Purpose: The purpose of this paper is to investigate whether asset allocation across various industries listed on the Ghana Stock Exchange (GSE) varies across different monetary policy states. Design/methodology/approach: This paper adopts the Markov Chain technique to split monetary policy...

Ghana's economy is characterised by acute exchange rate volatility alongside persistent and high consumer inflation. This places the economy among the sub-Saharan African countries with the highest inflation over the years. Therefore, we explore in-sample and out-of-sample macro-volatility...

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...

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...