2072-64142411-140610.17059/ekon.reg.2024-1-22The Impact of Foreign Direct Investment and Trade Openness on The Ghanaian EconomyВлияние прямых иностранных инвестиций и открытости торговли на экономику Ганыhttps://orcid.org/0000-0002-0934-3996YeboahEvansЙебоа Эванс xyeboah1@mendelu.czMendel University in BrnoУниверситет Менделя в Брно201321335Copyright © 2024 Evans YeboahCopyright © 2024 Эванс Йебоа2024Evans YeboahЭванс ЙебоаCC BY 4.0https://www.economyofregions.org/ojs/index.php/er/article/view/301https://www.economyofregions.org/ojs/index.php/er/article/download/301/292

Foreign direct investment (FDI) and trade openness serve as macroeconomic indicators that support economic growth. Numerous studies conducted in recent years have empirically demonstrated the significance of FDI and trade liberalisation. Historical data illustrates that Ghana operates as a net importer, posing several challenges for domestic firms due to the comparative advantage of multinational enterprises and economies of scale. However, the full extent of the theories surrounding FDI and trade openness remains incompletely understood across all economies. This study aims to uncover the impact of FDI and foreign trade on economic growth in Ghana. The study utilised time series data sourced from the World Bank spanning from 1985 to 2021, on an annual frequency. The econometric methods employed include a unit root test (ADF), Engle-Granger cointegration test, and multiple regression analysis (Ordinary Least Squares). The ADF unit root test indicated that the variables were non-stationary and integrated at first-order difference. The Engle-Granger cointegration test revealed that the variables are cointegrated. Regression analysis results demonstrated that both FDI and trade openness exert a positive influence on economic enhancement in Ghana, with GDP serving as a proxy for growth. Furthermore, the analysis showed that FDI has a positive impact on GDP per capita, whereas trade openness negatively affects it, utilising GDP per capita as the explained variable. Based on these findings, the study recommends that policymakers implement sound FDI and trade policies to foster economic growth in the country.

Прямые иностранные инвестиции (ПИИ) и открытость торговли — макроэкономические показатели, способствующие экономическому росту. Многочисленные современные исследования подтверждают важность прямых иностранных инвестиций и либерализации торговли. Согласно историческим данным, Гана является нетто-импортером, что создает ряд проблем для местных компаний из-за сравнительных преимуществ многонациональных компаний и эффекта масштаба. В то же время вопрос влияния прямых иностранных инвестиций и открытости торговли на различные экономики остается не до конца изученным. Цель статьи — выявить влияние прямых иностранных инвестиций и внешней торговли на экономический рост в Гане. Для этого были проанализированы ежегодные данные Всемирного банка за период с 1985 г. по 2021 г. В процессе исследования были использованы такие методы, как тест на единичный корень (расширенный тест Дики — Фуллера), тест Энгла — Грейнджера на коинтеграцию и множественный регрессионный анализ (метод наименьших квадратов). Расширенный тест Дики — Фуллера выявил, что переменные нестационарны. Тест Энгла-Грейнджера показал, что переменные коинтегрированы. С помощью регрессионного анализа обнаружено, что как ПИИ, так и открытость торговли оказывают положительное влияние на экономический рост в Гане, показателем роста являлся валовой внутренний продукт. В модели, где в качестве объясняемой переменной используется ВВП на душу населения, влияние ПИИ на этот показатель положительно, а влияние открытости торговли — отрицательно. Полученные результаты свидетельствуют о необходимости проведения рациональной политики в области прямых иностранных инвестиций и торговой политики в целях содействия экономическому росту в Гане.

FDI, trade openness, GDP per capita, Ghana, economic growth, cointegrationПИИ, открытость торговли, ВВП на душу населения, Гана, экономический рост, коинтеграция

The author would like to express his gratitude to Professor Václav Adamec of the Department of Business Economics of Mendel University for his guide in econometric data analysis. The author also would like to thank the staff and professors of the Department of Business Economics of Mendel University for their support

Автор выражает благодарность профессору кафедры экономики бизнеса Университета Менделя Вацлаву Адамцу за его руководство в эконометрическом анализе данных. Автор также благодарит сотрудников и профессоров кафедры экономики бизнеса Университета Менделя за поддержку.

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