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Financial and foreign exchange markets liberalization in Ghana

✍ Scribed by Nii K. Sowa; Ivy K. Acquaye

Publisher
John Wiley and Sons
Year
1999
Tongue
English
Weight
203 KB
Volume
11
Category
Article
ISSN
0954-1748

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✦ Synopsis

This paper examines whether Ghana, with its imperfect markets and institutional diculties, has bene®ted from recent liberalization eorts under SAP. Although the liberalization improved the allocative eciency of the services provided on the ®nancial and foreign exchange markets, the macro bene®ts appear very minimal. In¯ationary trends in the country continue to be in¯uenced principally by changes in output and money with very minor impacts by both interest rate and exchange rate developments. With exports dominated by only one major primary commodity whose producer price is in¯uenced more by political considerations than exchange rate developments, liberalization of the foreign exchange market does not seem to have impacted favourably on exports. On the other hand, the import-dependent economy of Ghana has not been discouraged by rapid depreciation under the liberalization programme.

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