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Budget Deficit and Inflation in Ghana: A Cointegration Approach.

Abstract

The issue of budget deficit and inflation and the role money supply plays in the inflationary process continues to occupy the centre stage of academic debate in the literature of monetary economics. Considering the swelling budget deficits, fiscal distress, growth in broad money supply and rising price levels in Ghana over the past decades, to the point that the country is now seeking a possible bailout from the International Monetary Fund (IMF), this work looked at the relationship between budget deficit and inflation in Ghana. With data covering the period 1960 – 2012 and using the Fully Modified Ordinary Least Square (FMOLS), this study found that broad money supply growth and real interest rate have impact on inflation in Ghana.

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