Department of Economics

Permanent URI for this collectionhttps://ir.mug.edu.gh/handle/123456789/193

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Which macroeconomic factors influence agricultural production in Ghana
(Academic Research International, 2013-09) Enu, Patrick; Attah-Obeng, Prudence
This study identifies the macroeconomic factors which influence agricultural production in Ghana. The main purpose of the study is to find out the key macro factors that influence agricultural production in Ghana. The Cobb-Douglas production was employed and the Ordinary Least Squares estimation technique was used. Our dependent variable is agricultural output. The independent variables are labour force, inflation, real exchange rate and Real GDP per capita. We found that 1% increase in labour force caused agricultural production to decrease by 0.655946%. Also a 1% increase in inflation caused agricultural production to increase by 0.00459045%. In addition, a 1% increase in real exchange rate caused agricultural production to increase by 0.083949%. Finally, a 1% increase in real GDP per capita caused agricultural production to decrease by 1.05825%. Apart from inflation, labour force, real exchange rate and real GDP per capita were statistically significant. Therefore, the key macro economic factors that influence agricultural production in Ghana are labour force, real exchange rate and real GDP per capita. The agricultural sector should be made more attractive and conductive to ensure continuous production of food in Ghana.
The effect of fiscal policy and monetary policy on Ghana’s economic growth: Which policy is more potent?
(International Journal of Empirical Finance, 2014) Havi, Emmanuel Dodzi K.; Enu, Patrick
The aims of this study were to examine the relative importance of monetary policy and fiscal policy on economic growth in Ghana and then determine which of these two policies is more powerful in promoting economic growth in Ghana. The study period was from 1980 to 2012. The method of Ordinary Least Squares estimation technique was used in this study. The results obtained from the three multiple regressions were spurious free. The study revealed that monetary policy impacts on the Ghanaian economy positively. Also, the study found that fiscal policy affected the Ghanaian economy positively. Finally, the study revealed that monetary policy is more powerful in promoting economic growth in Ghana. The study recommends that monetary policies implemented by the Bank of Ghana should promote favorable investment atmosphere through appropriate stabilization of interest rates, lending rates, inflationary rates, and exchange rates to promote and ensure economic growth, economic stability, economic sustainability and economic development in Ghana
The relationship between GDP growth rate and inflationary rate in Ghana: an elementary statistical approach
(Academic Research International, 2013-09) Enu, Patrick; Attah-Obeng, Prudence; Hagan, Edmond
The study determines the relationship between GDP (Gross Domestic Product) growth rate and inflationary rate in Ghana from the period 1980 to 2012. The study employs the methods of scatter plot, correlation analysis and simple linear regression estimated using OLS (Ordinary Least Squares). All the three approaches proved that there is a strong negative linear relationship between GDP growth rate and inflation rate in Ghana. That is a 1% increase in inflation rate will cause GDP growth rate to decrease by 0.0864724%. However, a 1% decrease in inflation rate will cause GDP growth rate to increase by 0.0864724%. This value is statistically significant at the 5% level of significance. Therefore, policy makers should formulate and implement monetary, fiscal and physical policies that will continue to keep inflation rate downward to enhance economic growth and stability
Sterilization of grains using ionizing radiation: the case of Ghana
(European Scientific Journal, 2014-02) Enu, Richard; Enu, Patrick
Grains are important dietary components, providing many nutrients including vitamins, minerals, protein, and complex carbohydrates. The objective of the study therefore was to determine the minimum dose of Gray that would be required to kill insects on or inside the grains without affecting the viability for experimental work and there by render the grains free of infestation for laboratory experiments. In this investigation, maize and cowpea seeds were infested with Sitophilus zeamais and Callosobruchus maculatus respectively for 52 days each. The cultures were further divided into fifty grams (50g) each and put into 42 plastic containers. The seeds were then irradiated in a Co-60 gamma cell with doses 40Gy [Gray], 80Gy, 150Gy, 200Gy, 300Gy and 500Gy. The irradiated seeds were then examined for the number of insects alive in each case and the effect of the gamma irradiation on viability of the grain seeds. It was concluded that both Sitophilus zeamais and Callosobruchus maculatus were susceptible to gamma doses between 200Gy-500Gy. As much as 100% mortality was recorded for both insect at some doses. Germination tests subsequently carried out showed that gamma irradiation had no effect on seed viability.
Political business cycle and its effects on the Ghanaian economy
(Global Journal of Management Studies and Researches, 2015) Enu, Patrick; Okonkwo, Cyril Bonaventure
The abuse of incumbency during elections in order to retain power has become worldwide knowledge and a contentious issue in Political Economics. This paper seeks to establish the evidence of political business cycle in Ghana. Data for the estimations were sourced from WDI, 2014. The data spanned from 1990 to 2013 within which Ghana has had six uninterrupted democratic elections and consistent democratic rule. Three different models were specified. The method of Ordinary Least Squares estimation technique was employed to determine the impact of election years on Government Consumption Expenditure, Fiscal Deficit and Real GDP. The results suggest that there are no significant impacts of election years on the changes in Government Consumption Expenditure, Fiscal Deficit and Real GDP in Ghana. However, it was determined that Government Consumption Expenditure and Fiscal Deficit have positive relationships with election years in Ghana, though statistically insignificantly. The study recommends that there should be more fiscal discipline, especially close to/or in election years in Ghana
Analysis of the Agricultural Sector of Ghana and Its Economic Impact on Economic Growth
(Academic Research International, 2014-07) Enu, Patrick
The research seeks to determine the impact of the agricultural sector on Ghana’s economic growth and the effect of the various sub- sectors of the agricultural sectors on Ghana’s economic growth. The study uses time series (1996-2006) data on agriculture, service, industry and the various sub-sectors under agriculture, which includes forestry, fishery, crops/ livestock and cocoa. A regression model was specified and OLS was employed to estimate the respective impact of agriculture, service and industry on GDP growth. At the end of the study agricultural output had a significantly positive impact on Ghana’s growth as compared to the other sectors (agricultural output (0.354515); service output (0.283401); industrial sector (0.303257)). In addition, the study further analysed the effect of the various sub sectors under agricultural sector in GDP growth since the agricultural sector contributed more significantly to GDP. At the end of the study cocoa subsector was identified to be vital to economic growth and development in Ghana. Hence, the cocoa subsector should continue to be priority position even with the discovery of oil
Mathematical Model to Extrapolate the Population of Ghana: An Application of Newton‟s Divided Difference Formula
(Asia Pacific Journal of Multidisciplinary Research, 2015-05) Opoku-Sarkodie, Richmond; Acheampong, E.; Enu, Patrick; Bokoum, Amadu; Gardiner, F. A.; Manu, T. A.
This work presents the derivation of a mathematical model for extrapolating the population of Ghana using Newton’s divided difference formula. Newton’s divided difference formula was used because of the uneven time intervals at which the population census was conducted. A simulation was done using mathematical software to estimate the parameters in the derived model because the exact solution was quite difficult. The model was able to predict the population of Ghana with a residual percentage error within 10%. We will therefore recommend the usage of this model to be used for countries in which the population censuses were conducted at uneven time intervals as was the case with Ghana
The manufacturing sector of Ghana: are there any macroeconomic disturbances?
(Asia Pacific Journal of Multidisciplinary Research, 2014-06) Enu, Patrick; Havi, Emmanuel Dodzi K.
The study examined the macroeconomic factors that influence performance of the manufacturing sector of Ghana using multivariate time series approach. It was found out that manufacturing production and real gross domestic product per capita were inversely related. In the long-run, macroeconomic variables such as private sector credit, labour and real exchange rate were unfavourable factors that weigh down the manufacturing sector while in the short-run, the past years consumer price index and real exchange rate were unfavourable to the manufacturing production. Finally, it is recommended that private sector credit to the manufacturing sector should be improved, training of labour force should be skilled and technical oriented and policies to stabilise the real exchange rate should be put in place to halt the down trending in manufacturing production
The driving forces of the service sector of the Ghanaian economy
(Global Journal of Management Studies and Researches, 2015) Enu, Patrick; Addey, Augustina Abena; Okonkwo, Cyril Bonaventure
The service sector in Ghana over the years has seen a tremendous growth, displacing both the agricultural and industrial sectors. Thus it is fitting to examine what drives this growth in the service sector of Ghana and also determine which of the sub-sectors is more potent. To achieve this, two models were specified. The method of Ordinary Least Squares estimation technique was employed to determine the potency of the service sub-sectors (transport and communication, tourism, financial institutions, health and education) and also to determine the contributions and impact of some macroeconomic variables (labour force, capital, real gross domestic product, service export and service import) on service output in Ghana. The study findings that financial institutions are the sub-sector that drives service output in Ghana. Also labour force and real gross domestic product per capita were determined as the key macroeconomic variables that drive the service sector growth in Ghana. Based on this, the study recommends that more investment be made in such areas
Sectorial estimation of the impact of electricity consumption of real output in Ghana
(International Journal of Economics, Commerce and Management, 2014-09) Enu, Patrick
The main aims of this study were to determine the conditions that influence electric power consumption in Ghana and also estimate the extent to which electric power consumption impact on the various sectors of the Ghanaian economy. The ordinary least squares method of data estimation technique was used. The models specified were indentified to be good models. This revealed that the major factors that influence electricity consumption in Ghana are population, the size of the Ghanaian economy, foreign inflows, the general price level, and trade. The study also revealed that electric power consumption affected agricultural production in Ghana negatively and the margin of the decrease was 0.0284186. More so, the study identified that electricity consumption had a positive effect on manufacturing sector of the Ghanaian economy though its value was statistically insignificant. The degree of the elasticity was 0.072129. Finally, the study showed that electric power consumption affected the services output negatively. The degree of the effect was 0.0245882. This study strongly concludes that more electric power supply should be allocated to the manufacturing sector of Ghana to promote sustainable economic growth and development.
Road traffic accidents and macroeconomic conditions in Ghana
(Social and Basic Sciences Research Review, 2014) Enu, Patrick
The main objectives of the study are to determine the impact of road traffic accidents on economic growth and also examine the effect that macroeconomic variables have on road traffic crashes in Ghana. The ordinary least squares method of statistical estimation was used in this study. The results obtained were very robust and valid. The study revealed that road traffic accidents affect economic growth negatively and the degree of the negative effect is 0.209588%, implying that, increase in road traffic accidents in Ghana, is a greater cost to the nation, all other things being constant. The study showed that, the major macroeconomic variables that affect road traffic accidents in Ghana are the size of the Ghanaian economy (GDP), standard of living of the citizens of Ghana (GDP per capita) and government spending. The study recommended that the use of safety helmet and belt must be enforced as well as strict rules regarding license issuing and ban of using mobile phone while driving
Relationship between education and wage differentials in Ghana: a case study of Accra - a suburb of greater Accra Region
(International Journal of Academic Research in Business and Social Sciences, 2014-01) Enu, Patrick; Hagan, Edmund; Ahouandjinou, Eunice; Attah-Obeng, Prudence
This study sought to find out the relationship between education and wages differentials and other factors that may account for the differences in wages among the various categories of workers as well as to determine factors that lead to investments in higher forms of education. The instrument employed for the investigation is mainly questionnaires. The research targeted a sample size of 100. The population considered was the labor force in Accra. However, considering the target group and how busy they are, resources and not having the luxury of time, we settled for a sample size of 100. The sampling technique employed was convenience sampling. The respondents were public and private sector workers. Pie charts, bar graphs, scatter diagrams and tables were employed to explain the pattern of some variables. Our findings showed that aside education, there were other factors that attributed to the existing wage differentials. Some of these factors include the sex of the worker, sector in which the worker works in, company policy, skills and working conditions. All these are significant causes of wage differentials
Impact of macroeconomic factors on industrial production in Ghana
(European Scientific Journal, 2013-10) Enu, Patrick; Hagan, Edmund; Attah-Obeng, Prudence
The article looks at the impact of macroeconomic indicators on industrial production in Ghana. The ordinary least squares estimation technique is utilized given the sample size of 21 due to the unavailability of data. The study identified real petroleum prices (-), real exchange rate (-), import of goods and services (+) and government spending (+) as the key macroeconomic factors that influence industrial production in Ghana. Based on the findings, we recommend that the government of Ghana should continue to stabilize the macroeconomic environment of Ghana in order to achieve industrial growth and development.
Demand for money and long run stability in Ghana: a cointegration approach
(European Scientific Journal, 2014-05) Havi, Emmanuel Dodzi K.; Enu, Patrick; Opoku, C.D.K.
This paper examined the demand for broad money and its long run stability in Ghana. Multivariate time series approach was used. Since all the variables are integrated of order one, Johansen's cointegration approach is used to establish that the variables are cointegrated. Hence, vector error correction model was used to find the determinants of broad money. Also, CUMSUM and CUMSUMSQ plots are used to check the long run stability of the demand function. It was established that nominal foreign interest rate and expected inflation were long run determinants of demand for money while real income and nominal exchange rate were short run determinants. Also, it was found that the long run broad money demand function was stable over the period under consideration. It was recommended that monetary policy authorities should continue to implement policies that will enhance macroeconomic stability (price stability) and facilitate economic growth.
Competitive Tendering, an Effective Tool in Ensuring Value for Money in Public Sector Procurement: A Case Study at “Ahanta West District Assembly” A District in the Western Part of Ghana
(Global Journal of Management Studies and Researches, 2014) Ackah, David; Agboyi, Makafui R.; Adu-Gyamfi, Lydia; Enu, Patrick
This research report was carried out on the topic, “competitive tendering as an effective tool in ensuring value for money in public sector procurement’’. The main objective for this study was to examine how competitive tendering could be used as an effective tool to achieve value for money in public sector procurement at the Ahanta West District Assembly. The researcher administered twenty (20) questionnaires to some selected departments in the organization, specifically the procurement unit, the stores department, the accounting department and then the engineering department. The researcher used purposive sampling as a technique to gather ample information for this work. By purposive sampling, the researcher targeted those departments within the organization whose daily activities have direct bearing on procurement. Information gathered were analyzed critically and presented in the form of tables which is readily understandable. It was found out from the analyses that the Ahanta West District Assembly uses the competitive tendering methods in awarding most of their contracts thereby procuring goods, works and services at affordable and competitive prices. However the major problem identified was that, the processes involved are seen to be complex more especially for some contractors and those employees who have little knowledge in procurement when it comes to works and also the problem of political interference .The researcher finally recommended that series of workshops and seminars should be organized for both procurement officers especially new ones who have little knowledge in practical procurement when it comes to works and potential contractors so that they will have more insight into what goes into the preparations or processing of tender documents and lastly the Public Procurement Authority (PPA) should institute measures to monitor the adherence to the public procurement Act 663 in all public institutions.
Benefits of fire insurance and consequences of noncompliance in Ghana
(Globus: Journal of Methodist University College Ghana, 2015) Enu, Patrick; Osei-Gyimah, Frank; Eleke, Aboagye P.
The topic of the study is Benefits of Fire Insurance and Consequences of Noncompliance. This study was carried out to determine the level of public awareness of insurance benefits and to identify the reasons for non- compliance with fire insurance policies. Convenience sampling technique was used in the collection of data. The study indicated that electrical faults, carelessness, improper use of LPG gas and illegal connections cause fire outbreaks. Most Ghanaians do not comply with fire insurance policy; hence they do not know the benefit of fire insurance policy. Ghanaians do not comply with fire insurance policy due to inadequate education on fire insurance policies and their benefits, insurance companies not being reliable, lack of enforcement of the Insurance Act 2006, Act 724 section 184, and lack of interest in the fire insurance policy. Also the economy experiences unemployment, loss of property, loss of lives, decreases in output and low level of investment whenever there are fire outbreaks. The study revealed that the majority of Ghanaians are not aware of the Insurance Policy Act and its associated benefits. It is recommended that active education about the benefits of insurance and strict enforcement procedures should be followed.
An Econometric Analysis of the Relationship between Gdp Growth Rate and Exchange Rate in Ghana
(Journal of Economics and Sustainable Development, 2013) Attah-Obeng, Prudence; Enu, Patrick; Osei-Gyimah, F.; Opoku, C.D.K.
This study attempts to examine the relationship between GDP growth rate and exchange rate in Ghana from the period 1980 to 2012. The paper employs the graphing of the scatter diagram for the two variables which are GDP growth rate and exchange rate, establishes the correlation between GDP growth rate and exchange rate using the Pearson’s Product Moment Correlation Coefficient (PPMC) and finally estimates the simple linear regression using OLS. Further tests were performed to test for the presence of autocorrelation, heteroscedasticity and multicollinearity. Autocorrelation and heteroscedasticity were found to be absent. From our analyses, we strongly conclude that there is a positive relationship between GDP growth rate and exchange rate in Ghana which confirms to the theory that undervaluation (high exchange rate) stimulates economic growth in the short run. Therefore, policy makers should stabilise monetary and fiscal policies in the long run
An estimation of the impact of energy production on economic growth in ghana
(International Journal of Economics, Commerce and Management, 2014-11) Enu, Patrick
The main aim of this study was to determine the impact of energy production on economic growth in Ghana. The Ordinary least squares method of estimation was used to determine the values of the respective parameter estimates. The study identified that Ghana is still a developing country that needs enough energy supply to expand to become an industrialized economy. Also, the study revealed that there is a positive relationship between electricity production and economic growth despite the unstable nature of electric power supply in Ghana. The value of the impact is 0.0500175. That is, the degree of the responsiveness is 0.0500175 meaning an inelastic effect. This implies that electricity production is an input of necessity to or key to Ghana’s economic expansion and sustainability development though statistically insignificant. Therefore, the policy suggestion is that the government should continue to invest massively into energy sector of the Ghanaian economy to ensure consistent and sustainable supply of energy to the industrial, commercial and residential units of the economy in order to achieve significant impact on the overall economic growth and development of Ghana.
Effect of Information and Communication Technology (ICT) on the Delivery of Banking Services in Ghana
(Global Journal of Management Studies and Researches, 2015) Enu, Patrick; Gberbi, James Tetteh
The study seek to examine the awareness of Information and Communication Technology banking among customers; to analyze the usage of Information and Communication Technology in banking and to identify the benefits of Information and Communication Technology in banking. Convenience sampling technique was employed by the study. Questionnaire was used to collect the data. Statistical package for social sciences (SPSS) was used to analyze the data collected. Descriptive statistics (percentages and frequencies) was used to make inferences from the data analyzed. The findings regarding the study revealed that majority of the respondents (90%) have heard of Information and Communication Technology (ICT) whiles 10% said they were not aware of any banking services called Information and Communication Technology (ICT). The result also reveals that 41.1% use only ATM cards, the most widely used ICT products within the banks for transactions, however, significant proportion of respondents (22.2%) also uses combinations of ICT products. Results again show that ninety (90%) of respondents believed that ICT products and services have a positive effect, the most prominent effect was customers having more time for other businesses and administrative works get reduced drastically. Base on this, the researchers however, believed that considerable education and marketing of Information and Communication Technology (ICT) products and services of the banks will attract more customers and provide customer satisfaction.
Achieving higher GDP growth rates in Ghana
(Academic Research International, 2013-07) Enu, Patrick; Havi, E.D.K.; Osei-Gyimah, F.; Attah-Obeng, Prudence; Opoku, C.D.K.
The study is on achieving higher GDP growth in Ghana: which sector is to lead. The main objective of this paper was to examine the contributions of the agricultural, service and industrial sectors to economic growth in Ghana. Time series data from 1966 to 2011 on all the variables of interest was obtained from the World Development Indicators 2012 series. The Ordinary Least Squares estimation technique was used for the analysis. The results showed that a 1% increase in the growth of the agricultural sector will cause GDP growth to increase by 0.452849%. Also, a 1% increase in the growth of the services sector will lead to 0.376308% increase in GDP growth. Finally, 1% increase in the growth of the industrial sector will bring 0.1827% increase in GDP growth. All the explanatory variables are statistically significant at the 5% level of significance. It is concluded that the agriculture sector contributed most to the overall growth. It is recommended that for Ghana to achieve higher GDP growth rate, she should activate/strengthen the agricultural sector to lead the growth in the Ghanaian economy

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