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Macroeconomic Factors and the Ghana Stock Market

Author

Listed:
  • Kofi A. Osei

    () (University of Ghana Business School)

Abstract

The paper investigates both the long run and the short run relationships between the Ghana stock market and macroeconomic variables. The paper establishes that there is cointegration between the macroeconomic variables and Ghana stock market. The results of the short run dynamic analysis and the evidence of cointegration mean that there are both short run and long run relationships between the macroeconomic variables and the index. In terms of Efficient Market Hypothesis (EMH), the study establishes that the Ghana stock market is informationally inefficient particularly with respect to inflation, treasury bill rate and world gold price.

Suggested Citation

  • Kofi A. Osei, 2006. "Macroeconomic Factors and the Ghana Stock Market," The African Finance Journal, Africagrowth Institute, vol. 8(1), pages 26-38.
  • Handle: RePEc:afj:journl:v:8:y:2006:i:1:p:26-38
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    File URL: http://www.journals.co.za/ej/ejour_finj.html
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    Cited by:

    1. Charles K.D. Adjasi, 2009. "Macroeconomic uncertainty and conditional stock-price volatility in frontier African markets: Evidence from Ghana," Journal of Risk Finance, Emerald Group Publishing, vol. 10(4), pages 333-349, August.
    2. repec:rss:jnljfe:v2i4p3 is not listed on IDEAS
    3. Haruna Issahaku & Yazidu Uztarz & Paul Bata Domanban, 2013. "Macroeconomic Variables and Stock Market Returns in Ghana: Any Causal Link?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(8), pages 1044-1062, August.

    More about this item

    Keywords

    Ghana; Stock Market; Macroeconomic Variables; Short-Run; Long-Run; Efficiency;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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