Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/270107 
Year of Publication: 
2021
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 9 [Issue:] 1 [Article No.:] 1935530 [Year:] 2021 [Pages:] 1-16
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
The purpose of the study was to examine the effect of monetary policy on key macroeconomic indicators in Ghana. The study used annual time series data from 2002 to 2017, which was sourced from the World Development Indicator (WDI) and the Bank of Ghana (BOG). The data were converted to Quarterly data between 2002Q1 and 2017Q4, which covers a sample period of sixteen years. The study employed the Autoregressive Distributed Lagged Model (ARDL) for analyzing the data. Unit root test was conducted using the Augmented Dickey-Fuller (ADF) tests, and the results of the analysis exhibited a cointegration realtionship among the variables of order one (1). Monetary policy changes affected lending rates by (0.32%) compared to the other variables. Overall, the results suggests that monetary policy affects macro economic indicators performance in Ghana. Based on the foregoing, the paper recommends that, in efforts to enhance the effectiveness of monetary policy, the need for policy intervention in determining the stance of fiscal policies, develop financial markets, and liberalize controlled interest rates.
Subjects: 
Average lending rates
inflation rates
lending rates
monetary policy rate
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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