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Real Exchange Rate Indexes (June 1990=100)     ---'--- / ---'--- / ----'--- /   2 70 2 ?90 2 110 2 130 2 w150 2 5170 ---'--- / ---'--- /   Arial- 2 8Dec '91- Arial- 2 Jun '92- Arial- 2 Dec '92- Arial- 2 QJun '93- Arial- 2 Dec '93- Arial- 2  Jun '94- Arial- 2 kDec '94- Arial- 2 Jun '95- Arial- 2 &Dec '95- Arial- 2 Jun '96- Arial- 2 Dec '96----'--- / - "-  #A---'---  B---'---  B "-J f- "-p ^ "-f ffff_fm 2  CPI-Based  ---'---  B---'---  B "- ) !2 .Export Cost-Based   ---'---  B---'--- / ---'--- / -- -'  '  '  "--   w "- -T (--' --  --' --  - Arial-----'---  +---'---  +- "-    $DFFDDFo "-  FDFDFD---'---  +FD D>J[>[J>J>J>J_>_JDDDrr,,ZZBBqq**YY---'---    ---'---  FD---'---  =;-  "-  "%DGG9J)MOU[^adfilxoqrm"%rmulxm{p~u}% %,169<==;*%;970&*%  !# &))0+3,5"%,5/7275571:-='CI LNQTWZ %Z]`cfi lq w/}>DJOS% SX[\\\[\^%^afpz%  % %+w1l6b<Z?WBU% BUETHSNTTXY\__ebhbkbn`q^ %q^tZwVzP}I:) "% +16:=>="%=:6/(%  %* %*-036<A&G;JEMOPWS_VeYi% Yi\l_mbnemgljipdv]{VQPO%OOQTW^ac%ceeee "- %D0O-[*a)f(l(r)%r)x+~/37AEI%ILMPQSVZ% Z`hqz%  !~&z,w%,w2v7vCxN{T|Z} %Z}q}z%zxvto% okf`ZTPML% LMNSZbj qw{%{}}%}+{6xBt%BtHrNpYk_hefkeqe%qewf}imqy|~%~~%~{voh% hc] VNHC$?'?*?% *?-@0B3E6I<QA[GeMoSwVzY|%Y|_ejp{}||%|~%{v0D- "-  :N(< "- 0D)=0D7K0D7=0D)K)r "- 3|!j "- )r"k)r0y)r0k)r"yI "- SA "- IBIPIPIBZ "- dR "- ZSZaZaZS "-  "- w, "- 6o$ "- w,p%w,~3w,~%w,p3}Z "- duR "- }ZvS}Za}ZS}Zvaz "- r "- zszzzso "- yg "- ohovovohL "- VD "- LELSLSLE{ "- s  "- {t {{ {ttB "- ~Ll: "- tBm;tB{ItB{;tBmIeq "- o{]i "- eq^jeqlxeqljeq^x~ "- v "- ~w~~~w~ "- v "- ~w~~~wh "- r` "- hahohoha?* "- I47" "- ?*8#?*F1?*F#?*81|Y "- ctQ "- |YuR|Y`|YR|Yu`| "- t "- |u|||u "- ~ "- v "- n "- vov}v}vo---'---  FD---'---  +----'---  KP  I2 ,(a) . Spread in the Foreign Exchange Markets           ---'---  +---'---  +----'---  +  2 *0 2 P*2 2 *4 2 *6 2 *8 2 T10 ---'---  +---'---  +  Arial- 2 8Dec '91- Arial- 2 fMar '92- Arial- 2 Jun '92- Arial- 2 Sep '92- Arial- 2 Dec '92- Arial- 2  Mar '93- Arial- 2 NJun '93- Arial- 2 }Sep '93- Arial- 2 Dec '93- Arial- 2 Mar '94- Arial- 2 Jun '94- Arial- 2 6Sep '94- Arial- 2 eDec '94- Arial- 2 Mar '95- Arial- 2 Jun '95- Arial- 2 Sep '95- Arial- 2 Dec '95- Arial- 2 MMar '96- Arial- 2 {Jun '96- Arial- 2 Sep '96- Arial- 2 Dec '96----'---  +---'---  #,   Arial- 2  (in percent)----'---  +- "-   n---'--- o---'--- o "-  w    2 Spread  ---'---  o---'---  o "-    6 - "-  $ "-   !  ! 2 ;Forex Buy/Sell    ---'--- o---'--- +---'--- +- -  -'  '  '  "--   S (-  -'-)  Z (CG Times Regular d*k9 Z (CG Times Regular  N)PrSPXX  A )xdExAP<PPPrSԀPP<ԀPublicFinance#.##PrSP.#(1$$_S-_XX ( $ Figure  1  Level 1Level 2Level 3Level 4Level 5( %$ I&mage <=8C HKKKKWPC'L( L( 9!L( ƚ_ g 5   E9'   "--  F: "--' -- --' --  ArialIC-Small Fonts0-Arial----"Systemn-'--- E9---'--- E9- "-  $#44 # #<) "-#4 4 ##---'--- E9---'--- @4---'---  4#---'---  6 #-  $3II33$$$,,$awwaa$$5B( wwwwwwwwwwwwwwww- $I__II$bbb$$,AA,,$w##ww#$eee$$$---'---  4#---'--- E9#  #-   & & & &{ {&W W&3 3& &#4##ooQQ44---'--- E9---'--- E9   2 -6% 2 -4% 2 -2% 2 0% 2 t 2% 2 P 4% 2 , 6% 2  8% ---'--- E9---'--- E9  2 =1990 2 1991 2 1992 2  1993 2 k1994 2 1995 2 1996---'--- E9-- "-  ?(---'--- <)---'--- <) "-- 70 .2 ,Excluding Non-tax Receipts---'--- <)---'--- <)5B( wwabwwwwsawweRwwogwwwwtwwwkNetwork\Persiste-  7D0= .2 ,GIncluding Non-tax Receipts---'--- <)---'--- E9---'--- E9---' E9 '  ' E9'TABLE BLevel 1Level 2Level 3Level 4Level 5WPC'r#! r#! 9!r#! 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Sectoral Growth Rates         ---'---  /---'---  /----'---  /  2 (-4 2 (-2 2 O.0 2 .2 2 .4 2 .6 2 u.8 2 ?#10 ---'---  /---'---  /  2 u1990 2 1991 2 1992 2 1993 2 1994 2 1995 2 1996 ---'---  /---'---  5,   Arial- 2 2 in percent----'---  /- "-   #---'---  ---'---   "-5B( ?????? ????????'?? -   2 Agric.  ---'---  ---'---  -    2 Industry  ---'---  ---'---  5B( 5 - O C2 TServices   ---'---  ---'--- /---'--- /- - -'  '  '   "--   U& "- - w--' --  --' --  ------'---  +---'---  +- "-    $OBBOOB "-  BOBOBO---'---  +---'---    ---'---  BO---'---  >O5B( ????????????????-   $eNeNe$NNN$MjjNMNM$NNttN$5RRN5N5$NN$99NN$NN-  $z::NzNz:$  NN$b33NbNb3$NN$J#g#gNJNJ#$11NN1$11N1NN1N11$//NN/5B( -'-- $NN$D D NND$wNwNw$YYNNY$^||N^N^$NN$FccNFNF$NN---'---  BO---'---  +BO OIUIUNINUIUIUIUxIxUBIBUNONTOHOTHT7H7THTHTHTHTzHzTH----'---  ME E2 )(b). Sectoral Contribution to GDP Growth            ---'---  +---'---  +----'---  +  2 $-40 2 x$-20 2 C50 2 *20 2 *40 2 *60 2 m*80 2 7100 ---'---  +---'---  +  2 s1989 2 1990 2 [1991 2 1992 2 B1993 2 1994 2 *1995 2 1996 ---'---  +---'---  *,   Arial- 2 ' in percent- ---'---  +- "-   ---'--- ---'---  "- 5B( ????????????????  -  2 Agric.  ---'---  ---'---  -   2 Industry  ---'---  ---'---  5B( ).ecraGrthat   - TH2 YServices   ---'---  ---'---  +---'---  +- - - '  '  '   "--   w- -'M@@0@VҊo(\@AҧU@l_@/@m\p?s4@5@ ˂@B;Y@@:TS5@!XU/@JGpc@H][?@d&?AVy?镲@# (@Y@ϠQ@-B4m@o +@  @ $@@ Q0@  0"E&@ 3܀@ p$`S@  ec-@ i^`V@ ٳ25i@  3@ Ւr0[@ {F"4"@   F@ !u@ Q`@.n"@ܜJ @\#@@ilo@ѯ@CԷ@C,cC@2p@ @^T#@8@φ3@lu@Mg'$@P @FA@e6$@Gz@Table_A(CG Times Italics  dTABLE ALevel 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5 RK#PbPXX  2Figure4.1:IndicatorsofMonetaryDevelopmentinGhana 2O   RK)PbPXX  PPbA )xdExAXԀMoney,CreditandBanking#X##PbPL#\TABLE BTable_A%2A`Arial))@))00 )i  Z (CG Times Regular66@  NRK"PbPXX  3Box4.2DemandDepositsand ChequesinTransit 3O     8 X Inaninterestingdevelopment,demanddepositsregisteredadropofover100billioncedisinthemonthofDecemberalone.Thisdevelopment,itappears,resultedfromhow chequesintransitaretechnicallytreatedbytheBankofGhana.Thislineiteminthemonetarysurveyrepresentsthetotalvalueofchequeswhichareatthe clearinghouseawaitingreconciliation.Sincethesechequeshavecorrespondingentriesinthedemanddepositholdingsofthecommercialbanks,thecentralbankknocksthisoffthedemanddepositstoavoid doublecounting.Thistreatmentofthechequesintransitmaybeerroneous.Inthefirstplacethechequesintransitmaycanceloutsincewhateverisdebitedtoonebankgetscreditedtoanother.Thus,theonlywaythatapositivebalancehastobenettedoutofthedemanddepositswillbewhenaparticulartransactioninvolvesabankwhichisnotpartoftheDepositMoneyBanks(DMBs)includedinthemonetarysurvey.CurrentlytheDMBsincludeallbanksexceptCooperativeBank,TrustBank,MetropolitanandAlliedBank,InternationalCommercialBank,FirstAtlanticBankandPrudentialBank. XX 8 X If,ofthe160billioncedis chequesintransit,wenetout60billioncedis,consistentwithestablishedtrends,asthoseinvolvingdealingsoutsidetheDMBs,thenitimpliesthat100billioncedismoreshouldbeaddedtothedemanddepositfiguresumminguptoabout591billioncedis.Inthatcase,thegrowthinthestockofbroadmoneyfor1996willbeabout42percent.*[X Z (CG Times RegularLevel 1Level 2Level 3Level 4Level 5%$&OLE 2.0 Box <=8C HKKKK dGH*OLE*2NOLC<< CWPC$Ys/e519/S13`fs1 `!+ 3 " # $ %'13 &@  a@a@  '      (  }  }     ) Z Z  * 5 5bb  +  xx  ,h  DhDh '3 - .< /P<P 0< 1(<( 2< 3 <  4l <l  5 <  6D<D 7< 8   9 '  : '  ; '  < '  = '  >a a'  ?< <'  @ '  A c  Bc  C   D r ErNJ  FNJ *E '3 GE )   E  H c < c   I      J   p   KrrKr LNq uJ N" 'J Nq  M*l RE * E *l +'13 N[?%2A`Arial?        @ -10%  O!?%2A`Arial?        @ -8%  P?%2A`Arial?        @ -6%  Q?%2A`Arial?        @ -4%  Rf?%2A`Arial?        @ -2%  S ?%2A`Arial?        @ 0%  T= ?%2A`Arial?        @ 2%  U ?%2A`Arial?        @ 4%  V?%2A`Arial?        @ 6%  W?%2A`Arial?        @ 8%  Xg?%2A`Arial?        @ 1990  YC?%2A`Arial?        @ 1991  Z ?%2A`Arial?        @ 1992  [?%2A`Arial?        @ 1993  \?%2A`Arial?        @ 1994  ]?%2A`Arial?        @ 1995  ^?%2A`Arial?        @ 1996 + '13 `_q Ny'3 `  +'13 a9 ?%2A`Arial?        @ StructuralBalance + 1 b]'3 c+'13 d?%2A`Arial?        @ OverallBalance !  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