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A Comparative Analysis of the Impact of Agricultural Exports on Economic Growth of ECOWAS Countries

Richardson Kojo Edeme, Innocent A. Ifelunini and Chigozie Nkalu ()

Acta Oeconomica Pragensia, 2016, vol. 2016, issue 5, 31-46

Abstract: Towards the acceleration of the attainment of sustainable growth, most countries have focused on agricultural exports as a means of driving their economy. Developing countries of Africa are highly dependent on the agricultural sector and agricultural exports are a major determinant of economic growth of these countries. However, the impact of agricultural exports on economic growth of ECOWAS countries remains unclear. This study therefore evaluates the impact of agricultural exports on the economic growth of fifteen ECOWAS countries using panel data for the period 1980-2013. Variables employed are labour force participation rate, capital stock, agricultural exports, non-agricultural exports, inflation and economic growth. The results of the fixed-effect model show that agricultural exports have not impacted significantly on the economic growth of ECOWAS countries such as Côte d'Ivoire and Nigeria with respect to the Republic of Benin, which is the selected baseline. The study also analysed the country combined effect of the agricultural exports and found that it was significant but the rate of impact was weak. The study recommends, among others, that even though agricultural exports had a significant impact on economic growth, there is still a need for ECOWAS governments to improve their agricultural sector as its significance is more noticeable in some countries such as Côte d'Ivoire and Nigeria.

Keywords: agricultural exports; economic growth; panel data; random effect; fixed effect; ECOWAS (search for similar items in EconPapers)
JEL-codes: E6 F2 (search for similar items in EconPapers)
Date: 2016
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Redakce Acta Oeconomica Pragensia, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3

DOI: 10.18267/j.aop.556

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