The impacts of structural adjustment programmes on the operations of the Ghana stock exchange

This study evaluates the impacts of Ghana's Structural Adjustment Programmes on the operations of the Ghana Stock Exchange from 1990 to 2001. Three main components of the adjustment programmes, namely divestiture of state-owned enterprises, value-added tax and devaluation (depreciation) of the cedi, are evaluated. The study finds that divestiture had a positive impact on trading activities and market capitalization of the Exchange. However, value-added tax and devaluation had adverse effects on the operations of the Ghana Stock Exchange.UnpublishedAdam, C., 1992, Adjusting Privatization: Case Studies from Developing Countries, W. Cavendish, and P. S. Mistry, eds. (James Curry, London). Appiah-Kubi, Kojo, 2001, State-owned Enterprises and Privatization in Ghana, The Journal of Modern African Studies 39(2), 179-229. Bennell, Paul, 1997, Privatization in Sub-Saharan. Africa: Process and Prospects During the 1990s, World Development 25(11), 1785-1803. 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