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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/12700

Title: Do oil prices influence economic growth inGhana? An empirical analysis
Authors: Awunyo-Vitor, Dadson
Samanhyia, Solomon
Bonney, Elijah Addo
Keywords: oil price
economic growth;
GDP
Ghana
Granger causality
Issue Date: 13-Jul-2018
Publisher: Cogent Economics & Finance
Citation: Awunyo-Vitor,D., Samanhyia,S. and Addo B.E.(2018) Do oil prices influence economic growth in Ghana? An empirical analysis.Cogent Economics & Finance(2018), 6: 1496551 https://doi.org/10.1080/23322039.2018.1496551
Abstract: The study examined the causal linkage between oil price change andeconomic growth. The study made use of secondary data that were extracted fromWorld Development Indicators and International Financial Statistics. Descriptivestatistics, unit root test, Johansen cointegration test and Granger causality testwere employed to analyse the data. The results of the study revealed that thereexists an inverse relationship between oil price change and economic growth inGhana. However, the effect of oil price change on economic growth is statisticallyinsignificant in the long run. The result of the Granger causality similarly revealed aunidirectional causality between oil prices and economic. In conclusion, the varia-tion in oil price has no effect on the growth of the Ghanaian economy; hence,policies to influence economic growth should be independently pursued of oil pricechanges.
Description: An article published by Cogent Economics & Finance and also available at https://doi.org/10.1080/23322039.2018.1496551
URI: http://hdl.handle.net/123456789/12700
Appears in Collections:College of Science

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