Statistical Analysis of Population and Economic Growth in Ghana.
DOI:
https://doi.org/10.47941/jar.1573Keywords:
Population, Economic Growth, Gross Domestic Product, Fertility rate, Mortality.Abstract
Purpose: The relationship between population and economic growth has been a subject of extensive research and debate for decades. Population of a country is driven by factors such as fertility rate, mortality rate and migration. Rapid population growth can strain resources, infrastructure, and social services, potentially hampering economic development. However, it can also create a demographic dividend when the working age population surpasses dependent age group, leading to increased productivity and economic growth.
Methodology: The researchers performed statistical analysis on population and economic growth using Time Series. The study revealed that Ghana's age profile is much concentrated at the youthful age, which is also the most fertile part of the age distribution.
Findings: The Percentage Change of Population (PCPOP), Per Capita Gross Domestic Product (PCGDP) and Exchange Rate (EXCR) are statistically significant. Also Population and the economic growth in Ghana are inversely proportional to each other.
Unique contributor to theory, policy and practice: Furthermore, the future values of the population of the country is relatively high for the next ten years and there is a negative correlation between the population and economic growth hence the future population is likely to face poverty. Stakeholders and policy makers are to ensure that future policies are directed towards Entrepreneurship and Skills Training to enable income generation in the Country.
Downloads
References
Bloom, D.E., Canning D.and Jaypee S. (2001). Economic Growth and The Demographic Transition. National Bureau of Economic Research, Cambridge, MA 02138, 25-29.
Bloom, D.E. and Williamson, J.G. (1998). Demographic Transition and Economic Miracles in Emerging Asia. The World Bank Economic Review, 2: 398-418.
Bloom, D.E., Canning D., Fink G. and Finlay J.E. (2009). The cost of low fertility in Europe, NBER Working Paper no. 14828, Cambridge, MA: National Bureau of Economic Research.
Carvalho,J.A. and Rodriguez-Wong L. (2004). The changing age distribution of the Brazilian population in the first half of the 21st century. Economics. Cadernos de saude publica.
Clark, G. (2007). A Farewell to Alms-A Brief Economic History of the World, Princeton, NJ: Princeton University press.
Heady, D. D. (2009). The Effect of Population Growth on Economic Growth. Population and development Review. 219-238.
Malthus, T. (1978). An essay of the Principle of Population and Summary View of the Population. London.
Mason A., Choe M.K, Retherford R.D, Tim, Brown, Mishra V.K. and Westley S. B. (2002). The future population in Asia. East west center publishers.
Mankiw N.G, Romer D. and Weil D.N (2007). Conditional Convergence and the Dynamics of the Capital-output ratio. Journal of Economic Growth 12: 157-184.
Paxson, C. and Deaton, A. (1999). Growth, Demographic Structure, National Savings in Taiwan. Princeton University Press. Princeton.
United Nations Department of Economic and Social Affairs, Population Division (2020).
Yoo, P. (1994). Boom or Bust? The Economic Effects of the Baby Boom. Federal Reserve Bank of St. Louis Review, 76(5): 13-22.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Angela Osei-Mainoo, Lawrence Essuman, Richard Puurbalanta
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
