The Impact of Money Market Activities on the Economic Growth of Ghana

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. 

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.