The main purpose of the study was to trace the monetary history of Ghana, providing an overall view of how the various monetary regimes in Ghana's history affected the method(s) adopted to finance government budget deficits. The impact of the budget deficits on the money supply process and prices was also analyzed.

The study begins with an overview of the various definitions of deficit financing. A brief account of the monetary developments leading to the establishment of the West Africa currency Board in 1912 was given. The study then goes on to show how currency was acquired during the existence of the Currency Board (that is, 1912-57) This led to a discussion of how the Ghana Government financed its budget deficits during this period. The role of the Bank of Ghana in the monetary development after independence was discussed. The persistent Government budget deficits after independence and its effect on the money supply and prices was also discussed. It was found that there is a close connection between changes in the stock of money and changes in prices, and that in Ghana inflation has essentially been a monetary phenomenon.

The study concludes with the results of its findings and, their implications for public policy and, topics for further research. A guide to the history of Ghana's currency is provided in appendix A. Appendix B is notes on data used in the study.