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The nexus between FDI inflows and economic development in Ghana: empirical analysis from ARDL model
(Inderscience Publishers, 2021) Olorogun, Lukman A.
This study examined FDI and economic progress in Ghana. Using annualised time series data obtained from the World Bank over a period from 1984 to 2018, an ARDL approach was implemented. Our findings show that external factors affirm positive impact on FDI attraction and economic development. Specifically, inflation and population have a long and short run substantial impact on attraction of FDI into Ghana. Similarly, at the micro level, financial expansion in the financial sector exerts long- and short-term substantial positive effect on FDI attraction. A 1% rise in FDI inflow and population would result in 234% and 200% economic expansion in the long run. Financial development in the private sector, however, exerts a considerable effect in the short run. This implies a weak resilience against shock for FDI in the private sector. Overall, our model confirms FDI-led economic expansion in Ghana in the long-run. To sustain this, recommendation is policymakers should reduce total control and involvement in the markets by allowing and empowering private sector expansion. Copyright © 2021 Inderscience Enterprises Ltd.