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A Comparative Study of Foreign Exchange Policy Management in Ghana, Nigeria and Uganda

C Dordunoo, K Odubogun, G Ssemogerere and L Kasekende

Working Papers from African Economic Research Consortium

Abstract: Until the early 1980s, foreign exchange rate controls were the dominant policy in Ghana, Nigeria and Uganda. However, because of the huge fiscal deficits and expansionary monetary policies, coupled with chronic terms of trade shocks and policy error/inadequacies, the foreign exchange rates is all three countries were heavily over-valued resulting in the development of parallel markets, trade deficits and rapid decline in real GDP growth.

Keywords: GHANA; NIGERIA; UGANDA; EXCHANGE RATE; MONETARY POLICY; ECONOMIC GROWTH (search for similar items in EconPapers)
JEL-codes: F31 O47 E52 (search for similar items in EconPapers)
Date: 1997
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