Oil prices and economic growth nexus in Ghana: New empirical evidence

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dc.contributor.authorAbdul-Rahman, Mutawakil
dc.contributor.authorSeidu, Ayatullahi
dc.contributor.authorAbdul Rahman, Mohammed Muntaka
dc.contributor.authorTurgut, Murat
dc.contributor.otherYönetim Bilimleri Fakültesi, İktisat Bölümü
dc.date.accessioned2023-04-18T09:06:53Z
dc.date.available2023-04-18T09:06:53Z
dc.date.issued2023
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İktisat Bölümü
dc.departmentİHÜ, Lisansüstü Eğitim Enstitüsü, İktisat Ana Bilim Dalı
dc.departmentİHÜ, Lisansüstü Eğitim Enstitüsü, Finansal Ekonomi Ana Bilim Dalı
dc.description.abstractThe study aims to contribute to the oil price-economic growth nexus in Ghana by assessing the short- and long-run relationships with annual data that covers the period from 1987 to 2020. The study contributes to the literature by accounting for developments in the Ghanaian oil industry post-2012, including the discovery of the Tweneboa-Enyenra-Ntomme (TEN) and Sankofa Gye-Nyame (SGN) oil fields in 2016 and 2017, respectively, thus filling a massive deficiency in the literature. The Autoregressive Distributed Lag (ARDL) and the bounds cointegration test are used because they are appropriate for analyzing short- and long-run dynamics on a theoretical basis when time series are mixed-integrated, i.e., I(1) and I(0). The bounds test results indicated a cointegration relation between economic growth as proxied by real gross domestic product per capita and physical capital, labor force, oil prices, population growth, and government expenditure. The findings provide convincing evidence that the oil price is a significant driver of economic growth in Ghana. Both long-run and short-run impacts of the oil price are positive, statistically significant, and robust for the oil price proxy. The results suggest that because of the recent volatility of oil prices, economic policies should be concentrated on reducing overreliance on oil revenue to avoid the Dutch disease phenomenon. Nonetheless, policymakers should strategize well enough by encouraging more local participation in the oil sector to avoid the risk of falling victim to the Dutch disease.
dc.identifier.citationAbdul-Rahman, M., Seidu, A., Abdul Rahman, M. M., Turgut, M. (2023). Oil prices and economic growth nexus in Ghana: New empirical evidence. Journal of Economics and Management, 19, 1-25.
dc.identifier.endpage25
dc.identifier.issn1732-1948
dc.identifier.startpage1
dc.identifier.urihttps://hdl.handle.net/20.500.12154/2202
dc.identifier.volume19
dc.institutionauthorAbdul-Rahman, Mutawakil
dc.institutionauthorSeidu, Ayatullahi
dc.institutionauthorAbdul Rahman, Mohammed Muntaka
dc.institutionauthorTurgut, Murat
dc.language.isoen
dc.publisherSciendo
dc.relation.ispartofJournal of Economics and Management
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Öğrenci
dc.relation.publicationcategoryÖğrenci
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmz20240905
dc.subjectARDL
dc.subjectBounds Test
dc.subjectEconomic Growth
dc.subjectGhana
dc.subjectOil Prices
dc.titleOil prices and economic growth nexus in Ghana: New empirical evidence
dc.typeArticle
dspace.entity.typePublication
relation.isOrgUnitOfPublication9d1809d1-3541-41aa-94ed-639736b7e16f
relation.isOrgUnitOfPublication.latestForDiscovery9d1809d1-3541-41aa-94ed-639736b7e16f

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