2008 (Election Year) | 2012 (Election Year) |
INFLATION | |
Average inflation: 16.46% Year inflation: 18.13% . Upsurge in world food prices . Rising world crude prices reflected in domestic ex- pump prices . No oil price hedging in place to mitigate price volatility | Av inflation (Sept): 9.14% Year to Oct. inflation: 9.2% . Oil revenue flowing into budget . Single spine salary payments .Oil price hedging program in place |
EXCHANGE RATE | |
Full Year: 26% depreciation Jan to August: 17% depreciation Sept to December: 9% depreciation | Full Year (est): 11% depreciation Jan to Aug: 12% depreciation Oct to Dec: 1% depreciation . Review of the provision of primary reserve on FCY deposits in GHS to stem depreciation 100% GHS cover for Vostro balances |
INTEREST RATE | |
Y/E Real Rate: 6.53% BoG Policy Rate: 17% Ave BoG Policy Rate: 15.79% T/Bills � 91 Days: 24.66% 3-Year Bonds 5-Year Bonds | Y/E Real Rate: 13.7% Bog Policy Rate (Sept): 15% Ave BoG Policy Rate (Sept): 14.56% T/Bills � 91 Days: 23.11% 3-Year Bonds � 23% (Secondary market -19%) 5-Year Bonds � 24% (Secondary market � 19.25%) .Real rate (Nominal interest rate less inflation) significantly higher in 2013 by about 50% |
Gross International Reserves | |
As at 31st December 2007: USD2.8 bn As at 31st December 2008: USD2.0 bn Import Coverage: 1.8 months | As at 31st December 2011: USD5.2 bn As at 31st September 2012: USD4.8 bn Import Coverage: 2.5 months |