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Inflation Targeting and Monetary Policy in Ghana

Bleaney, Michael; Morozumi, Atsuyoshi; Mumuni, Zakari

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Authors

Michael Bleaney

Zakari Mumuni



Abstract

An inflation-targeting regime has been in place in Ghana since 2007, but the inflation rate has remained persistently high. During the 2007–2017 period, inflation exceeded the announced target by four percentage points on average, despite the target never falling below a relatively unambitious 8% per annum. We investigate whether the poor conduct of monetary policy is responsible for this outcome, and find that it is not. Monetary policy reaction functions are similar to those estimated for countries with successful monetary policies, and interest rates respond in the theoretically recommended way to inflation shocks.

Citation

Bleaney, M., Morozumi, A., & Mumuni, Z. (2020). Inflation Targeting and Monetary Policy in Ghana. Journal of African Economies, 29(2), 121–145. https://doi.org/10.1093/jae/ejz021

Journal Article Type Article
Acceptance Date Apr 18, 2019
Online Publication Date May 15, 2019
Publication Date 2020-03
Deposit Date Feb 17, 2020
Publicly Available Date May 16, 2021
Journal Journal of African Economies
Print ISSN 0963-8024
Electronic ISSN 1464-3723
Publisher Oxford University Press
Peer Reviewed Peer Reviewed
Volume 29
Issue 2
Pages 121–145
DOI https://doi.org/10.1093/jae/ejz021
Keywords Economics and Econometrics; Development
Public URL https://nottingham-repository.worktribe.com/output/3979659
Publisher URL https://academic.oup.com/jae/advance-article/doi/10.1093/jae/ejz021/5489528
Additional Information This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of African Economies following peer review. The version of record Michael Bleaney, Atsuyoshi Morozumi, Zakari Mumuni, Inflation Targeting and Monetary Policy in Ghana, Journal of African Economies is available online at: https://doi.org/10.1093/jae/ejz021.

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