AN ANALYSIS OF EXTERNAL DEBT AND ECONOMIC GROWTH IN GHANA
A plethora of both cross-country and country-specific studies have been undertaken to estimate the impact of external debt on growth in developing countries. Their general findings though revealing need to be confirmed in Ghana. This paper estimates empirically the impact of external debt on economic growth in Ghana to determine the existence of a ‘debt overhang’ and/or ‘crowding out’ effects for the period 1970 to 1999.
We used the ADF, PP and KPSS tests for unit roots and the Johansen-Juselius multivariate approach to cointegration to test for stationarity and a long-run relationship among variables. A vector error correction model (VECM) was used to estimate the short-run impacts.
The results indicate that GDP growth is influenced positively by external debt inflows and negatively by debt servicing revealing the presence of a ‘crowding out effect’. An indication of a ‘debt overhang effect’ is also found through the negative impact of domestic investment. Journal of Science and Technology.
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TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
AN ANALYSIS OF EXTERNAL DEBT AND ECONOMIC GROWTH IN GHANA
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