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An Empirical Analysis of the Determinants of Interest Rates in Ghana
The Nordic Africa Institute, Research Unit.
Kwame Nkrumah University of Science and Technology.
2016 (English)In: Journal of African Business, ISSN 1522-8916, E-ISSN 1522-9076, Vol. 17, no 3, 377-396 p.Article in journal (Refereed) 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.

Place, publisher, year, edition, pages
Taylor & Francis Group, 2016. Vol. 17, no 3, 377-396 p.
Keyword [en]
Ghana, interest rate, ARDL, commercial banks, monetary policy, fiscal policy
National Category
Economics
Identifiers
URN: urn:nbn:se:nai:diva-2096OAI: oai:DiVA.org:nai-2096DiVA: diva2:1066014
Available from: 2017-01-17 Created: 2017-01-17 Last updated: 2017-01-17Bibliographically approved

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