The Impact of Economic Growth of Middle-Income on Individuals Investment and Wealth Creation in Ghana

Abstract

The fundamental objective of economic growth is to have a lasting, positive, and self-sustaining impact on a nation's people. The primary aim of economic growth is to establish a long-lasting, positive, and self-sustaining impact on a nation's populace. When a government contemplates implementing a financial program, it is crucial to prioritize the welfare of its citizens. This study delves into how Ghana's economic growth has affected individual investment and wealth creation. The research is exploratory and employs a mixed-methods approach to empirically investigate the association between Economic Growth and the Middle Income of Individuals in Ghana. To assess the relationship between Economic Growth variables and the Middle Income of Individual Ghanaians, statistical analysis of content analysis of findings was employed using a quantitative research approach. Primary data was collected through semi-structured interviews and follow-up interviews in select districts of Ghana. Additionally, the researcher employed a longitudinal study approach, gathering data on 25 years of macroeconomic variables in Ghana from 1990 to 2015 from the World Bank database. The data was analyzed using statistical packages such as SPSS, MINITAB, and others. The analysis was based on the findings obtained from descriptive statistics and panel regression such as analysis of variance (ANOVA), chi-square, F-test, t-test, co-integration test, and other relevant statistical tests. The results showed that many Ghanaians invested some level of their income into various financial products, creating wealth among individual Ghanaians.