This paper examines whether Ghana, with its imperfect markets and institutional difficulties, has benefited from recent liberalization efforts under SAP. Although the liberalization improved the allocative efficiency of the services provided on the financial and foreign exchange markets, the...

The paper describes the Quarterly Projection Model (QPM) that underlies the Bank of Ghana Forecasting and Policy Analysis System (FPAS). The New Keynesian semi-structural model incorporates the main features of the Ghanaian economy, transmission channels and policy framework, including an...

Financial globalization has made monetary policy formulation in emerging market economies increasingly complicated. This timely set of studies looks at the turmoil in global financial markets, which coupled with volatile inflation poses serious challenges for central banks in these countries....