Over the years, Ghana’s macroeconomic frameworks have led to slow economic growth. This necessitates the revision of policies for macroeconomic control and the pursuit of pragmatic policies that enhance economic growth, which policymakers should prioritize when framing economic plans.This paper aims to explore the impact of key economic growth factors, such as tax revenue on economic growth in Ghana and the interactive effect of inflation on economic growth.We have used the methods of explanatory research and quantitative approaches to analyze the historical economic data for Ghana. This study examines the nexus between tax revenue and economic growth. In addition, it examines the multiplicative role of inflation in the relationship between tax revenue and economic growth in Ghana. The study uses secondary time series data collected for 19 years from 2005–2023 and employs the autoregressive distributed lag testing to cointegration estimation technique to analyze tax revenue growth, economic growth, foreign direct investment, policy rate, inflation, and government expenditure.The results showed that the tax revenue growth rate has a statistically significant positive relationship with economic growth in both the short and long run. In addition, the study revealed a statistically significant negative moderating effect of inflation in the relationship between tax revenue growth and economic growth in both the interim period and the long run. It was revealed that the impact of tax revenue on economic growth is more intense in the short run than in the long run.The key conclusion of the paper is that a rise in tax revenue facilitates economic growth more in the short run than in the long run in Ghana. Additionally, the rising cost of goods and services dampens economic growth, and inflation diminishes the enhancing effect of tax revenue on economic growth.

The growing environmental challenges in Ghana underscore the need to understand how macroeconomic policies influence ecological sustainability. This study examines the relationship between monetary policy and ecological footprint (EFP), and further explores the moderating role of institutional quality in the monetary policy–ecological footprint nexus in Ghana. Guided by an explanatory design and a quantitative approach, the study employed the classical autoregressive distributed lag (ARDL) model to analyze 80 quarterly time series observations covering the period 2005–2024. The empirical results revealed a statistically significant inverse relationship between monetary policy and ecological footprint, indicating that effective monetary tightening helps mitigate environmental degradation by discouraging excessive resource utilization and unsustainable production. Conversely, institutional quality demonstrated a significant positive moderating effect in the monetary policy–ecological footprint nexus, suggesting that stronger governance frameworks amplify the environmental benefits of sound monetary management. The study concludes that well-implemented monetary policy can serve as an indirect environmental tool, complementing fiscal and regulatory measures toward sustainable development. The study extends Ecological Modernization Theory by empirically confirming that monetary policy effectiveness in reducing ecological footprint is conditional on institutional capacity. Again, it advances Institutional Quality Theory by demonstrating institutions’ moderating, not just mediating, role in environmental-monetary policy transmission. On the policy front, the Bank of Ghana ought to incorporate the measures of environmental sustainability in its monetary policy plan. Also, the Ghanaian government ought to employ anti-corruption strategies, regulatory interventions, and digital surveillance tools to ensure that environmental and financial policies are adhered to. Finally, the study recommends enhanced coordination among the Bank of Ghana, Environmental Protection Agency (EPA), and Ministry of Finance to ensure that monetary policy decisions promote green financing and long-term ecological resilience.