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Effect of Foreign Direct Investment on Economic Growth in Ghana
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Journal Article
Effect of Foreign Direct Investment on Economic Growth in Ghana
2024
Overview
The objective of this study was to investigate the impact of foreign direct investment (FDI) on economic growth in Ghana, by examining the effect of FDI flow, FDI stock and FDI per capita on economic growth. The study adopted the quantitative and descriptive research design to analyse annual time series data on the dependent and independent variables spanning twenty-seven (27) years from 1996 to 2022. The ordinary least square and seemingly unrelated regression techniques were used for data analysis. The study revealed that FDI flow, FDI stock and FDI per capita had a statistically significant positive effect on per capita economic growth. The study thus recommended that the government of Ghana should intensify its efforts to carefully develop and implement progressive and attractive policies that can induce more investment from foreign multinationals, thereby increasing the stock of external capital inflows that can be channelled into the most value generating sectors of the country to eliminate production inefficiencies and boost domestic output that can increase economic growth. Additionally, the government of Ghana through the appropriate agencies can improve the enforcement of its regulatory policies to ensure that multinational firms and the general activities of foreign investors consistently provide fair and commensurate wages to Ghanaian workers, in order to promote the beneficial effects that FDI has on reducing income inequality in Ghana. MNCs must therefore provide the same value of remuneration for the same level of skills-quality and demand that workers in other economies would receive. This will eliminate wage differentials, transition low-wage earners into higher income status and thus reduce income inequality.
Publisher
Centre for Business & Economic Research
