Glossary

    Plain-English definitions of the economic terms used most often in StatsGH stories.

    Average lending rate
    The typical interest rate banks charge on loans to businesses and households.
    Bond yield
    The annual return on a government or company bond. Yields rise when investors see more risk or expect higher inflation.
    Cedi appreciation
    A rise in the cedi's value, so fewer cedis buy one unit of foreign currency. It makes imports cheaper.
    Cedi depreciation
    A fall in the cedi's value against another currency, meaning more cedis are needed to buy one dollar, pound or euro. It makes imports dearer.
    Cocoa production
    The quantity of cocoa beans harvested and bought in a season, usually measured in tonnes. Cocoa is a top export earner.
    Consumer Price Index (CPI)
    A measure of the average price of a fixed basket of goods and services bought by households. The Ghana Statistical Service publishes it monthly.
    Core inflation
    Inflation excluding volatile items such as energy and some food, used to see the underlying price trend.
    Crude oil price (Brent)
    The world benchmark price of a barrel of crude oil. It feeds into Ghana's fuel pump prices and oil revenue.
    Current account
    A record of trade in goods and services plus income and transfers with the rest of the world, including remittances.
    Debt restructuring
    Renegotiating the terms of existing debt — lower interest, longer repayment or reduced principal — when a borrower cannot pay as agreed.
    Debt-to-GDP ratio
    Government debt as a share of the economy's annual output. A higher ratio means debt is larger relative to the country's ability to pay.
    Eurobond
    A bond Ghana issues on international markets, usually in US dollars.
    Exchange rate
    The price of one currency in another, for example how many cedis buy one US dollar.
    Fiscal (budget) deficit
    When government spending exceeds its revenue in a period. It is often shown as a share of GDP.
    Food inflation
    The year-on-year rise in the prices of food and non-alcoholic drinks within the CPI.
    Foreign direct investment (FDI)
    Investment by foreign companies or individuals in businesses and assets in Ghana.
    Fuel pump price
    The price per litre of petrol or diesel at the pump, set in pricing windows by fuel companies under NPA guidelines.
    GDP growth
    How much the economy's output grew compared with the same period a year earlier, after adjusting for price changes.
    Ghana Revenue Authority (GRA)
    The agency that collects taxes and customs duties in Ghana.
    Gold exports
    The value or volume of gold Ghana sells abroad — its largest export by value.
    Government revenue
    Money the government collects, mainly taxes, plus grants and other income such as oil revenue.
    Gross Domestic Product (GDP)
    The total value of goods and services produced in Ghana over a period. It is the broadest measure of the size of the economy.
    Gross international reserves
    Foreign currency and gold held by the Bank of Ghana. Often expressed as months of import cover — how long reserves could pay for imports.
    GSE Composite Index (GSE-CI)
    An index tracking the overall price movement of shares listed on the Ghana Stock Exchange.
    IMF programme (ECF)
    A loan arrangement with the International Monetary Fund, paid in tranches when Ghana meets agreed economic targets.
    Inflation rate
    How much prices have risen compared with the same month a year earlier. 5% inflation means something that cost GHS 100 a year ago now costs about GHS 105.
    Inflation target
    The Bank of Ghana aims to keep inflation at 8%, within a band of plus or minus 2 percentage points.
    Interbank rate
    The interest rate banks charge each other for short-term loans. It usually moves close to the policy rate.
    Market capitalisation
    The total market value of a company's shares, or of all shares on an exchange.
    Monetary policy rate
    The Bank of Ghana's main interest rate. It guides what banks charge each other and their customers; raising it aims to slow inflation.
    Money supply (M2+)
    The total amount of money in the economy, including cash and bank deposits. Fast growth can push inflation up.
    Non-food inflation
    The year-on-year rise in prices of everything in the CPI basket except food, such as rent, transport and utilities.
    Non-oil GDP
    Economic output excluding oil and gas production, showing how the rest of the economy is doing.
    Non-performing loans (NPL) ratio
    The share of bank loans where borrowers have stopped paying as agreed, usually for 90 days or more.
    Poverty rate
    The share of people living below a set poverty line of income or consumption.
    Primary balance
    The government's budget balance excluding interest payments on debt. A surplus means revenue covers spending before interest.
    Producer Price Index (PPI)
    Measures changes in the prices producers receive for their output. It often signals future consumer price changes.
    Public debt
    The total amount the government owes to domestic and foreign lenders.
    Remittances
    Money sent home by Ghanaians living abroad. It is a major source of foreign currency.
    Trade balance
    The value of exports minus imports. A surplus means Ghana sold more abroad than it bought.
    Treasury bill (T-bill) yield
    The annual return investors earn on short-term government borrowing, usually 91, 182 or 364 days. Higher yields mean government borrowing costs more.
    Unemployment rate
    The share of people in the labour force who are without work and actively looking for it.
    Utility tariff
    The approved price for electricity or water, set by the Public Utilities Regulatory Commission (PURC).
    Value Added Tax (VAT)
    A tax added to the price of most goods and services at each stage of sale, paid finally by consumers.
    Glossary of Ghana economic terms | StatsGH