The Impact of Energy Consumption and Total Factor Productivity on Economic Growth Oil Producing African Countries
Ishmael Ackah and
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Frank Adu: Department of Economics, KNUST, Ghana
Bulletin of Energy Economics (BEE), 2014, vol. 2, issue 2, 28-40
This study examines the factors which influence Economic Growth, measure the growth rate of total factor productivity (TFP) and examine the relationship between TFP, nonrenewable energy consumption and renewable energy consumption to economic growth in oil producing African countries. An augmented production function is employed to estimate the TFP. In addition, a panel cointegration and a fixed effect model in a Pooled least squares are used to examine the relationship among the variables. The findings suggest that the growth rate of total factor productivity is negative. The panel estimations indicate a significant relationship between economic growth, non-renewable energy consumption, renewable energy consumption, capital and human capital development. The Granger causality test indicates that there is a unidirectional causality from non-renewable energy to growth but bidirectional causality between renewable energy and growth in the long run. The study recommends investment in commercial sources of renewable energy to boost energy supply and investment in factors that will enhance TFP growth.
Keywords: Total Factor Productivity; Renewable Energy Consumption; Energy Consumption (search for similar items in EconPapers)
JEL-codes: Q20 Q32 Q43 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ijr:beejor:v:2:y:2014:i:2:p:28-40
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