Many emerging countries, particularly in Sub-Saharan Africa, have been plagued by excessive interest rates and inflation rates. The researcher wanted to know how these two variables interacted and what effect they had on Ghana's economic growth over the last 10 years. The price a borrower pays for the usage of money borrowed from a lender is called interest. The term interest rate comes from the fact that it is expressed as a percentage of the amount borrowed. Changes in interest rates were compared to changes in inflation rates over time. The coefficient of correlation between these variables was calculated using these figures. To see if there was a link between these two variables and the pace of economic growth over time, the changes in these two variables were compared to the rate of economic growth over time. The study found that interest rates and inflation rates in Ghana were positively associated and had a significant impact on the country's economic growth over the study period.
Author (S) Details
Dickson Akoto
Business School, Radford University College, Accra, P.O. Box AF 419 Adenta, Accra, Ghana.
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