
	Private	224.1	-4.6	260.4	-5.5	266.7	-5.5	276.5	-5.5	268.9	-5.7	282.3	-6.2
	Official	210.0	-7.6	224.6	-9.1	265.3	-9.1	210.8	-10.0	270.0	-10.0	215.6	-10.0

Sources: Bank of Ghana; and Fund staff estimates.

Table 39.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1991-December 1996

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 39.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1991-December 1996

		1991		1992		1993		1994		1995		1996
		June	Dec.	June	Dec. ^1/	June	Dec.	June	Dec.	June	Dec.	June	Dec.
Active account (millions of U.S. dollars) ^2/		51.8	63.2	38.6	33.1	25.8	20.8	17.5	17.5	26.0	14.6	14.6	14.9
	Bulgaria	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
	China	1.9	1.2	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Cuba	17.2	24.0	21.9	17.3	12.9	8.5	5.3	5.5	5.5	5.4	5.4	5.7
	German Dem. Rep. ^3/	13.9	13.9	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5	0.0	0.0	0.0	0.0
	Romania	8.1	9.0	10.1	10.3	11.4	11.4	11.3	11.3	11.3	0.0	0.0	0.0
	Yugoslavia	-3.2	0.7	0.7	0.8	0.6	0.6	0.6	0.4	0.4	0.4	0.4	0.4
	Poland	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	U.S.S.R.	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Czechoslovakia	2.4	3.6	0.8	0.8	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Hungary	2.7	2.1	1.6	0.7	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Inactive accounts (millions of cedis) ^4/		182.5	191.7	191.7	191.7	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	38.7
	Egypt	0.7	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
	Others	143.1	152.1	152.1	152.1	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 39.

Ghana: Clearing Accounts Under Bilateral Payments Agreements, June 1991-December 1996

		1991		1992		1993		1994		1995		1996
		June	Dec.	June	Dec. ^1/	June	Dec.	June	Dec.	June	Dec.	June	Dec.
Active account (millions of U.S. dollars) ^2/		51.8	63.2	38.6	33.1	25.8	20.8	17.5	17.5	26.0	14.6	14.6	14.9
	Bulgaria	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
	China	1.9	1.2	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Cuba	17.2	24.0	21.9	17.3	12.9	8.5	5.3	5.5	5.5	5.4	5.4	5.7
	German Dem. Rep. ^3/	13.9	13.9	-8.5	-8.5	-8.5	-8.5	-8.5	-8.5	0.0	0.0	0.0	0.0
	Romania	8.1	9.0	10.1	10.3	11.4	11.4	11.3	11.3	11.3	0.0	0.0	0.0
	Yugoslavia	-3.2	0.7	0.7	0.8	0.6	0.6	0.6	0.4	0.4	0.4	0.4	0.4
	Poland	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	U.S.S.R.	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Czechoslovakia	2.4	3.6	0.8	0.8	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Hungary	2.7	2.1	1.6	0.7	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Inactive accounts (millions of cedis) ^4/		182.5	191.7	191.7	191.7	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	38.7
	Egypt	0.7	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
	Others	143.1	152.1	152.1	152.1	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: External Public Debt and Debt Service, 1990-96

(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/}Consists of short-term oil credits, Cocoa Board debt, and Bank of Ghana debt.

^{^3/}Excluding SDR charges.

Table 40.

Ghana: External Public Debt and Debt Service, 1990-96

(In millions of U.S. dollars)

				1990	1991	1992	1993	1994	1995	1996
External public debt
		Long and medium-term debt ^1/		2,215.1	2,437.7	2,757.6	4,508.3	4,841.3	5,035.6	5,579.7
		Bilateral loans		509.7	512.3	583.9	1,292.7	1,302.0	1,399.6	1,483.7
		Multilateral loans		1,705.4	1,925.4	2,173.7	3,215.6	3,539.3	3,636.0	4,114.0
	IMF			721.8	834.1	739.5	738.0	686.9	661.8	547.9
		Of which
			Tranche Policies/CFF	289.7	219.8	149.0	159.4	127.4	115.1	85.7
			Trust Fund/SAF/ESAF	432.1	614.3	590.5	578.7	559.6	546.7	462.2
Short-term loans ^2/				…	29.0	71.0	197.0	175.0	178.0	28.0
Total				3,295.2	3,808.3	4,175.2	5,443.5	5,703.1	5,874.9	6,173.9
Debt service payments
	Principal			258.7	201.7	184.0	329.1	270.1	438.2	328.4
		Medium term		110.3	86.6	80.5	216.6	130.0	255.5	126.5
		Long term		32.1	37.6	39.0	45.9	57.3	74.7	76.6
		IMF repurchases		116.3	77.5	64.5	66.6	82.8	108.0	125.3
	Interest			105.2	116.3	98.6	102.7	105.9	127.8	144.3
		Medium-term		33.2	37.7	24.9	28.6	35.5	45.1	61.1
		Long-term		36.8	44.9	47.8	60.1	59.0	71.6	72.6
		IMF charges ^3/		35.2	33.7	20.6	14.0	11.4	11.1	10.6
Total
	Including IMF			363.9	318.1	277.3	431.8	376.0	566.0	472.7
	Excluding IMF			212.4	206.8	192.2	351.2	281.8	446.9	336.8

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/}Consists of short-term oil credits, Cocoa Board debt, and Bank of Ghana debt.

^{^3/}Excluding SDR charges.

Table 40.

Ghana: External Public Debt and Debt Service, 1990-96

(In millions of U.S. dollars)

				1990	1991	1992	1993	1994	1995	1996
External public debt
		Long and medium-term debt ^1/		2,215.1	2,437.7	2,757.6	4,508.3	4,841.3	5,035.6	5,579.7
		Bilateral loans		509.7	512.3	583.9	1,292.7	1,302.0	1,399.6	1,483.7
		Multilateral loans		1,705.4	1,925.4	2,173.7	3,215.6	3,539.3	3,636.0	4,114.0
	IMF			721.8	834.1	739.5	738.0	686.9	661.8	547.9
		Of which
			Tranche Policies/CFF	289.7	219.8	149.0	159.4	127.4	115.1	85.7
			Trust Fund/SAF/ESAF	432.1	614.3	590.5	578.7	559.6	546.7	462.2
Short-term loans ^2/				…	29.0	71.0	197.0	175.0	178.0	28.0
Total				3,295.2	3,808.3	4,175.2	5,443.5	5,703.1	5,874.9	6,173.9
Debt service payments
	Principal			258.7	201.7	184.0	329.1	270.1	438.2	328.4
		Medium term		110.3	86.6	80.5	216.6	130.0	255.5	126.5
		Long term		32.1	37.6	39.0	45.9	57.3	74.7	76.6
		IMF repurchases		116.3	77.5	64.5	66.6	82.8	108.0	125.3
	Interest			105.2	116.3	98.6	102.7	105.9	127.8	144.3
		Medium-term		33.2	37.7	24.9	28.6	35.5	45.1	61.1
		Long-term		36.8	44.9	47.8	60.1	59.0	71.6	72.6
		IMF charges ^3/		35.2	33.7	20.6	14.0	11.4	11.1	10.6
Total
	Including IMF			363.9	318.1	277.3	431.8	376.0	566.0	472.7
	Excluding IMF			212.4	206.8	192.2	351.2	281.8	446.9	336.8

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/}Consists of short-term oil credits, Cocoa Board debt, and Bank of Ghana debt.

^{^3/}Excluding SDR charges.

Ghana: Summary of Tax System, May 1997

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 calendar 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. Since 1995 a loss incurred can be carried forward for the next five years following the year in which the loss was incurred. This provision is effective for manufacturing, real estate, and all enterprises. Insurance companies have no time limit.	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
Investment allowance (in the year of investment) Granted at 5 percent to industrial firms for capital expenditure on plant and machinery. 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. Companies engaging in non-traditional exports (other Than cocoa and coffee beans, timber logs, electricity, unprocessed gold or any other mineral) are subject to a concessionary tax rate of 8 percent. Since 1995, manufacturing companies located outside Accra receive the following rebates: Accra-Tema: No rebate. All other regional capitals: 25 percent of tax liability All other places: 50 percent of tax liability.

		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 is 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 ¢ 200,000 (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 ¢ 240,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 240,000 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 ¢ 300,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income
Nonconsolidated wages		Tax rate (in percent)
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 (SMC.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. Realized 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 alien employment tax
		Selective Alien Employment Decree, 1973 (N.R.C.D. 201); Selective Alien Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Selective Alien 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 is 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; (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
1,000,001 or more	15.0
5.	Taxes on goods and services
	5.1	General sales tax
		5.11	Sales tax Sales tax Act, 1965 (No. 257) and Sales Regulations, 1965 (LI 389), as amended through Sales Tax (Amendment) Decree, 1973 (NRCD 196); Sales Tax Exemptions (Amendment) Regulations, 1975 (LI 1026); Sales Tax (fees) (Amendment) Regulation, 1975 (LI 1023); Budget 1985-91. Sales Tax Act has been consolidated into: Customs, Excise and Preventive Service (Management) Law; Part IVA and IVB; Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C.L. 262); Budget 1992-96.		A single-state sales tax is levied on a wide variety of locally produced and imported goods at the manufacturer’s level. Manufacturers who are registered with CEPS may have the Import Sales Tax on Raw Materials deferred.	Exemptions from sales tax include: (a) animals, livestock, and poultry produced 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 and fish caught by Ghanaian-owned vessels; (h) supply of water excluding bottled and distilled waters; (i) all goods imported or purchased for Missions etc. (j) printed matter (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education. Laboratory equipment for educational purposes and library equipment; (I) medical supplies and services pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; and (q) goods for the disabled.	The sales tax rate is generally 15 percent on concessionary, consumption, and luxury goods. The rates are applied equally on the f.o.b. price on domestically produced goods and on the c.i.f. plus duty value of imports.
		5.12	Purchase tax Vehicle Purchase Tax Decree, 1973 (NRCD 149); Vehicle Purchase (Amendment) Decree, 1973 (NRCD 19); Vehicle Purchase Tax (Amendment) Decree, 1976 (SMCD 39); and Purchase Tax (Amendment) Decree, 1977 (SMCD113).		Purchase tax applies only to motor vehicles and is levied on the retail selling price or landed cost of a vehicle.	Ambulances Commercial Vehicles	Motor cars (depending on capacity)
	Rate of tax (in percent)
• Import duty	10-25
• Sales tax	0-15
	5.2	Excise taxes
		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. 111); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-96.		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 sales tax of 15 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 (SMCD 110); 1983 (P.H.D.C.L 72); Budget 1985-96.		Ad valorem excises are applied to alcoholic beverages.	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 sales tax of 15 percent.
		5.23	Luxury goods Budget 1995.		Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 15 percent is applied in addition to a sales tax of 15 percent.
		5.24	Petroleum products Budget 1987-95.		Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
Premium	621.50
Kerosene	397.00
Gas oil	567.00
		5.25	Other excises
			5.25.1	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 1992-96.	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 1985-96.		This tax is levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	The tax is levied at ¢ 22,000 for international flights and ¢ 500 for domestic flights.
		5.32	Service tax		Admission tickets for a wide variety of entertainment are taxed on the basis of the admission price.	None.	Tickets are taxed at 15 percent of their value.
					Accommodation. This tax is an ad valorem levy on accommodations and food by hotels and restaurants.	Exemptions include services less than ¢ 200 in value. Foreign diplomatic staff are also exempt.	Tax is levied at the rate of 15 percent on the value of accommodation and food.
					Advertisement through all media.	None.	Tax is levied at the rate of 15 percent on the cost of advertisement.
					Betting. This tax is levied on all sums wagered in regular betting, on the sums paid for licenses in sweepstakes, or price money paid from football pools.	None.	Tax is levied at the rate of 15 percent of: (a) sums wagered at betting events; (b) football pool prize money paid out; (c) sums paid for sweepstake tickets.

Ghana: Summary of Tax System, May 1997

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 calendar 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. Since 1995 a loss incurred can be carried forward for the next five years following the year in which the loss was incurred. This provision is effective for manufacturing, real estate, and all enterprises. Insurance companies have no time limit.	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
Investment allowance (in the year of investment) Granted at 5 percent to industrial firms for capital expenditure on plant and machinery. 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. Companies engaging in non-traditional exports (other Than cocoa and coffee beans, timber logs, electricity, unprocessed gold or any other mineral) are subject to a concessionary tax rate of 8 percent. Since 1995, manufacturing companies located outside Accra receive the following rebates: Accra-Tema: No rebate. All other regional capitals: 25 percent of tax liability All other places: 50 percent of tax liability.

		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 is 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 ¢ 200,000 (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 ¢ 240,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 240,000 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 ¢ 300,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income
Nonconsolidated wages		Tax rate (in percent)
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 (SMC.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. Realized 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 alien employment tax
		Selective Alien Employment Decree, 1973 (N.R.C.D. 201); Selective Alien Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Selective Alien 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 is 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; (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
1,000,001 or more	15.0
5.	Taxes on goods and services
	5.1	General sales tax
		5.11	Sales tax Sales tax Act, 1965 (No. 257) and Sales Regulations, 1965 (LI 389), as amended through Sales Tax (Amendment) Decree, 1973 (NRCD 196); Sales Tax Exemptions (Amendment) Regulations, 1975 (LI 1026); Sales Tax (fees) (Amendment) Regulation, 1975 (LI 1023); Budget 1985-91. Sales Tax Act has been consolidated into: Customs, Excise and Preventive Service (Management) Law; Part IVA and IVB; Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C.L. 262); Budget 1992-96.		A single-state sales tax is levied on a wide variety of locally produced and imported goods at the manufacturer’s level. Manufacturers who are registered with CEPS may have the Import Sales Tax on Raw Materials deferred.	Exemptions from sales tax include: (a) animals, livestock, and poultry produced 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 and fish caught by Ghanaian-owned vessels; (h) supply of water excluding bottled and distilled waters; (i) all goods imported or purchased for Missions etc. (j) printed matter (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education. Laboratory equipment for educational purposes and library equipment; (I) medical supplies and services pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; and (q) goods for the disabled.	The sales tax rate is generally 15 percent on concessionary, consumption, and luxury goods. The rates are applied equally on the f.o.b. price on domestically produced goods and on the c.i.f. plus duty value of imports.
		5.12	Purchase tax Vehicle Purchase Tax Decree, 1973 (NRCD 149); Vehicle Purchase (Amendment) Decree, 1973 (NRCD 19); Vehicle Purchase Tax (Amendment) Decree, 1976 (SMCD 39); and Purchase Tax (Amendment) Decree, 1977 (SMCD113).		Purchase tax applies only to motor vehicles and is levied on the retail selling price or landed cost of a vehicle.	Ambulances Commercial Vehicles	Motor cars (depending on capacity)
	Rate of tax (in percent)
• Import duty	10-25
• Sales tax	0-15
	5.2	Excise taxes
		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. 111); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-96.		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 sales tax of 15 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 (SMCD 110); 1983 (P.H.D.C.L 72); Budget 1985-96.		Ad valorem excises are applied to alcoholic beverages.	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 sales tax of 15 percent.
		5.23	Luxury goods Budget 1995.		Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 15 percent is applied in addition to a sales tax of 15 percent.
		5.24	Petroleum products Budget 1987-95.		Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
Premium	621.50
Kerosene	397.00
Gas oil	567.00
		5.25	Other excises
			5.25.1	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 1992-96.	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 1985-96.		This tax is levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	The tax is levied at ¢ 22,000 for international flights and ¢ 500 for domestic flights.
		5.32	Service tax		Admission tickets for a wide variety of entertainment are taxed on the basis of the admission price.	None.	Tickets are taxed at 15 percent of their value.
					Accommodation. This tax is an ad valorem levy on accommodations and food by hotels and restaurants.	Exemptions include services less than ¢ 200 in value. Foreign diplomatic staff are also exempt.	Tax is levied at the rate of 15 percent on the value of accommodation and food.
					Advertisement through all media.	None.	Tax is levied at the rate of 15 percent on the cost of advertisement.
					Betting. This tax is levied on all sums wagered in regular betting, on the sums paid for licenses in sweepstakes, or price money paid from football pools.	None.	Tax is levied at the rate of 15 percent of: (a) sums wagered at betting events; (b) football pool prize money paid out; (c) sums paid for sweepstake tickets.

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Ghana: Statistical Annex

Author:

International Monetary Fund

Volume/Issue:: Volume 1998: Issue 002

Publisher:: International Monetary Fund

ISBN:: 9781451814743

ISSN:: 1934-7685

Pages:: 56

DOI:: https://doi.org/10.5089/9781451814743.002

Keywords

Ghana: Summary of Tax System, May 1997

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 calendar 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. Since 1995 a loss incurred can be carried forward for the next five years following the year in which the loss was incurred. This provision is effective for manufacturing, real estate, and all enterprises. Insurance companies have no time limit.	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
Investment allowance (in the year of investment) Granted at 5 percent to industrial firms for capital expenditure on plant and machinery. 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. Companies engaging in non-traditional exports (other Than cocoa and coffee beans, timber logs, electricity, unprocessed gold or any other mineral) are subject to a concessionary tax rate of 8 percent. Since 1995, manufacturing companies located outside Accra receive the following rebates: Accra-Tema: No rebate. All other regional capitals: 25 percent of tax liability All other places: 50 percent of tax liability.

		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 is 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 ¢ 200,000 (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 ¢ 240,000 and not exceeding 10 percent of the sum assured). A deduction of ¢ 240,000 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 ¢ 300,000 of chargeable profits. Other deductions include 30 percent of rental income as well as rates and mortgage interest relating to the property.	Taxable Income
Nonconsolidated wages		Tax rate (in percent)
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 (SMC.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. Realized 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 alien employment tax
		Selective Alien Employment Decree, 1973 (N.R.C.D. 201); Selective Alien Employment Tax (Amendment) Decree, 1974 (N.R.C.D. 248); Selective Alien 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 is 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; (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
1,000,001 or more	15.0
5.	Taxes on goods and services
	5.1	General sales tax
		5.11	Sales tax Sales tax Act, 1965 (No. 257) and Sales Regulations, 1965 (LI 389), as amended through Sales Tax (Amendment) Decree, 1973 (NRCD 196); Sales Tax Exemptions (Amendment) Regulations, 1975 (LI 1026); Sales Tax (fees) (Amendment) Regulation, 1975 (LI 1023); Budget 1985-91. Sales Tax Act has been consolidated into: Customs, Excise and Preventive Service (Management) Law; Part IVA and IVB; Customs and Excise (duty rates and other taxes) Law, 1991 (P.N.D.C.L. 262); Budget 1992-96.		A single-state sales tax is levied on a wide variety of locally produced and imported goods at the manufacturer’s level. Manufacturers who are registered with CEPS may have the Import Sales Tax on Raw Materials deferred.	Exemptions from sales tax include: (a) animals, livestock, and poultry produced 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 and fish caught by Ghanaian-owned vessels; (h) supply of water excluding bottled and distilled waters; (i) all goods imported or purchased for Missions etc. (j) printed matter (books and newspaper); (k) supply of education services at any level by an educational establishment approved by the Ministry of Education. Laboratory equipment for educational purposes and library equipment; (I) medical supplies and services pharmaceuticals; (m) transportation; (n) machinery; (o) crude oil and hydrocarbon products; (p) land, buildings, and construction; and (q) goods for the disabled.	The sales tax rate is generally 15 percent on concessionary, consumption, and luxury goods. The rates are applied equally on the f.o.b. price on domestically produced goods and on the c.i.f. plus duty value of imports.
		5.12	Purchase tax Vehicle Purchase Tax Decree, 1973 (NRCD 149); Vehicle Purchase (Amendment) Decree, 1973 (NRCD 19); Vehicle Purchase Tax (Amendment) Decree, 1976 (SMCD 39); and Purchase Tax (Amendment) Decree, 1977 (SMCD113).		Purchase tax applies only to motor vehicles and is levied on the retail selling price or landed cost of a vehicle.	Ambulances Commercial Vehicles	Motor cars (depending on capacity)
	Rate of tax (in percent)
• Import duty	10-25
• Sales tax	0-15
	5.2	Excise taxes
		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. 111); Cigarettes (Special Tax Law), 1983 (P.N.D.C.L. 73); Budget 1985-96.		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 sales tax of 15 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 (SMCD 110); 1983 (P.H.D.C.L 72); Budget 1985-96.		Ad valorem excises are applied to alcoholic beverages.	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 sales tax of 15 percent.
		5.23	Luxury goods Budget 1995.		Ad valorem excise is applied to domestically manufactured and imported luxury goods.	None.	Ad valorem rate of 15 percent is applied in addition to a sales tax of 15 percent.
		5.24	Petroleum products Budget 1987-95.		Specific excises are applied to petroleum products.	None.	Excise duties in cedis per liter vary as follows:
Premium	621.50
Kerosene	397.00
Gas oil	567.00
		5.25	Other excises
			5.25.1	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 1992-96.	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 1985-96.		This tax is levied on passengers departing from airports for both domestic and international destinations. The tax is ceded to the Civil Aviation Authority.	None.	The tax is levied at ¢ 22,000 for international flights and ¢ 500 for domestic flights.
		5.32	Service tax		Admission tickets for a wide variety of entertainment are taxed on the basis of the admission price.	None.	Tickets are taxed at 15 percent of their value.
					Accommodation. This tax is an ad valorem levy on accommodations and food by hotels and restaurants.	Exemptions include services less than ¢ 200 in value. Foreign diplomatic staff are also exempt.	Tax is levied at the rate of 15 percent on the value of accommodation and food.
					Advertisement through all media.	None.	Tax is levied at the rate of 15 percent on the cost of advertisement.
					Betting. This tax is levied on all sums wagered in regular betting, on the sums paid for licenses in sweepstakes, or price money paid from football pools.	None.	Tax is levied at the rate of 15 percent of: (a) sums wagered at betting events; (b) football pool prize money paid out; (c) sums paid for sweepstake tickets.

Area
	Total land area (square kilometers)				238,540
	Agricultural land (in percent of total)				41.0
Population and vital statistics
	Total population (mid-1993, in millions)				17.5
	Population growth rate				2.7
	Urban population (percent of total)				36.3
	Population density (per sq. km. of agricultural land)				73.4
	Population age structure (in percent)
		0-14 years			43
		15-64 years			53
		65 and above			4
	Crude birth rate (per thousand)				41
	Crude death rate (per thousand)				11
	Infant mortality rate (per thousand)				73
	Life expectancy at birth (years)				59
Health and nutrition
	Access to safe water (in percent of population)
		Total			56
		Urban			76
		Rural			46
	Per capita supply of
		Calories (per day)			2,141
		Proteins (grams per day)			34
Labor force
	Total labor force (in millions)				8.4
	Participation rate (in percent)
		Total			47
		Male			44
		Female			24
Education
	Enrollment rates (in percent of age group)
		Primary enrollment			76
			Female		70
		Secondary enrollment			36
			Female		28
	Pupil-teacher ratio				n.a.
		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	1991-95
	Urban			25.7	26.7
	Rural			41.9	34.3
	National			36.4	31.4

Area
	Total land area (square kilometers)				238,540
	Agricultural land (in percent of total)				41.0
Population and vital statistics
	Total population (mid-1993, in millions)				17.5
	Population growth rate				2.7
	Urban population (percent of total)				36.3
	Population density (per sq. km. of agricultural land)				73.4
	Population age structure (in percent)
		0-14 years			43
		15-64 years			53
		65 and above			4
	Crude birth rate (per thousand)				41
	Crude death rate (per thousand)				11
	Infant mortality rate (per thousand)				73
	Life expectancy at birth (years)				59
Health and nutrition
	Access to safe water (in percent of population)
		Total			56
		Urban			76
		Rural			46
	Per capita supply of
		Calories (per day)			2,141
		Proteins (grams per day)			34
Labor force
	Total labor force (in millions)				8.4
	Participation rate (in percent)
		Total			47
		Male			44
		Female			24
Education
	Enrollment rates (in percent of age group)
		Primary enrollment			76
			Female		70
		Secondary enrollment			36
			Female		28
	Pupil-teacher ratio				n.a.
		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	1991-95
	Urban			25.7	26.7
	Rural			41.9	34.3
	National			36.4	31.4

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