Abstract
The study examined the causal linkage between oil price change and economic growth. The study made use of secondary data that were extracted from World Development Indicators and International Fina...
Highlights
The sustainable growth of every nation is dependent on several factors of which energy forms an integral part and Ghana is no exception
The model is algebraically expressed as: lnGDPt 1⁄4 β0 þ β1lnOPt þ εt where lnGDP is the current rate of output which is used as a proxy for economic growth, OPt is the current rate of oil price, εt is a stochastic error term assumed to have a constant variance and a zero mean, β0 is a constant term or the intercept of the economic growth–oil price nexus, and β1 is the coefficient of oil price that is expected to be either positive or negative depending on whether the country is a net exporter or exporter of crude oil
This supports the theoretical assumption that oil price changes lead to an increase in the general price level and slows economic activities and economic growth
Summary
The sustainable growth of every nation is dependent on several factors of which energy forms an integral part and Ghana is no exception. Several factors constitute the driving force of the Ghanaian economy, of which crude oil is debatably one of the key driving forces. Dadson Awunyo-Vitor is a Senior Lecturer at the Department of Agricultural Economics, Agribusiness and Extension, KNUST in Ghana. One of his recent publications is: Adusei, C. and Awunyo-Vitor D (2017). Profitability determinants of abattoir business in an emerging economy, International Journal of Accounting and Finance, 7(4), 335–351.
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