ECONOMIC HIGHLIGHTS
Gold mining is a key economic industry for Ghana, current world gold bullion prices are at $430 USD/oz. Inflation quotes have year 2005 estimated at 5.6 percent, year 2006 projected at 5.9 percent. Other inflation figures include year 2004 at 13 percent, 2001 at 33 percent, 2000 at 20 percent and 1995 at 49 percent. Real GDP growth rates are healthy with 2005 projected at 5.6 percent, year 2006 at 5.9 percent. During year 2004, gross international reserves rose to $1.8 billion USD (3.7 months of imports).
CURRENCY: ISO Symbol ‘GHC’, Ghanaian new cedis. At time of review on August 6, 2005, the new cedis had an exchange valuation of 9085 GHC to the US-dollar (USD) and/or 11228 GHC to the euro (EUR). The exhange rate regime follows that of a managed float.
CURRENCY HISTORY: historical valuations include year 2004 at 9004 GHC to the USD, 2003 at 8677, 2002 at 7932, 2001 at 7170, year 2000 at 5455, December 2000 at 6881, July 2000 at 5830, March 2000 at 4029, December 1999 at 3535, October 1999 at 2863, January 1999 at 2354, January 1998 at 2271 to the USD, year 1997 at 2050, 1996 at 1637, 1995 at 1200, 1994 at 956 and 1993 at 649.
CURRENCY FORECAST: rising USD gold prices will help to boost Ghana’s foreign reserves along with additional employment in the gold mining industry. For further information, please click the banner add below and email BankINTRO.com for a currency opinion.
UPDATED: August 6, 2005
