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Financial and foreign exchange markets liberalization in Ghana

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Author Info
Nii K. Sowa (Center for Policy Analysis, Accra, Ghana)
Ivy K. Acquaye (Center for Policy Analysis, Accra, Ghana)

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Abstract

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 macro benefits appear very minimal. Inflationary trends in the country continue to be influenced 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 influenced 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. Copyright © 1999 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 11 (1999)
Issue (Month): 3 ()
Pages: 385-409
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Handle: RePEc:wly:jintdv:v:11:y:1999:i:3:p:385-409

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Mathieson, Donald J., 1980. "Financial reform and stabilization policy in a developing economy," Journal of Development Economics, Elsevier, vol. 7(3), pages 359-395, September. [Downloadable!] (restricted)
  2. Seck, Diery & El Nil, Yasim H., 1993. "Financial liberalization in Africa," World Development, Elsevier, vol. 21(11), pages 1867-1881, November. [Downloadable!] (restricted)
  3. Mohsin S. Khan & Vasudevan Sundararajan, 1991. "Financial Sector Reforms and Monetary Policy," IMF Working Papers 91/127, International Monetary Fund.
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Cited by:
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  1. James Heintz & Gerald Epstein, 2006. "Monetary Policy and Financial Sector Reform For Employment Creation and Poverty Reduction in Ghana," Working Papers wp113, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  2. John Serieux, 2008. "Financial Liberalization and Domestic Resource Mobilization in Africa: an Assessment," Working Papers 45, International Policy Centre for Inclusive Growth. [Downloadable!]
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