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Data Appendix

Appendix Table 1: Macro Economic Indicators: Ghana 2007-2016
  2007 2008 2009 2010 2011
Real GDP per capita, PPP (constant 2011 international $) 2675 2845 2908 3059 3404
Real GDP per capita growth 1.6 6.3 2.2 5.2 11.3
Inflation, CPI (annual %) 10.7 16.5 19.3 10.7 8.7
Private consumption expenditure (% of GDP) 84.6 86.8 80.6 80.1 69.3
Gross capital formation (% of GDP) 20.1 21.5 20.7 26.0 26.4
Gross fixed capital formation, private sector (% of GDP) 11.4 12.3 12.6 17.1 19.4
General government final consumption expenditure (% of GDP) 11.6 11.2 11.7 10.4 16.6
Exports of goods and services (% of GDP) 24.5 25.0 29.3 29.5 36.9
Import of goods and services 40.8 44.5 42.3 45.9 49.4
External balance on goods and services (% of GDP) -16.3 -19.5 -13.0 -16.4 -12.4
Gross domestic savings (% of GDP) 3.8 2.0 7.7 9.6 14.0
Gross savings (% of GDP) 11.5 9.3 15.3 15.1 17.5
  2012 2013 2014 2015 2016
Real GDP per capita, PPP (constant 2011 international $) 3632 3807 3869 3930 3980
Real GDP per capita growth 6.7 4.8 1.6 1.6 1.3
Inflation, CPI (annual %) 9.2 11.6 15.5 17.1 17.5
Private consumption expenditure (% of GDP) 59.8 65.6 64.3 67.8 66.6
Gross capital formation (% of GDP) 31.8 27.7 27.1 24.6 22.8
Gross fixed capital formation, private sector (% of GDP) 24.3 21.1 19.6 17.3 15.6
General government final consumption expenditure (% of GDP) 20.9 19.9 18.0 19.2 17.7
Exports of goods and services (% of GDP) 40.4 34.2 39.5 43.9 40.7
Import of goods and services 52.8 47.5 48.9 55.4 47.9
External balance on goods and services (% of GDP) -12.4 -13.3 -9.4 -11.5 -7.1
Gross domestic savings (% of GDP) 19.3 14.5 17.7 13.1 15.7
Gross savings (% of GDP) 20.0 15.7 18.5 17.0 15.9

Source: WDI

Appendix Table 2: Government Revenue, Expenditure and Financing Details 2008-2017
  2008 2009 2010
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Total revenue 6283 100 6834 100 8904 100
   Grants (including HIPC and non-concessional) 1480 24 1160 17 1174 13
   Domestic revenue 4802 76 5674 83 7731 87
      Tax revenue 4299 68 4658 68 6295 71
      Non-tax revenue 503 8 1016 15 1436 16
Total expenditure 8012 100 8248 100 11532 100
   Compensation of employees 1988 25 2479 30 3183 28
   Use of goods and services 648 8 621 8 962 8
   Grants to other government levels 2216 28 1788 22 2780 24
Capital expenditure 2481 31 2328 28 3169 27
Interest payments 679 8 1032 13 1439 12
Balance -1730   -1414   -2628  
Arrears 406   -583   -724  
Overall balance -1323   -1998   -3351  
Financing 1323 100 1998 100 3351 100
   Foreign 171 13 955 48 1209 36
      Borrowing 668 50 1413 71 1711 51
      Amortisation -497 -38 -458 -23 -502 -15
   Domestic (incl. Petroleum Fund) 1153 87 1042 52 2143 64
  2011 2012 2013
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Total revenue 12540 100 18440 100 19472 100
   Grants (including HIPC and non-concessional) 1919 15 3062 17 739 4
   Domestic revenue 10621 85 15378 83 18732 96
      Tax revenue 8527 68 12438 67 14308 73
      Non-tax revenue 2094 17 2940 16 4424 23
Total Expenditure 13534 100 19036 100 27463 100
   Compensation of employees 3910 29 5638 30 9479 35
   Use of goods and services 836 6 967 5 1236 5
   Grants to other government levels 2787 21 4268 22 7560 28
   Capital expenditure 4312 32 5972 31 4791 17
   Interest payments 1688 12 2191 12 4397 16
Balance -994   -596   -7991  
Arrears -1352   -2561   -1463  
Overall balance -2347   -3157   -9455  
Financing 2347 100 3157 100 9455 100
   Foreign 1374 59 396 13 3212 34
      Borrowing 1997 85 1379 44 4033 43
      Amortisation -624 -27 -983 -31 -821 -9
   Domestic (incl. Petroleum Fund) 973 41 2761 87 6243 66
  2014 2015 2016 2017
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Amount
(mill
cedi)
% of

Revenue
Expenditure
Financing
Total Revenue 26230 100 30526 100 37889 100 43097 100
   Grants 1391 5 2002 7 1589 4 1532 4
   Domestic revenue 24839 95 28524 93 36300 96 41565 96
      Tax revenue 19789 75 23128 76 29129 77 33017 77
         Income and property 9160 35 9411 31 11359 30 12951 30
         Domestic goods and services 6478 25 9348 31 12117 32 13363 31
         International trade 4151 16 4369 14 5654 15 6703 16
         Social contributions 166 1 183 1 353 1 296 1
      Non-tax revenue 4885 19 5214 17 6818 18 8548 20
Total Expenditure 33783 100 37975 100 43984 100 52173 100
   Compensation of employees 10793 32 12313 32 13731 31 16006 31
   Use of goods and services 1085 3 1856 5 2127 5 2651 5
   Grants to other government levels 8030 24 8054 21 11243 26 13788 26
   Capital expenditure 5990 18 6402 17 6393 15 6445 12
      Domestic 1242 4 1834 5 1606 4 2097 4
      Foreign 4749 14 4567 12 4788 11 4348 8
   Interest payments 7885 23 9350 25 10490 24 13284 25
      Domestic 6820 20 7734 20 8317 19 10571 20
      External 1065 3 1616 4 2173 5 2712 5
Balance -7553   -7449   -6094   -9076  
Arrears -2575   -2323   -2313   -3743  
Overall balance -10128   -9772   -8408   -12819  

Source: Authors’ calculations based on annual accounts from the Ministry of Finance, Government of Ghana.

Note: Total revenue is between 21-23 percent of GDP; total expenditure between 26-29 percent of GDP. Overall budget deficits range between 4-7 percent of GDP.

Appendix Table 3: Debt Indicators 2006-2016
  2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
External debt stocks
(% of exports)
82.8 76.3 95.5 96.0 76.6 76.1 100.8 119.4 122.1 120.8
External debt stocks
(% of GNI)
20.5 19.2 28.5 28.8 29.3 32.2 35.8 49.8 56.7 51.8
Concessional debt
(% of total external debt)
39.5 44.7 42.3 44.5 44.4 47.6 43.8 43.6 42.1 40.8
Multilateral debt
(% of total external debt)
30.6 34.8 31.6 30.1 29.2 28.7 24.4 22.6 22.2 22.1
Total reserves
(% of total external debt)
44.0 36.9 50.0 56.6 52.7 45.5 33.6 30.3 27.8 27.4
Short-term debt
(% of total external debt)
24.2 20.6 20.9 22.9 24.6 21.1 22.0 16.8 16.0 13.1
Short-term debt
(% of exports)
20.0 15.7 19.9 22.0 18.8 16.0 22.1 20.1 19.6 15.8
Short-term debt
(% of total reserves)
55.0 55.9 41.8 40.6 46.6 46.3 65.3 55.4 57.5 47.6
Total debt service
(% of GNI)
1.0 1.0 1.1 1.2 0.9 1.3 2.2 2.3 2.9 4.5
Total debt service
(% of exports)
3.9 4.1 3.8 4.0 2.4 3.2 6.1 5.4 6.3 10.5
Interest payments on external debt
(% of GNI)
0.4 0.6 0.6 0.7 0.3 0.6 0.8 1.0 1.2 1.6
Interest payments on external debt
(% of exports)
1.7 2.2 1.9 2.2 0.9 1.3 2.4 2.3 2.6 3.6

Source: WDI

Appendix Table 4A: Other Debt Indicators 2007-2011
  2007 2008 2009 2010 2011
Cross-border loans from BIS reporting banks 9.6 8.2 12.0 13.5 12.5
Cross-border loans from BIS banks to nonbanks 7.4 6.7 10.1 11.5 10.5
Official bilateral loans, total 1.5 1.8 2.3 2.1 2.0
Official bilateral loans, aid loans 1.3 1.5 2.1 1.8 1.8
Official bilateral loans, other 0.2 0.3 0.3 0.2 0.2
Multilateral loans, total 5.7 6.0 8.4 8.6 8.9
Multilateral loans, IMF 0.7 0.6 1.0 1.2 1.5
Multilateral loans, other institutions 5.1 5.5 7.4 7.4 7.5
Insured export credit exposures, Berne Union 7.1 9.1 11.3 9.9 9.4
Insured export credit exposures, short term (BU) 1.9 1.9 1.6 1.5 1.9
SDR allocation 0.4 0.3 2.1 1.7 1.4
Liabilities to BIS banks (cons.), short term 5.3 5.1 6.2 7.4 7.8
Multilateral loans, IMF, short term 0.0 0.0 0.0 0.1 0.1
Debt securities held by nonresidents 5.3 1.7 2.6 5.8 5.2
Debt securities held by nonresidents, total, short term 1.7 0.2 0.3 1.3 0.3
International debt securities, all maturities 3.9 3.3 3.7 3.0 2.5
International debt securities, nonbanks 3.9 3.3 3.7 3.0 2.5
International debt securities, short term 0.0 0.0 0.0 0.0 0.5
Intnl debt securities, nonbanks, short term 0.0 0.0 0.0 0.0 0.5
Paris Club claims (ODA) .. .. 1.6 1.4 1.4
Paris Club claims (non ODA) .. .. 1.8 1.5 0.9
Liabilities to BIS banks, locational, total 10.9 8.7 12.4 14.6 13.2
Liabilities to BIS banks, consolidated, total 10.3 9.3 12.1 15.2 13.7
International reserves (excluding gold) 8.1 6.2 13.1 15.1 14.3
SDR holdings 0.0 0.0 1.8 1.4 1.1
Cross-border deposits with BIS rep. banks 6.1 4.9 5.4 6.9 6.1
Cross-border dep. with BIS banks, nonbanks 2.9 2.6 2.8 3.0 2.3
Appendix Table 4B: Other Debt Indicators 2002-2016
  2012 2013 2014 2015 2016
Cross-border loans from BIS reporting banks 11.2 14.5 19.4 27.7 24.5
Cross-border loans from BIS banks to nonbanks 9.2 10.3 14.4 22.7 21.9
Official bilateral loans, total 2.0 2.0 2.4 2.7 ..
Official bilateral loans, aid loans 1.9 1.7 2.2 2.1 ..
Official bilateral loans, other 0.1 0.3 0.3 0.6 ..
Multilateral loans, total 10.0 9.3 11.9 13.6 12.7
Multilateral loans, IMF 1.8 1.5 1.6 2.1 2.2
Multilateral loans, other institutions 8.2 7.9 10.3 11.6 10.6
Insured export credit exposures, Berne Union 10.3 13.4 15.7 16.3 14.4
Insured export credit exposures, short term (BU) 2.1 2.8 2.9 3.2 2.7
SDR allocation 1.4 1.2 1.4 1.3 1.2
Liabilities to BIS banks (cons.), short term 7.0 7.4 8.2 9.2 6.9
Multilateral loans, IMF, short term 0.1 0.1 0.2 0.2 0.2
Debt securities held by nonresidents 8.8 8.5 11.5 11.8 14.0
Debt securities held by nonresidents, total, short term 0.3 0.2 0.3 0.2 0.1
International debt securities, all maturities 1.9 3.8 10.2 15.8 15.7
International debt securities, nonbanks 1.9 3.8 10.2 15.8 15.7
International debt securities, short term 0.0 0.0 0.0 0.0 1.8
Intl debt securities, nonbanks, short term 0.0 0.0 0.0 0.0 1.8
Paris Club claims (ODA) 1.5 1.5 1.8 2.1 1.9
Paris Club claims (non ODA) 1.2 1.1 1.3 1.2 1.0
Liabilities to BIS banks, locational, total 13.7 16.4 21.2 28.9 25.7
Liabilities to BIS banks, consolidated, total 16.0 16.9 20.5 21.6 19.4
International reserves (excluding gold) 13.5 11.3 14.2 15.0 13.4
SDR holdings 1.0 0.8 0.9 0.7 0.4
Cross-border deposits with BIS rep. banks 7.8 7.5 8.8 9.9 10.2
Cross-border dep. with BIS banks, nonbanks 4.1 3.8 4.5 5.2 5.4

Note: % of GNI, data for 4Q.

Source: Authors’ calculations based on the Joint External Debt Hub and WDI.

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This page forms part of the publication "Evaluation Study – Graduation and Development Finance in the SDG Era – A Case Study of Ghana, May 2018" as data appendix
Version no. 1.0, 2018-06-27
Publication may be found at the address http://www.netpublikationer.dk/um/evaluation_case_study_ghana_may_2018/index.html