Monetary Policy
MPC Press Release - November 2007
Friday, 30 November 2007 00:00

Gross Domestic Product (GDP) growth remained robust and the economy resilient to the energy supply interruptions and load shedding, and rising fuel prices associated with the increases in oil prices on the international market. The indications are that GDP growth has eased to 6.4 percent for the year, a slight mark down from an initial forecast of 6.5 percent.

The Bank of Ghana’s Composite Index of Economic Activity (CIEA) indicates that economic activity picked up during the third quarter of 2007. The index rose by 15.3 points (5.10%) over the June 2007 level of 299.4 and stood at 314.7 points at September 2007. In year-on-year terms, 24.9 percent growth was recorded relative to September 2006, and against a trend growth rate of 20.9 percent.

Individual components underpinning this growth (over June- 2007) were recorded in port activities, sales of keymanufacturing companies, DMBs credit to the private sector, i mports, tourists arrivals and domestic VAT collections. These were offset by decreases in cement sales, employment and exports.

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