Public Debt and Economic Growth in Ghana

Victor Owusu-Nantwi · Christopher A. Erickson

129 citations0/0 files storedAfrican Development Review

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Fiscal Policies and Political Economy Monetary Policy and Economic Impact Fiscal Policy and Economic Growth

Abstract

This study uses Johansen cointegration and the vector error correction model to examine the long-term and causal relationship between public debt and economic growth in Ghana. Annual time series data were gathered from the World Bank Development Indicators and IMF Economic outlook data from 1970 to 2012. The findings from the study reveal a positive and statistically significant long-run relationship between public debt and economic growth. Also, in the short run a bidirectional Granger causality link exists between public debt and economic growth. The study recommends that Ghana should acquire public debt for very high priority projects and programs that are well appraised and self-sustained that could contribute positively to economic growth.

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References

1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1988Testing for a Unit Root in Time Series Regression 1957Technical Change and the Aggregate Production Function 1979On the Determination of the Public Debt 2010Growth in a Time of Debt 2014Public debt and economic growth: Is there a causal effect?1961Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt 1981Testing For Unit Roots: 1

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2019External Debt, Investment, and Economic Growth: A Seemingly Unrelated Regression Model for Low-Income Countries 2022Foreign Aid and External Debt–A Bane or a Boom to the Ghanaian Economy? New Insights

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