WPC;  vᘵ";n혲PA{XGڈI{G/=o!/$oki菁B! ԺXJ^(S#;?YӬr2:+mRϗ:zաˇU[KQPlYڞQ8~ UbcO[QkF\ECϷTρyr\Bﺢ!&TiDB.$cwƯDRڝ--:XVaV <]]]m Rd>m,(Di=eK)~7vx7e*:"47=1DLQ/>"9zdʷ6H1iџ6 ʝ'bÐQ¹qvD _(ӸBz}Ń1휂Z,/neI_!AVĞ5M?07[`#  U#N % 0( U<5 w@q 4   , fU!* f4a6aJ 0D^@ oI^YY@ ZZz[@\oU]fMaO hCc@ o 0D B D+ 0K.@ A@ oNY!o!9pgp:px h"1 h2222 1mF: 0c::::::::::::::::::::::::::::::::::::::: B*;;;;;;;;;;;;;; D3@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@;@; DCs;HP LaserJet 4 Plus/4M PlusHPPCL5E,,,,0 (hH  Z 6Times New Roman RegularX($%\  `$Times NewRoman DDDDD[[\ |x " )  XX55CEPAMacroeconomicReport   h      p     FirstQuarter1996#XX#%2A`ArialTABLE ATABLE B(3$ !   WPC' 99  99  9! 99  8IƚW $ L    '  '  ' & '  Arial-"System-'-  Arial--'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'-  -'-  -'- & -'- = --  q ---' --- ---' ---  Arial- Ariald-Arials - -- ---'- -- ^} ---'- -- ^} - - $U  UU! -U  UU---'- - - ^} U UAi|A|iAi~A~iAiAiAiAiAi-U UU??))  ---'- - - =\ !!---'- - -  U---'- - -  >- - U ?^)d^U $U?\)]4. U-- m?- U@UjU@Uj?- W)- ?*?T?*?T^)- vAH- ^)I^)s>^)s^)I>d- |+N- dOdy(dydO(^- v H- ^I^s ^s^I U - m ? - U @ U j U j U @ $U$Uj$U9@$U?$?T?*?\)$)G>\)q\)G]$H(]r]H4$ 4I4. $  . C . ---'- --   U---'- --  ^} ----'---   @ I2 m,(a). Money Supply Trends (Oct-95 to Mar-96)3M8833=88838$3883H3338M3$33---'---  ^} ---'---  ^} - ---'- --  ^}   2 600%%% 2 ]700%%% 2 800%%% 2 _900%%% 2 1000%%%% 2 a1100%%%% 2 1200%%%% 2 c1300%%%% 2 1400%%%%---'- --  ^} ---'- --  ^}  2 COct-954"%%2 CNov-950%"%%2 CDec-950%"%%2 CJan-96"%%%%2 CFeb-96)%%%%2 C~ Mar-968%%%---'- --  ^} ----'---  !  Arialc-2 4in billion Cedis----'---  ^} - --  "# ---'- -- ! ---'- -- ! -  ;-- S%- ;&;P;&;P"2 Narrow Money (M1)0%%08%%%"8%---'- --  ! ---'- --  ! % x$xxcx2 Broad Money (M2)-%%%8%%%"8%---'- --  ! ---'- --  ^} ---'- --  ^} --- '   '  ' = --   q - -  G--' --  --' --  --- -- ---'- --  ^ ---'- --  ^ - -  $)c c ))m- )c c ))---'- - -  ^ ---'- - -  =c !!---'- - -  c )---'- - -  s )5B( nch ~uF &-  $//$|;|;|$gFgFg$hRhRh$ ] ]   - $///$;;;$FFF$RRR$]   ] ] ---'- - -  c )---'- - -  ^ ) )====yy==gg==)c ))55@@LLW W c c ----'-- -   @ L2 m.(b). Sources of change in Broad Money Supply 8=88$33383838838B$838M8833=8883---'-- -  ^ ---'-- -  ^ - ---'- - -  ^   2 ~0% 2 5% 2 l10%% 2 15%% 2 Z20%% 2 25%% 2 H30%% 2 35%%---'- - -  ^ ---'- - -  ^  2  Net Credit0%0%%2 =to Govt.%4%"2 Cocoa0%"%%2 = Financing)%%%"%%2 Public-%%"2 = Institutions%"%%%"2 Private-"%%2 =Sector-%"% 2 ) Net0%2 = Foreign)%%%%2  Assets-""%"---'- - -  ^ ----'-- -  %  Arialc-2 8 as percent of total money supply----'-- -  ^ - - -   "l---'- --  m---'- --  m-  5B( nch ~uF &-  2  1st Qtr 1995%"4%%%%---'- - -  m---'- - -  m-  ~V2  1st Qtr 1996%"4%%%%---'- --  m---'- --  ^ ---'- --  ^ - - - '   '  ' = --   G- -' |  #  $ Figure  2   :GhanaMonetaryIndicators Level 1Level 2Level 3Level 4Level 5 Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5Level 1Level 2Level 3Level 4Level 5WPC' 9! 8UƚZS *W   a '  ' ` ' r ' ` ArialS-"System-'- ` ArialKT--'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'- ` -'- ` -'- r -'-  --  q ---' --- ---' ---  ArialQ- ArialWN--ArialP- ---'- --  ---'- --  - - $e e VV-e Ve VVVV&&&%%&&ZZ&&&**&&VVe jBjBjBjHBHjBjBjBj<B<jBjBjrBrj/ B/ j B j B je Be ---'- - - i !!---'- - - Yf ---'- - - m} - ~  {HmP<[r/ =  e ---'- -- Yf ---'- --  ----'---  < W2 `5(a) Spread between Forex Bureaux and Interbank Rates*2.**..*:**...**6.**.**...*.*.*6***---'---  ---'---  - ---'- --    2 70% 2 1% 2 l2% 2 3% 2 4% 2 ;5% 2 6% 2 p7% 2 8% 2 9%---'- --  ---'- --   ArialL- 2 TJan-95-  ArialL- 2 Feb-  ArialL- 2 `Mar -  ArialL- 2 Apr-  ArialL- 2 May-  ArialL- 2 TJun-95-  ArialL- 2 SJul-  ArialL- 2 Aug-  ArialL- 2 Sep-  ArialL- 2 Oct-  ArialL- 2 FNov-  ArialL- 2 _ Dec-95-  ArialL- 2 T Jan-96-  ArialL- 2 | Feb -  ArialL- 2 [9 Mar-96-  ---'- --  ----'--- !  ArialL- 2 4as %tage of the Interbank Rate-  ArialL- 2 - ---'---  ---'---  - -' a  '  '  --  q - - g--' --  --' --   Arial;i--  Arialkf- - - ---'- --   ---'- --   - -  $ ` `   Xg'-  ` `   ---'- - -      - LL99''-  ` -   ,,LLmm11RRrr66WWww;;\\}}  AAaa%%FFff  **KKll00PPqq  5 5 V V v v           : : [ [ { {           ? ? ` ` ---'- - - v !!---'- - - a ---'- - - x -  -    ,Lm%12R2r9<0&6*W/w=ADCGD;=\6}3.++1 1A2a4/+%Ff *Kl_J0P/q?HHFU Z5 WV ]v v     : [ {      ? `  ,Lm16R.r9:1A?f6wWw;\} AawdX%PF@fvcU]d g*IK;l4"0Pq 5 V v   6 > D L: U[ [{ Q > : 7 F b? v`  - ! ,B,LbLmm&1!G16R:h2R.r2*r9=5:>615-AE =?C+;f6jLb6wW{msWw{w1;Q;\r\}} 6 AWAawaw{sdh`X%\;T%PFT\LF@fD|<fvzrcg_UYQ]aYd h ` g*k@c*IKMaEK;l?7l480"&"%0F0PfPqq  *  5 K 5 V l V v  v        6 : 2 > B : D H/ @ L: PP H: U[ Yq Q[ [{ _ W{ Q U M > B : : > 6 7 ; 3 F J5 B b? fU ^? v` zv r` ---'- --  a ---'- --   ----'---  { H N2 r/(b) Real Exchange Rate Indices (June 1990=100)3<..7..3.33.<..33....33.....0...---'---   ---'---   - ---'- --     2 0% 2 20%% 2 -40%% 2 60%% 2 v80%% 2 j100%%% 2 j120%%% 2 cj140%%% 2 j160%%% 2 j180%%%---'- --   - ---'- --     ArialO- 2 Jun-89-   ArialO- 2 Dec-89-   ArialO- 2 lJun-90-   ArialO- 2 0Dec-90-   ArialO- 2 Jun-91-   ArialO- 2 Dec-91-   ArialO- 2 |Jun-92-   ArialO- 2 ?Dec-92-   ArialO- 2 Jun-93-   ArialO- 2 Dec-93-   ArialO- 2 Jun-94-   ArialO- 2 O Dec-94-   ArialO- 2  Jun-95-   ArialO- 2  Dec-95-   ArialO- 2 9 Mar-96-  ---'- --   - - -  [i&---'- - - Xg'---'- - - Xg'- "B ""2  CPI-Based0--%"%%---'- - -  Xg'---'- - -  Xg'"b " "- &!2 Export Cost-Based-"%%0%"-%"%%---'- --  Xg'---'- --   ---'- --   - -  - ' a  '  '  --   g-  - '-   #  $ Figure  3   :GhanaForeignExchangeMarketIndicators TABLE C  @TABLE A - WPCi g f51944T13`i  `!   +3 "   #  $ % 5 1 & 'Z^Z^Z (X G G X X G )      *SS5 +dd ,^CC^^C - w w   w . 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