Economic Growth in Ghana : Determinants and Prospect

This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variabl...

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Main Author:	Raggl, Anna K.
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	AGGREGATE MEASURE AVERAGE GROWTH AVERAGE GROWTH RATE AVERAGE SHARE CAPITAL VARIABLE COAL COMPETITIVENESS CONVERGENCE EFFECTS COUNTRY CHARACTERISTICS COUNTRY EFFECTS COUNTRY SIZE COUNTRY SPECIFIC CROSS COUNTRY CROSS-COUNTRY PANEL DATA AVAILABILITY DEMOCRACY DEPENDENT VARIABLE DEVELOPMENT INDICATORS DEVELOPMENT POLICY DEVELOPMENT RESEARCH DOMESTIC PRODUCTS DRIVERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC OUTLOOK ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL ANALYSIS ERROR TERM EXPLANATORY POWER EXPLANATORY VARIABLES EXPORTS FIXED EFFECTS FORECASTS GDP GDP PER CAPITA GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT GROWTH GROSS DOMESTIC PRODUCT PER CAPITA GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCREASE GROWTH INFLATION INFLATION RATES INTERNATIONAL COMPARISONS INTERNATIONAL OPENNESS LINEAR RELATIONSHIP LONG RUN NATURAL CAPITAL NATURAL LOGARITHM NATURAL RESOURCES NEGATIVE IMPACT OIL OIL PRICES OIL PRODUCTION OUTPUT GROWTH PANEL FRAMEWORK PER CAPITA GROWTH PER CAPITA GROWTH RATE POLICY DISCUSSIONS POLICY MAKERS POLICY MEASURES POLICY RESEARCH POLITICAL DEMOCRACY POLITICAL STABILITY POPULATION RESEARCH POSITIVE CORRELATION POSITIVE IMPACT POSITIVE RELATIONSHIP POVERTY RATES POVERTY REDUCTION PREDICTED GROWTH PUBLIC SERVICE REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE RENTS SERVANTS SIGNIFICANT IMPACT TIMBER TRADE OPENNESS WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18832579/economic-growth-ghana-determinants-prospect http://hdl.handle.net/10986/16828

id	okr-10986-16828
recordtype	oai_dc
spelling	okr-10986-168282021-04-23T14:03:33Z Economic Growth in Ghana : Determinants and Prospect Raggl, Anna K. AGGREGATE MEASURE AVERAGE GROWTH AVERAGE GROWTH RATE AVERAGE SHARE CAPITAL VARIABLE COAL COMPETITIVENESS CONVERGENCE EFFECTS COUNTRY CHARACTERISTICS COUNTRY EFFECTS COUNTRY SIZE COUNTRY SPECIFIC CROSS COUNTRY CROSS-COUNTRY PANEL DATA AVAILABILITY DEMOCRACY DEPENDENT VARIABLE DEVELOPMENT INDICATORS DEVELOPMENT POLICY DEVELOPMENT RESEARCH DOMESTIC PRODUCTS DRIVERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC OUTLOOK ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL ANALYSIS ERROR TERM EXPLANATORY POWER EXPLANATORY VARIABLES EXPORTS FIXED EFFECTS FORECASTS GDP GDP PER CAPITA GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT GROWTH GROSS DOMESTIC PRODUCT PER CAPITA GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCREASE GROWTH INFLATION INFLATION RATES INTERNATIONAL COMPARISONS INTERNATIONAL OPENNESS LINEAR RELATIONSHIP LONG RUN NATURAL CAPITAL NATURAL LOGARITHM NATURAL RESOURCES NEGATIVE IMPACT OIL OIL PRICES OIL PRODUCTION OUTPUT GROWTH PANEL FRAMEWORK PER CAPITA GROWTH PER CAPITA GROWTH RATE POLICY DISCUSSIONS POLICY MAKERS POLICY MEASURES POLICY RESEARCH POLITICAL DEMOCRACY POLITICAL STABILITY POPULATION RESEARCH POSITIVE CORRELATION POSITIVE IMPACT POSITIVE RELATIONSHIP POVERTY RATES POVERTY REDUCTION PREDICTED GROWTH PUBLIC SERVICE REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE RENTS SERVANTS SIGNIFICANT IMPACT TIMBER TRADE OPENNESS WEALTH This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variables are included because the effects of natural resource rents in gross domestic products are of particular interest for Ghana. Using the preferred specification, Ghana's growth potential is predicted for the upcoming decades under different scenarios. The results indicate that under the most pessimistic scenario of no improvements in the determinants of growth compared with the period 2005-09, Ghana's gross domestic product per capita growth rates will stagnate at approximately 4.5 percent during the next decade and decrease thereafter. If the policy measures and country characteristics improve in the way they did in the past three decades, average per capita growth rates of roughly 5.5 percent could be reached during 2015-34. Taking into account the expected oil production until 2034 adds 0.6 percentage points to projected gross domestic product growth rates on average. 2014-02-03T20:58:00Z 2014-02-03T20:58:00Z 2014-01 http://documents.worldbank.org/curated/en/2014/01/18832579/economic-growth-ghana-determinants-prospect http://hdl.handle.net/10986/16828 English en_US Policy Research Working Paper;No. 6750 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Africa Ghana
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	AGGREGATE MEASURE AVERAGE GROWTH AVERAGE GROWTH RATE AVERAGE SHARE CAPITAL VARIABLE COAL COMPETITIVENESS CONVERGENCE EFFECTS COUNTRY CHARACTERISTICS COUNTRY EFFECTS COUNTRY SIZE COUNTRY SPECIFIC CROSS COUNTRY CROSS-COUNTRY PANEL DATA AVAILABILITY DEMOCRACY DEPENDENT VARIABLE DEVELOPMENT INDICATORS DEVELOPMENT POLICY DEVELOPMENT RESEARCH DOMESTIC PRODUCTS DRIVERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC OUTLOOK ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL ANALYSIS ERROR TERM EXPLANATORY POWER EXPLANATORY VARIABLES EXPORTS FIXED EFFECTS FORECASTS GDP GDP PER CAPITA GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT GROWTH GROSS DOMESTIC PRODUCT PER CAPITA GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCREASE GROWTH INFLATION INFLATION RATES INTERNATIONAL COMPARISONS INTERNATIONAL OPENNESS LINEAR RELATIONSHIP LONG RUN NATURAL CAPITAL NATURAL LOGARITHM NATURAL RESOURCES NEGATIVE IMPACT OIL OIL PRICES OIL PRODUCTION OUTPUT GROWTH PANEL FRAMEWORK PER CAPITA GROWTH PER CAPITA GROWTH RATE POLICY DISCUSSIONS POLICY MAKERS POLICY MEASURES POLICY RESEARCH POLITICAL DEMOCRACY POLITICAL STABILITY POPULATION RESEARCH POSITIVE CORRELATION POSITIVE IMPACT POSITIVE RELATIONSHIP POVERTY RATES POVERTY REDUCTION PREDICTED GROWTH PUBLIC SERVICE REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE RENTS SERVANTS SIGNIFICANT IMPACT TIMBER TRADE OPENNESS WEALTH
spellingShingle	AGGREGATE MEASURE AVERAGE GROWTH AVERAGE GROWTH RATE AVERAGE SHARE CAPITAL VARIABLE COAL COMPETITIVENESS CONVERGENCE EFFECTS COUNTRY CHARACTERISTICS COUNTRY EFFECTS COUNTRY SIZE COUNTRY SPECIFIC CROSS COUNTRY CROSS-COUNTRY PANEL DATA AVAILABILITY DEMOCRACY DEPENDENT VARIABLE DEVELOPMENT INDICATORS DEVELOPMENT POLICY DEVELOPMENT RESEARCH DOMESTIC PRODUCTS DRIVERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC OUTLOOK ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL ANALYSIS ERROR TERM EXPLANATORY POWER EXPLANATORY VARIABLES EXPORTS FIXED EFFECTS FORECASTS GDP GDP PER CAPITA GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT GROWTH GROSS DOMESTIC PRODUCT PER CAPITA GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCREASE GROWTH INFLATION INFLATION RATES INTERNATIONAL COMPARISONS INTERNATIONAL OPENNESS LINEAR RELATIONSHIP LONG RUN NATURAL CAPITAL NATURAL LOGARITHM NATURAL RESOURCES NEGATIVE IMPACT OIL OIL PRICES OIL PRODUCTION OUTPUT GROWTH PANEL FRAMEWORK PER CAPITA GROWTH PER CAPITA GROWTH RATE POLICY DISCUSSIONS POLICY MAKERS POLICY MEASURES POLICY RESEARCH POLITICAL DEMOCRACY POLITICAL STABILITY POPULATION RESEARCH POSITIVE CORRELATION POSITIVE IMPACT POSITIVE RELATIONSHIP POVERTY RATES POVERTY REDUCTION PREDICTED GROWTH PUBLIC SERVICE REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE RENTS SERVANTS SIGNIFICANT IMPACT TIMBER TRADE OPENNESS WEALTH Raggl, Anna K. Economic Growth in Ghana : Determinants and Prospect
geographic_facet	Africa Ghana
relation	Policy Research Working Paper;No. 6750
description	This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variables are included because the effects of natural resource rents in gross domestic products are of particular interest for Ghana. Using the preferred specification, Ghana's growth potential is predicted for the upcoming decades under different scenarios. The results indicate that under the most pessimistic scenario of no improvements in the determinants of growth compared with the period 2005-09, Ghana's gross domestic product per capita growth rates will stagnate at approximately 4.5 percent during the next decade and decrease thereafter. If the policy measures and country characteristics improve in the way they did in the past three decades, average per capita growth rates of roughly 5.5 percent could be reached during 2015-34. Taking into account the expected oil production until 2034 adds 0.6 percentage points to projected gross domestic product growth rates on average.
format	Publications & Research :: Policy Research Working Paper
author	Raggl, Anna K.
author_facet	Raggl, Anna K.
author_sort	Raggl, Anna K.
title	Economic Growth in Ghana : Determinants and Prospect
title_short	Economic Growth in Ghana : Determinants and Prospect
title_full	Economic Growth in Ghana : Determinants and Prospect
title_fullStr	Economic Growth in Ghana : Determinants and Prospect
title_full_unstemmed	Economic Growth in Ghana : Determinants and Prospect
title_sort	economic growth in ghana : determinants and prospect
publisher	World Bank, Washington, DC
publishDate	2014
url	http://documents.worldbank.org/curated/en/2014/01/18832579/economic-growth-ghana-determinants-prospect http://hdl.handle.net/10986/16828
_version_	1764435078433210368

Economic Growth in Ghana : Determinants and Prospect

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