Debt Servicing, Exchange Rate Depreciation, and Inflation in Ghana: Evidence from ARDL Bounds Testing and NARDL Asymmetric Analysis
This study utilizes ARDL and NARDL frameworks to analyze Ghana's 1993–2024 data, revealing that while structural breaks limit long-run cointegration, public debt servicing negatively impacts inflation through demand crowding-out, whereas exchange rate movements symmetrically drive inflation and GDP growth dampens it.