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The paper examines the effect of exchange rate changes on consumer prices in Ghana using vector autoregression (VAR) models. Using a data set covering the period 1990M01-2009M02, we find that the exchange rate pass-through to inflation is 'incomplete' and decreasing in Ghana. Our empirical results indicate a low but significant pass-through in the short run. We argue that the findings reflect the impact of increased openness and tighter monetary policy pursue by the central bank over the period.doi:10.5539/ibr.v3n2p186 fatcat:6syqhkqpxbfdvizb64ot5k7dem