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The Impact of Money Market Activities on the Economic Growth of Ghana
Article Number: SIS683254AI120523
12th May, 2023
Author(s):
Bernardette Naa Hoffman
Abstract:
The study examined the
impact of money market activities on the economic growth of Ghana from
1981-2020. Data for the study were collected from the national bureau of
Statistics and CBG Statistical Bulletin; the data collected were subjected to
regression analysis with the aid of the SPSS 21.0 software package. The study
revealed that the value of the Treasury bill to GDP in Ghana within the period
under study shows a positive significant impact on the GDP. While the value of
commercial paper also shows a significant impact on the GDP but does have a
significant effect on the economic growth and value of bankers, acceptance note
also shows a significant impact on the GDP. The study recommended that
government and the monetary authorities should adopt policies and measures to
improve and strengthen the development of the money market and money laundering
activities. In particular, two of the money market instruments used in this
study (treasury bills and commercial papers) should be sustained as major
instruments for national economic development through appropriate monetary policy
measures.