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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)

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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Bibliographic 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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Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Roe, Alan R & Sowa, Nii K, 1997. "From Direct to Indirect Monetary Control in Sub-Saharan Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 212-64, March.
  2. Mohsin S. Khan, 1990. "The Macroeconomic Effects of Fund-Supported Adjustment Programs," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 195-231, June.
  3. Seck, Diery & El Nil, Yasim H., 1993. "Financial liberalization in Africa," World Development, Elsevier, vol. 21(11), pages 1867-1881, November.
  4. Osei, K.A., 1996. "Foreign Exchange Bureaus in the Economy of Ghana," Papers 45, African Economic Research Consortium.
  5. International Monetary Fund, 1991. "Financial Sector Reforms and Monetary Policy," IMF Working Papers 91/127, International Monetary Fund.
  6. 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.
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Cited by:
  1. Adenutsi, Deodat E., 2010. "Financial development, bank savings mobilization and economic performance in Ghana: evidence from a multivariate structural VAR," MPRA Paper 29571, University Library of Munich, Germany.
  2. John Serieux, 2008. "Financial Liberalization and Domestic Resource Mobilization in Africa: an Assessment," Working Papers 45, International Policy Centre for Inclusive Growth.
  3. 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.

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