The Effect of Macro-economic Variables on Capital Market Performance in Ghana

Author(s): David Mensah Awadzie


The stock market is an economic institution that promotes the growth and development of the economy of a nation. The purpose of the study is to investigate the effect of Macro-economic variables on the stock market performance on Ghana Stock Exchange. The study focused on the effect of foreign exchange rate, interest rate and inflation rate fluctuation on stock market performance of Ghana Stock Exchange. The study used secondary monthly time series data for twenty – one-year period between January 1997 and December 2018. Unit root test is performed using ADF to assess the stationarity in the data. In order to determine the existence or otherwise of causality, the Granger Causality tests is performed. The regression analysis is used to evaluate the influence of macro – economic on stock market performance. market capitalization is used to measure the stock market performance.

Keyword(s): Stock Market Performance, Foreign Exchange Rate, Interest Rate, Inflation, Macroeconomic Variables, Granger Causality, Regression Model, Economic Development, Ghana Stock Exchange

Guidelines for Paper

Unlock Your Path to Publication: Read the Guidelines for Submitting Papers or Journals

Submit Abstracts

Seize this opportunity to be a part of something extraordinary. Submit your abstract now and let your ideas reverberate across the realms of knowledge.

Scroll to Top