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- Title
DETERMINANTS OF INFLATION IN GHANA: AN EMPIRICAL INVESTIGATION.
- Authors
ADU, GEORGE; MARBUAH, GEORGE
- Abstract
This paper provides an empirical analysis of the factors accounting for inflation dynamics in Ghana using the bounds test and other econometric approaches. We find that real output, nominal exchange rate, broad money supply, nominal interest rate and fiscal deficit play a dominant role in the inflationary process in Ghana. To the extent that output growth by far has the strongest impact on inflation, targeting supply-side constraints will help moderate price inflation. The paper concludes that inflation in Ghana is explained by a combination of structural and monetary factors consistent with prior studies.
- Subjects
GHANA; PRICE inflation; ECONOMIC activity; MONEY market; INTEREST rates; FOREIGN exchange rates; MONETARY policy
- Publication
South African Journal of Economics, 2011, Vol 79, Issue 3, p251
- ISSN
0038-2280
- Publication type
Article
- DOI
10.1111/j.1813-6982.2011.01273.x