The study looked at how well monetary policy works in Ghana from 2002 to 2014. They found that the Monetary Policy Rate is good at affecting interest rates in the short and long term, but not perfectly. In Ghana, the order of importance for short-term interest rates is: Monetary Policy Rate, Treasury bill rate, Interbank rate, and retail rates. Inflation is mostly influenced by interest rates in the medium to long term, while exchange rates have a bigger impact in the short term. Output is mainly affected by credit and asset prices. This means that changes in asset prices reflect future output changes before they actually happen. The study suggests that strong financial and macroeconomic stability is important for effective monetary policy in Ghana.