Ghana - Current economic situation and prospects (Vol. 1 of 7)

rLEr i'tArvY RESTRICTED AW-32 Vol. 1 This report is for official use only by the Bank Group and specifically authofized organizations or persons. It may not be published, quoted or cited without Bank Group authorization. The Bank Grnup does notact n es_Pns p m'~,.ibiut f,. eh I ~ ~ ,s h ---Gru d o ---^p .n db;'yfor the accuacy orcmpleteness of '2 e repot. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION CURRENT EC ONOMIC SITUATION AfND PROSPEGCTS OF GHANA (in seven volumes) VOLUME I MAIN REPORT March 9, 1972 Western Africa Department  CURRENCY EQUIVALENTS 1 New Cedi = US$0.98 1 US Dollar = Np1.02 On December 27, 1971 the Cedi was devalued to 1 New Cedi = US$ 0.55 and on February 7, 1972 the Cedi was revalued to 1 New Cedi = US$ 0.78. In this report the exchange rate of 1 New Cedi = US$ 0.98 has been used.  This report was prepared in the latter half of 1971. The Green cover version of the report was circulated in December of 1971 but following the change of government in Ghana in January of 1972 the issuing of the report in Grey cover was postponed pending discussion with, and approval from, the Ghanaian authorities. The report takes account of budgetary measures for the fiscal year 1971/72 which were introduced in August of 1971. It also takes account of a comprehensive study of cocoa prospects which was completed in December of 1971. The report does not take account of the changes in the parity value of the cedi in December of 1971 and February of 1972, and other measures announced since December of 1971 such as the abolition of import surcharge and export bonus systems, increase in cocoa producer price, increase in minimum wage rate and abolition of the National Development Levy.   nrl_ T f r-T -Tl mTn Ir r n rrI.Tfvf Iu O