Causes of Inflation in Ghana

Gyan-Amoah, Emmanuel

Abstract The study seeks to investigate the factors that influence inflation in Ghana. It uses an annual time series data from 1992 to 2017 in Ghana, which was obtained from the World Bank's World Development Indicator and regression analysis involving the use of Ordinary Least Square (i.e. OLS) method to evaluate the impact of factors (e.g. Government Final Expenditure, Current Account, Broad Money Growth) on the inflation in the Ghanaian economy. The result of the study shows that the Current Account has a positive and statistically significant connection with inflation. However, the Government Final Expenditure has a positive and no significant impact on the inflation. The Broad Money Growth has a positive and statistically significant effect on inflation. The conclusion is that the Current Account balance and the Broad Money Growth play positive and very significant role in influencing inflation in Ghana.

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