MPC Press Release - January 2003 |
Thursday, 30 January 2003 00:00 |
The Monetary Policy Committee of the Bank of Ghana has undertaken a review of macroeconomic performance in 2002 and the outlook for inflation in 2003.
The domestic primary balance at the end of 2002 was 2.1 percent of GDP, down from 3.8 per cent in 2001. The higher than programmed expenditure, combined with a shortfall in donor and divestiture receipts and an accelerated clearance of government arrears resulted in an increase Government borrowing to some 4.9 percent of GDP (¢2,331 billion) by the end of December 2002, compared with 2.3 percent of GDP in 2001. The borrowing was financed on the domestic money market in the form of Treasury Bills. Government borrowing from the banking system as a whole amounted to some 9.0 percent of government revenue, mostly from the Bank of Ghana. ![]() |
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