Browsing by Author "Kamasa, Kofi"

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    Investigating the Nexus between Stock Exchange and Economic Growth in Ghana
    (British Journal of Economics, Finance and Management Sciences, 2016-03) Ofori-Abebrese, Grace; Kamasa, Kofi; Pickson, Robert Becker
    This study used ARDL model coupled with granger causality test to investigate the relationship between stock market development and economic growth in Ghana for the period from 1991 to 2011. The study revealed that stock market development has a negative impact on economic growth in the long-run and this was confirmed by the causality test that there do not exist any relationship between stock market development and economic growth in Ghana for the study period. Human capital and money supply have contributed positively to growth. Inflation and foreign direct investment have not shown to be deterministic variables to growth of the economy. The study concluded that operators of Ghana Stock Exchange should strategise well to attract more investors to the Stock Exchange. In addition, the independence of the Central Bank, further development of financial and money markets should be adhered to by the Bank of Ghana to facilitate the implementation of monetary policy in order to achieve price stability in the country.
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    Studies on taxation and firm productivity in Sub-Saharan Africa (SSA).
    (KNUST, 2018-05) Kamasa, Kofi
    Even though governments in sub-Saharan Africa (SSA) seek to drive growth and development, they are hard pressed with funds. This is because their expenditures are always and mostly outweighing their revenues. Tax revenue is one major solution to their quest to finding enough funds. However, tax revenue generation is not only low in SSA but it is also beset with low compliance and large evasion. This study therefore sought to contribute to the literature and policy on tax in SSA by looking at how government can increase its tax revenue from three thematic areas. First, this thesis sought to assess the impact of non-pecuniary factors on tax compliance in sub-Saharan Africa (SSA). Using the Round 5 of the Afrobarometer Survey (2015) across 30 countries, the findings of the paper revealed that perceived tax knowledge limitation reduces the probability of tax compliance in SSA by 5%. Perceived non-compliance by others reduces compliance probability by 2%. Similarly, corruption of tax officials reduces the probability of being tax compliant in SSA by 2%. On the contrary, trust in tax department increase the probability of compliance by 5%, whiles fighting corruption improves compliance by 2%. With respect of fiscal exchange, handling of provision of health, education and road needs, tend to increase the probability of complying with tax laws and obligations in SSA by 2%, 3% and 2% respectively. As far as policy implication is concerned, governments in SSA must complement tax laws which are mainly based on deterrence factors (penalty rate, tax rate and probability of detection) to include non pecuniary factors.
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    Wagner or Keynes for Ghana Government Expenditure and Economic Growth Dynamics. A ‘VAR’ Approach
    (Journal of Reviews on Global Economics, 2015) Kamasa, Kofi; Ofori-Abebrese, Grace
    This paper analysed empirically the causal relationship between government expenditure growth and GDP growth in Ghana from 1980 – 2010. The study employed vector autoregressive (VAR)/Granger causality analysis developed by Sims (1980) and Granger (1969). The cointegration results provided evidence of a unique cointegrating vector. Granger causality test conducted revealed that causality exist only from GDP growth to government expenditure growth and not the vice versa. This implication supports Wagner’s law of expanding state activities for Ghana. This result means that in estimating government expenditure, GDP growth must be taken into account so as to avoid the problem of misspecification and biasness of estimates generated. The findings also suggest that government must focus on policies that would create the enabling environment for growth to thrive rather than increasing its expenditure with the aim of increasing GDP growth.