We examine the (in)stability of real money demand function and the relevance of money in the contemporary monetary policy framework in Ghana. Both Bai-Perron (2003) structural stability and Quandt-Andrews unknown break tests were applied to ascertain possible structural breaks in Ghana's money...

Fiscal policies in Ghana have consistently resulted in high deficits accompanied by low and uneven economic growth path for a long period of time. In this study, the author examines the threshold effect of budget deficit on economic growth in the Ghanaian case, using quarterly data from...

The economy of Ghana has run persistent high budget deficits in-sync with high current account deficits for over two decades. In this study, we examine the twin deficits hypothesis in the case of Ghana using quarterly data from 2000–2012. The study revealed a direct positive relationship...

This paper examines the impact of monetary policy on real economic activities using a modified open-economy New Keynesian aggregate demand function for Ghana over the period 2000Q1-2016Q4. Our analysis shows that all the determinants of aggregate demand have the expected theoretical signs. We...

The study develops a standard representative-agents’ New Keynesian model for macroeconomic analysis in a developing African economy. Using Bayesian estimation techniques and Ghanaian dataset, the core objective of the paper is to determine the best suited monetary policy rule for Ghana. After...