Methods of data collection in the country should be

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Methods of data collection in the country should be improved upon to ensure proper monitoring of the performance of the economy and for making accurate projections in the near future. 5.4 Conclusion Inflation targeting as a policy has proven to be very vital in promoting economic growth. Most economies in the world has benefited from implementing IT as their policy framework. Amongst them are New Zealand, Australia and India to mention a few. Ghana has not been a left out in this success story. However, the monetary transmission mechanism put in place by the Bank of Ghana must be checked to ensure the effectiveness of the policy. REFERENCES 29 | P a g e
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Ball, Laurence and Niamh Sheridan. (2003) “Does Inflation Targeting Matter?” NBER Working Paper . Bank of Ghana Monetary Policy Committee Reports (MPC Report, 2003-2012) Cecchetti, Stephen G. and Michael Ehrmann. (1999) “Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers’ Preference and Outcomes.” NBER Working Paper , December. CEPA (2008): Ghana Economic Review and outlook, Part 1: Focusing on Fiscal Performance, Centre for Policy Analysis Greenhill, Accra 2008. CEPA (2012): The Relevance of the Monetary Policy Rate in the Monetary Transmission Mechanism, Centre for Policy Analysis, pp.1-2. Ghana Statistical Service Inflation Statistics. (accessed 31/03/14). Hammond, E. (2005). T . article 83645. [email protected] (accessed 13 th March 2014). Kyereboah Coleman, A., (2012) “Inflation targeting and Inflation Management in Ghana”. Journal of Financial Economic Policy Vol. 4, pp.25 – 40. Kwankye, J., K., (2010) Assessment of Inflation Trends, Management and Macroeconomic Effects in Ghana. Institute of Economic Affairs pp.6 Kovanen A., (2011) “Monetary Transmission in Ghana”; Recent Trends in Ghana’s Interest Rates. IMF Working Paper WP/11/275, pp. 6-10. Mukherjee S. and Bhattacharya R., (2011) “Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies”. IMF Working Paper WP/11/229, pp. 3-7. Mishkin, Frederic S. (2000) “Inflation Targeting in Emerging-Market Countries.” The American Economic Review , May, pp. 105-109. 30 | P a g e
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