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The Problem Of High Interest Rates: Don’t Control But Please Regulate

"The persistence of high interest rates in Ghana is the collective responsibility of banks, the fiscal authorities and the monetary authorities. High bank lending rates and large spreads are of particular concern, not only can they not be justifie...

The Case For Windfall Profit Taxes In Ghana’s Mining Code

"This Legislative Alert examines the fiscal provisions of Ghana’s mining code. It briefly examines the changes that have been made in Ghana since the first code was enacted in 1986. Noting the recent change in royalty rates, as well as the imposit...

Wagner’s Law And The Causal Nexus Between Government Expenditures And Tax Receipts: An Empirical Study Of Ghana

"Wagner's law is tested by using the traditional versions and our own versions which account for prices. Results show that Wagner's law exists in Ghana. However, there is no empirical support to the view that increases in government expenditure...

Determination Of Real Exchange Rate Misalignment For Ghana

"The paper determines real exchange rate misalignment for Ghana for the period 1980 - 2010. It finds that the equilibrium real exchange rate is influenced to a significant extent by "fundamental" or "real" factors - represented in the study by pro...

Assessment Of Inflation Trends Management And Macroeconomic Effects In Ghana

"Ghana has experienced high inflation over a long period of time. Over the past thirty years, monetization of fiscal deficits and cyclical food deficits have been the principal drivers of inflation. Achieving sustained disinflation therefore depen...

Improving Fiscal Management in Ghana : The Role of Fiscal Policy Rules

In this paper the role of fiscal policy rules are discussed in the promotion of fiscal discipline and transparency in Ghana. It investigates whether the adoption of fiscal policy rules and independant fiscal policy councils can help improve fiscal...

"Economic Growth, Expanding Role of Government and Fiscal Policy in Ghana : 1965-2004"

As economies develop and grow, their expenditures on public services and regulations also increase even at a higher rate, than their economic growth. Adolph Wagner who pioneered the empirical test of this observation found that the elasticity of g...

Ghana's Debt Profile and Sustainability

"The profile and sustainability of Ghana's debt are assessed for the period 2000-12. The assessment was based on debt-to-GDP ratios and the fiscal approach to debt sustainability, which can only provide backward-looking analysis. The dearth of deb...

Improving Fiscal Management in Ghana: The Role of Fiscal Policy Rules

This paper discusses the role of fiscal policy rules in promoting fiscal discipline and transparency in Ghana. The adoption of fiscal policy rules and independent fiscal policy councils are investigated and whether it can help improve fiscal perfo...

Ghana's Mining Code: In Whose Interest?

"When Ghana's first mining-specific legislation, PNDC Law 153, was enacted in 1986, the law was heralded as a shining example of best practice by many. The legislation sought to provide a stable policy environment in addition to significant finan...

Final Fixing the Roof While the Sun is Shining Ten Lessons from Country Experiences with Fiscal Policy Rules

Country experiences was reviewed in this paper together with the implementation of fiscal policy rules with the objective of deriving policy relevant lessons for developing countries. To that end, it commenced by discussing what fiscal rules are, ...

The Ghanaian Economy: Annual Review 2013-2014 Theme: Ghana’s Public Financial Management

This annual report on the economy of Ghana for 2013-14 is a combined edition and devoted to Public Finance Management. The content comprises policies, legal frameworks, institutions, processes and mechanisms by which the public resources are mana...

Development Without Aid

"In this Occasional Paper, a distinguished scholar and diplomat, Frederick S. Arkhurst, has carried out a penetrating analysis and critique of foreign aid and its direct impact on development in the Third World. He concludes that development is po...

Budget Discipline Should Be Entrenched In Ghana As A Policy Priority

"Perennial fiscal deficit overruns in Ghana and their adverse effects on the economy have attracted widespread concern. Motivated by this concern, IEA carried out research to assess the processes, arrangements and the legal framework for budget pr...

The Recent Slide In The Cedi Should Be A Wake-Up Call

"The paper examines the reasons for the recent sharp depreciation in the cedi, while placing the problem in a long-term context. The paper offers both short-term and long-term solutions to safeguard the cedi's value. As a bottom line, the paper ar...

Single-Digit Inflation And The Cost Of Living Dichotomy In Ghana

'Ghana has a long history of high inflation rates, popularly attributed to supply not keeping up with demand. However, Ghana's current single digit inflation can be attributed to a number of factors including the reduction in global inflation rat...

The Answer To The Cedi’s Weakness Is To Address The Economy’s Fundamentals

"The Ghanaian Cedi has been on the decline for the better part of its history, apparently with no end in sight. An IEA study has determined that the long-run decline of the Cedi is influenced by economic fundamentals that drive the real rate towar...

Five Years Of Inflation-Targeting In Ghana: What Has Changed And What Needs To Change Further To Enhance The Process?

"After achieving political independence in 1957, Ghana set up its own central bank to conduct independent monetary policy among other functions. Since then, various frameworks have been adopted to deliver price stability as the principal goal of m...

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