The Determinants of Economic Growth in Ghana: New Empirical Evidence
Sin-Yu Ho () and
Bernard Njindan Iyke
MPRA Paper from University Library of Munich, Germany
This paper deals with an investigation into the determinants of economic growth in Ghana over the period 1975 to 2014. In particular, we investigated the impact of physical capital, human capital, labour, government expenditure, inflation, foreign aid, foreign direct investment, financial development, globalisation and debt servicing on economic performance within an augmented Solow growth model. It was found that, in the long run, both human capital and foreign aid have a positive influence on output, while labour, financial development and debt servicing have a negative impact on output. It was also found that, in the short run, government expenditure and foreign aid have a positive influence on economic growth, while labour, inflation and financial development have a negative impact on economic growth. These findings hold important policy implications for the country.
Keywords: Determinants; economic growth; Ghana; ARDL bounds testing. (search for similar items in EconPapers)
JEL-codes: C22 O47 O55 (search for similar items in EconPapers)
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