n Ghanaian Journal of Economics - Economic forces and equity market returns in Ghana : symmetric dependence with quantile regressions

Volume 3, Issue 1
  • ISSN : 2309-8945



In this paper, we model the dependence structure between economic forces and stock market returns in Ghana. Quantile regressions are employed to examine the relation- ships between exchange rates, consumer prices, Treasury bill rate and money supply; and commodity prices such as gold, cocoa, and crude oil, on one hand, and returns on the Ghana stock market on the other hand from January 1992 to June 2015. Our results generally show dependence of the equity market returns on all economic variables in the period before oil production in Ghana. However, variations exist in the post oil production period. The results further demonstrate how equity investors in Ghana can take advantage of gold as a safe-haven to diversify most downside risk in turbulent periods of the market.

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