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An Empirical Analysis of the Determinants of Interest Rates in Ghana
Nordiska Afrikainstitutet, Research Unit.ORCID-id: 0000-0002-1520-5725
Kwame Nkrumah University of Science and Technology.
2016 (Engelska)Ingår i: Journal of African Business, ISSN 1522-8916, E-ISSN 1522-9076, Vol. 17, nr 3, s. 377-396Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

This paper provides an empirical analysis of the determinants of the bank lending rate in Ghana using annual time series data from 1970 to 2013. We found evidence of a long-run equilibrium relationship between the average lending rate charged by commercial banks and its determining factors. In the long run, bank lending rates in Ghana are positively influenced by nominal exchange rates and Bank of Ghana’s monetary policy rate but negatively with fiscal deficit, real GDP and inflation. We also find positive dependence of the bank lending rate on exchange rates, and the monetary policy rate both in the short and long run. Specifically, our findings reveal that the Bank of Ghana’s monetary policy rate and the exchange rate, by far, show strong contemporaneous effects on the average bank lending rate in Ghana.

Ort, förlag, år, upplaga, sidor
2016. Vol. 17, nr 3, s. 377-396
Nyckelord [en]
Ghana, interest rate, ARDL, commercial banks, monetary policy, fiscal policy
Nationell ämneskategori
Nationalekonomi
Identifikatorer
URN: urn:nbn:se:nai:diva-2096OAI: oai:DiVA.org:nai-2096DiVA, id: diva2:1066014
Tillgänglig från: 2017-01-17 Skapad: 2017-01-17 Senast uppdaterad: 2019-06-18Bibliografiskt granskad

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