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Macroeconomic Determinants of Tourism Earnings in Ghana

Anthony K. Ahiawodzi
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Anthony K. Ahiawodzi: Department of Banking and Finance, University of Professional Studies, Ghana.

International Journal of Economics and Empirical Research (IJEER), 2015, vol. 3, issue 10, 479-488

Abstract: Purpose: The study sets out to examine the main macroeconomic determinants of tourism earnings in Ghana during the period 1970 to 2013. Both theoretical and empirical literature on the topic was thoroughly reviewed. In line with the objective of the study, an econometric model is specified with tourism earnings as the dependent variable. The independent variables include income, trade openness, nominal interest rate, consumer price index and exchange rate. The relevant time series techniques were used for the analysis. Methodology: These included Augmented Dickey-Fuller test for unit root, Johansen and Juselius cointegration test. Findings: The findings of the study revealed that there is a long-run cointegration relationship between tourism earnings and the macroeconomic variables. The important significant variables are trade openness, rate of change of consumer price index and exchange rate. Recommendations: The policy implications of the study are that the government should pursue prudent macroeconomic policies preferably, increased trade openness, low inflation rate and realistic exchange rate in order to boost tourism earnings in Ghana.

Keywords: Tourism earnings; Determinants; Stationarity; Cointegration (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Date: 2015
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