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A Comparative Study of Foreign Exchange Policy Management in Ghana, Nigeria and Uganda

Author

Listed:
  • Dordunoo, C
  • Odubogun, K
  • Ssemogerere, G
  • Kasekende, L

Abstract

Until the early 1980s, foreign exchange rate controls were the dominant policy in Ghana, Nigeria and Uganda. However, because of the huge fiscal deficits and expansionary monetary policies, coupled with chronic terms of trade shocks and policy error/inadequacies, the foreign exchange rates is all three countries were heavily over-valued resulting in the development of parallel markets, trade deficits and rapid decline in real GDP growth.

Suggested Citation

  • Dordunoo, C & Odubogun, K & Ssemogerere, G & Kasekende, L, 1997. "A Comparative Study of Foreign Exchange Policy Management in Ghana, Nigeria and Uganda," Papers 27s, African Economic Research Consortium.
    • Handle: RePEc:fth:afrirc:27s
    as

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    More about this item

    Keywords

    GHANA ; NIGERIA ; UGANDA ; EXCHANGE RATE ; MONETARY POLICY ; ECONOMIC GROWTH;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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