Government Develops Model for Macroeconomic Analysis
Dr Said Boakye, Technical Advisor on Macroeconomic, at the Ministry of Finance and Economic Planning (MOFEP), says MOFEP with support from German Federal Ministry of Development Cooperation, has developed a Macroeconomic Model to enhance economic policy analysis.
He explains that the model titled: “A Structural Macroeconomic Model of the Ghanaian Economy for Policy Scenario Analysis and Macroeconomic Forecasting” has 97 variables of which 72 are endogenous whilst the
remaining 25 are exogenous.
Dr Said Boakye announced this in Accra, at the launch of the Model to solicit comments and disseminate information about it to stakeholders, adding that the model can be used for policy analysis and macroeconomic forecasting, to enhance Ghana’s budgeting and planning process in the short to medium term.
He added that the country’s macro economy requires the use of more sophisticated and comprehensive analytic models that connected all the major sectors of the economy.
Dr John Kwakye, Senior Economist at the Institute of Economic Affairs, on his part commended the author for the initiative and expressed the hope that the model will be useful in policy analysis and macroeconomic