There has been a lot of misconception about inflation, exchange rate and growth in economies all over the world. A country experiencing sustained low inflation and sustained exchange rates is expected to have better growth rate. In Ghana and some parts of the world, this is not the case. Several scholars have alleged deceptions governments use to conceal the real facts on these economic variables. The study sought to reveal the effect on inflation and exchange rate on growth. It is also aimed at establishing the short and long-run relationships between these variables.