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Economic Growth in Ghana : Determinants and Prospect

AGGREGATE MEASURE AVERAGE GROWTH AVERAGE GROWTH RATE AVERAGE SHARE CAPITAL VARIABLE COAL COMPETITIVENESS CONVERGENCE EFFECTS COUNTRY CHARACTERISTICS COUNTRY EFFECTS COUNTRY SIZE COUNTRY SPECIFIC CROSS COUNTRY CROSS-COUNTRY PANEL DATA AVAILABILITY DEMOCRACY DEPENDENT VARIABLE DEVELOPMENT INDICATORS DEVELOPMENT POLICY DEVELOPMENT RESEARCH DOMESTIC PRODUCTS DRIVERS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC LITERATURE ECONOMIC OUTLOOK ECONOMICS EDUCATIONAL ATTAINMENT EMPIRICAL ANALYSIS ERROR TERM EXPLANATORY POWER EXPLANATORY VARIABLES EXPORTS FIXED EFFECTS FORECASTS GDP GDP PER CAPITA GOVERNMENT EXPENDITURES GROSS DOMESTIC PRODUCT GROSS DOMESTIC PRODUCT GROWTH GROSS DOMESTIC PRODUCT PER CAPITA GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES GROWTH REGRESSION GROWTH REGRESSIONS HUMAN CAPITAL INCOME INCOME GROWTH INCOME LEVEL INCOME LEVELS INCREASE GROWTH INFLATION INFLATION RATES INTERNATIONAL COMPARISONS INTERNATIONAL OPENNESS LINEAR RELATIONSHIP LONG RUN NATURAL CAPITAL NATURAL LOGARITHM NATURAL RESOURCES NEGATIVE IMPACT OIL OIL PRICES OIL PRODUCTION OUTPUT GROWTH PANEL FRAMEWORK PER CAPITA GROWTH PER CAPITA GROWTH RATE POLICY DISCUSSIONS POLICY MAKERS POLICY MEASURES POLICY RESEARCH POLITICAL DEMOCRACY POLITICAL STABILITY POPULATION RESEARCH POSITIVE CORRELATION POSITIVE IMPACT POSITIVE RELATIONSHIP POVERTY RATES POVERTY REDUCTION PREDICTED GROWTH PUBLIC SERVICE REAL GDP REGRESSION ANALYSIS RELATIVE IMPORTANCE RENTS SERVANTS SIGNIFICANT IMPACT TIMBER TRADE OPENNESS WEALTH
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World Bank, Washington, DC
Africa | Ghana
2014-02-03T20:58:00Z | 2014-02-03T20:58:00Z | 2014-01

This paper employs a simple cross-country panel framework to assess the determinants of growth in Ghana's gross domestic product over the past four decades. A set of standard covariates is used to explain growth rates. Natural resource variables are included because the effects of natural resource rents in gross domestic products are of particular interest for Ghana. Using the preferred specification, Ghana's growth potential is predicted for the upcoming decades under different scenarios. The results indicate that under the most pessimistic scenario of no improvements in the determinants of growth compared with the period 2005-09, Ghana's gross domestic product per capita growth rates will stagnate at approximately 4.5 percent during the next decade and decrease thereafter. If the policy measures and country characteristics improve in the way they did in the past three decades, average per capita growth rates of roughly 5.5 percent could be reached during 2015-34. Taking into account the expected oil production until 2034 adds 0.6 percentage points to projected gross domestic product growth rates on average.

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