Abstract
The study attempts to identify the macroeconomic factors responsible for inflation in Ghana for the period 1990 to 2009. For this purpose, the time series model is selected based on various diagnostic, evaluation and selection criteria. It can be concluded that the model has sufficient predictive powers and the findings are well in line with those of other studies. The research findings would show that real output and money supply are the strongest forces exerting pressure on the price level to move up the exchange rate depreciation and implementation of ERP helped reduce the level of inflation in Ghana giving evidence that the ERP achieved its basic objective of reducing inflationary trend in Ghana.
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