d. A decrease in enterprises citing self financing as a principal source of funds for expansion;    
e. Increased linkages between the Ghanaian financial system and the global financial system.
The expected impacts of improved financial intermediation include: a reduced rate of inflation, more
stable and realistic exchange rates, no or slower growth in public debt (debt declines as a percent of
GDP), increased loans to the private sector, increased use of private sector financial resources, and
increased foreign direct investment.
2. Monitoring Improvements in Financial Intermediation
Monitoring the results for Task Two, CLIN 3 and 4 involves data on the country's budget and financial
functions and institutions.  Indicators that will be used to monitor the achievement of the results for Task
Two and their sources are listed in Table 2; baseline data for specific indicators are reported in Appendix
V.  Information on the financial system in Ghana is derived primarily from the Bank of Ghana and
Ministry of Finance, although some will be from other sources including the Ghana Stock Exchange and
private sector banks; much of these data are published in newspapers as well as in official documents. 
However, the newspaper information is often available much sooner than the official documents. 
Templates for collection of weekly indicators for interest rates, stock market activities, and exchange
rates from media sources are given in Appendix VI.  These data can be obtained from daily newspapers
or, preferably, from the weekly Business & Financial Times, which has weekly summaries for several
financial measures, as well as price information.  Appendix VI also contains an example template for
collection of monthly data for CPI, imports, exports, etc.
Table 2. Financial Intermediation Improvements & Instruments Monitoring Indicators
Indicator
Source
CPI/Inflation rate
GSS Flyer
Exchange rates (cedis/$, etc.)
BOG/two rates: interbank & Forex
Interest rates: BOG bills/bonds
BOG Bulletin; weekly in Daily Graphic
Interest Rates (private banks)
Private banks posted rates
Taxes and Expenditures
Budget (1 year lag), MOF
Public debt
domestic   BOG; foreign   MOF
Savings and Investment (private)
GSS, (NIPA), BOG monetary survey
Foreign Direct Investment (FDI)
GIPC
3. Linkages of Indicators to Expected Results and Their Impacts
The expected results from improved financial intermediation include an expansion of viable financial
instruments, a more aggressive and competitive financial services sector, an increase in net domestic
credit provided to the private sector, a decrease in enterprises citing self financing as a principal source of
funds for expansion, and increased linkages between the Ghanaian financial system and the global
financial system.  This aspect of program activities will be a major responsibilty of the Senior Monetary
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