We met our key macroeconomic targets in 2017; In 2018, we successfully completed the combined IMF 5th & 6th reviews; successfully issued 10 & 30 year Eurobonds; presented the 2018 Mid-Year Fiscal Policy Review; & we are on course with our economic transformation agenda.
In the first 6 months of 2018 we achieved the following:
- GDP growth of 8.5% in 2017 (target of 6.3%); 6.8% growth in qtr. 1 2018 against 6.7 in qtr. 1 2017. Non-Oil GDP grew by 5.4% in qtr. 1 up from 4.0 % in qtr. 1 2017;
- Inflation reduced from 15.4% at end 2016 to 11.8 % at end 2017 and has further reduced to a single digit of 9.6% as at July 2018.
- Fiscal deficit of 2.6% against target 2.4% of GDP as at end May 2018. Provisional end-June data indicates a recovery with an end-June cash fiscal deficit of 2.7% of GDP compared to a target of 2.8%.
- Debt to GDP ratio reduced from 73.1% in 2016 to 69.2% in 2017 & to a provisional figure of 64.4% of GDP at end June 2018.
- Year-to-date the cedi has depreciated by 6.13% against the dollar on the interbank bank. This compares with same-period depreciation of 4.19% in 2017. The cedi has held its ground in the midst of a stronger dollar (which has impacted most currencies, including the EUR and GBP), global trade war concerns and emerging market contagion concerns.