n African Finance Journal - Macroeconomic factors and the Ghana stock market

Volume 8, Issue 1
  • ISSN : 1605-9786



The paper investigates both the long run and the short run relationships between the Ghana stock market and macroeconomic variables. The paper establishes that there is cointegration between the macroeconomic variables and Ghana stock market. The results of the short run dynamic analysis and the evidence of cointegration mean that there are both short run and long run relationships between the macroeconomic variables and the index. In terms of Efficient Market Hypothesis (EMH), the study establishes that the Ghana stock market is informationally inefficient particularly with respect to inflation, treasury bill rate and world gold price.

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