Abstract:
"The purpose of this study was to examine the effects of international commodity
price shocks on economic growth in Ghana from 1990 to 2016. Time series data
were collected on oil price, gold price, cocoa price, capital, labour, inflation,
exchange rate and trade openness fromthe Central Bank of Ghana and the World
Development Indicators. The study employed Autoregressive Distributed Lag
(ARDL) to examine the relationship between the index of commodity price shock
on economic growth in Ghana. The study found that there was a positive
significant long-run and short-run relationship between the index of commodity
price shock and economic growth in Ghana. The study recommendsthe need for
value addition to the commodities that Ghana exports in its raw state by
theconstructions ofmanufacturing companies to transform the raw materials into
semi-finished and finished goods."
