Abstract
The Republic of Ghana is one of the most economically developed countries in West Africa. In the past 10 years, Ghana’s economy has maintained a sound momentum and strong economic growth. The Republic of Ghana regards foreign direct investment (FDI) as a key factor in promoting its economic growth. This article separates economic growth, employment and poverty reduction, and focuses on the single impact of foreign direct investment (FDI) on Ghana’s economic growth, employment and poverty. The research in this article shows that foreign direct investment can promote the economic development of Ghana, and foreign direct investment can increase employment opportunities in Ghana and reduce poverty at the same time. Finally, this article gives corresponding recommendations based on the research conclusions: In maintaining sustainable economic growth, favorable policies should be adopted to encourage and support Ghana, so as to attract more foreign direct investment to stimulate economic growth.
Highlights
The research in this article shows that foreign direct investment can promote the economic development of Ghana, and foreign direct investment can increase employment opportunities in Ghana and reduce poverty at the same time
This article gives corresponding recommendations based on the research conclusions: In maintaining sustainable economic growth, favorable policies should be adopted to encourage and support Ghana, so as to attract more foreign direct investment to stimulate economic growth
Awunyo & Sackey (2018) research shows that for every 1% increase in foreign direct investment (FDI), actual employment can increase by 0.008%
Summary
Among the West African countries, the Republic of Ghana has a relatively developed economy. As a result of the formulation and implementation of a series of development strategies, Ghana’s economy has achieved unprecedented development in the past few years, maintaining an annual economic growth rate of 6% and becoming the leader in economic development in West Africa. In the process of Ghana’s economic development, Ghana has always regarded foreign direct investment (FDI) as a key factor in promoting its economic growth. Musah et al (2018) pointed out that about 80% of the newly created jobs in Ghana from 2008 to 2018 came from abroad investment in Ghana Most of these FDIs are concentrated in the manufacturing, construction and general trade sectors, providing many employment opportunities for Ghana and promoting the growth of the Ghanaian economy. On the basis of existing research, this article separates economic growth, employment and poverty reduction, focusing on the single impact of foreign direct investment (FDI) on Ghana’s economic growth, employment and poverty
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