01783cas a2200241 a 4500 AALejournalIMF011412 230101c9999 xx r poo 0 0eng d 5.00 USD 9781463925314 1018-5941 BD-DhAAL BD-DhAAL Kovanen, Arto. Monetary Policy Transmission in Ghana : Does the Interest Rate Channel Work? / Arto Kovanen. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (32 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes interest rate pass-through in Ghana. Time series and bank-specific data are utilized to highlight linkages between policy, wholesale market, and retail market interest rates. Our analysis shows that responses to changes in the policy interest rate are gradual in the wholesale market. Prolonged deviation in the interbank interest rate from the prime rate illustrate the challenges the Bank of Ghana faces when targeting a short-term money market interest rate. Asymmetries in the wholesale market adjustment possibly relate to monetary policy signaling, weak policy credibility, and liquidity management. In the retail market, pass-through to deposit and lending interest rates is protracted and incomplete.1. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2011/275 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/275/001.2011.issue-275-en.xml IMF e-Library