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eISSN: 2581-9615 || CODEN: WJARAI || Impact Factor 8.2 ||  CrossRef DOI

Research and review articles are invited for publication in April 2026 (Volume 30, Issue 1) Submit manuscript

The effect of inflation on economic growth in Ghana, 1995-2019: Post democratic analysis

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  • The effect of inflation on economic growth in Ghana, 1995-2019: Post democratic analysis

Yenube Clement Kunkuaboor 1, *, Moisob Adamu 2, Miilon Sommik-Duut 3 and Fatawu Abdul-Seidu 4

1 PSS Ghana Creative Agency, Research and Design, Kumasi, Ghana. Phone (+233 2455 37425).
2 Moisob Adamu, Business School, Ghana Institute of Management and Public Administration (GIMPA), Ghana.
3 Miilon Sommik-Duut, National Ambulance Service (NAS), Kumasi, Ghana.
4 Fatawu Abdul Seidu, Ghana Water Company, Operation, Brekum, Ghana.
Research Article
World Journal of Advanced Research and Reviews, 2021, 12(03), 230-242
Article DOI: 10.30574/wjarr.2021.12.3.0660
DOI url: https://doi.org/10.30574/wjarr.2021.12.3.0660
Received on 26 October 2021; revised on 11 December 2021; accepted on 13 December 2021
Background: One of the fundamental goals of macroeconomic policy in many nations, both developed and developing, is to foster economic development while keeping inflation low. There has been a debate as to whether inflation impacts negatively on economic growth or rather promotes economic growth. The study is motivated by this controversy and used time-series data from 1995 to 2019 in Ghana to examine the relationship between inflation and economic growth, establish the long-run effect and also test whether there exists a causal effect between inflation and economic growth.
Method: The review utilized Ordinary Least Square (OLS) regression examination to inspect the impact of inflation on economic growth and while long run co-integration relationship was additionally decide utilizing Fully Modified (FM-OLS) regression analysis. Granger causality was investigated to see if there is a causal impact among inflation and economic growth. Model diagnoses were performed to discover the strength of the discoveries where autocorrelation, multicollinearity, normality test and heteroscedasticity were tested.
Results: The review uncovered that, inflation has a negative measurably irrelevant impact on economic growth at 5% basic level. The concentrate likewise uncovered that there was co-integration relationship between inflation and economic growth during the time of viable 1995-2019. There was no causal impact among inflation and economic growth, in this way neither inflation nor economic growth Granger-Causes the other. The study suggest that inflation targeting ought to be the best financial approach measure for economic growth by keeping up with the rate at 8+/-2%. 
Inflation; Economic; GDP; Unit root; Co-integration; Augmented Dickey-Full (ADF); FM-OLS; Causality
https://wjarr.com/sites/default/files/fulltext_pdf/WJARR-2021-0660.pdf

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Yenube Clement Kunkuaboor, Moisob Adamu, Miilon Sommik-Duut and Fatawu Abdul-Seidu. The effect of inflation on economic growth in Ghana, 1995-2019: Post democratic analysis. World Journal of Advanced Research and Reviews, 2021, 12(3), 230-242. Article DOI: https://doi.org/10.30574/wjarr.2021.12.3.0660

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