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The Economics and Finance Letters

December 2020, Volume 7, 2, pp 162-178

Does Corruption Grease or Sand the Wheels of Economic Growth in Ghana? An ARDL Bounds Test

Antwi, Stephen Kwadwo

,

Kong, Yusheng

,

Mohammed, Musah

,

Donkor, Mary

,

Kasim, Hamza

Antwi, Stephen Kwadwo 1 ,

Kong, Yusheng 1 Mohammed, Musah 1 Donkor, Mary 1 Kasim, Hamza 5

  1. School of Finance and Economics, Jiangsu University, P.R. China. 1

  2. Faculty of Business Studies Tamale Technical University, ER, Tamale Ghana. 5

Pages: 162-178

DOI: 10.18488/journal.29.2020.72.162.178

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Article History:

Received: 10 July, 2020
Revised: 19 August, 2020
Accepted: 04 September, 2020
Published: 17 September, 2020


Abstract:

This paper seeks to ascertain the relationship between corruption and economic growth in Ghana using time-series secondary data for the period 1984–2016. We employ auto-regressive distributed lags (ARDL) model to estimate the long-term relationship between corruption and economic growth in Ghana. Corruption is estimated to have a significant negative effect on per capita growth both in the short-term and long-term. While trade openness shows a positive effect on growth, inflation and capital formation show a significant negative influence on growth. We find the variables to be cointegrated and both the long-run and short-run parameters provide evidence of a negative relationship between corruption and economic growth. While capital formation and inflation also show negative effect on growth, trade openness shows a positive effect. The government should endeavour to effectively combat the destructive phenomena of corrupt practices that weaken the institutional quality through the adoption of functional regulatory measures. Transparency of governmental functions should be enhanced through the active involvement of citizens in governance as well as minimizing the discretion at the disposal of bureaucrats.
Contribution/ Originality
This paper contributes to the existing literature by introducing corruption in an endogenous growth model in the context of Ghana. The paper is the first attempt to employ unique Ghanaian data to estimate the long-term effects of corruption on economic growth, a focused evaluation than has been previously done.

Keywords:

ARDL, Cointegration, Corruption, Ghana, Growth, Governance.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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( 166 ) Impact of Telecommunications Market Liberalization on Labor Productivity in Economic Community of West African States
( 167 ) The Importance of Public Administration Towards Achieving Good Governance for Positive National Development by Using SmartPLS 3
( 168 ) Depositors Confidence and Mergers and Acquisitions: The Nigerian Banking Sector Experience
( 169 ) Assessment of Dual Carriageway for Sustainable Socio-Economic Development in Ado Ekiti, Nigeria
( 170 ) Industrialization and Economic Growth in Sub-Saharan Africa: The Role of Human Capital in Structural Transformation
( 171 ) Trade Policy and Democracy for Development in Central African Countries
( 172 ) Does Agricultural Sector Contribute to the Economic Growth in Case of Republic of Benin?
( 174 ) Exchange Rate and Foreign Reserves Interface: Empirical Evidence from Nigeria
( 175 ) Impact of Participatory Decision Making on Organisational Goal Attainment
( 176 ) Forecasting Prices of Three Important Agricultural Crops in Bangladesh
( 177 ) Uncertainties in Global Economic Policy and Nigerias Export Earnings
( 178 ) External Debt and Economic Growth: Two-Step System GMM Evidence for Sub-Saharan Africa Countries
( 179 ) Decision-Making on Working Capital Management, Based on Industry Differences
( 180 ) Investigate Airport Service Quality- A Case Study of Airports in Shanghai
( 181 ) An Entrepreneurship Research in Singapore: Basic Psychological Needs and Motivation
( 182 ) The Impact of Organisational Culture on Public Sector Performance: A Case Study of Local Authorities in Zimbabwe
( 183 ) Sectoral Credit Allocation of Deposit Money Banks and Poverty Reduction in Nigeria
( 185 ) Gamification on Sales Force Performance in Nigeria Bottling Company
( 186 ) Foreign Direct Investment - Growth Linkage in Sub-Saharan Africa: Is Governance a Mediating Factor?
( 187 ) Factors that Influence Profitability of General Insurance Issuers in Indonesia
( 188 ) An Investigation of the Impact of Organisational Structure on Organisational Performance
( 189 ) Impact of Exchange Rate Fluctuation on Selected Economic Sectors of the Nigerian Economy
( 190 ) Dutch Disease: Myth or Reality? An Analysis of the ARDL Model
( 191 ) Determinants of Banks Profitability & Liquidity and the Role of BASEL III in Islamic & Conventional Banking Sector of Pakistan: A Case Study of NBP
( 192 ) Factors Influencing Human Capital in Ready Made Garments Industry in Bangladesh
( 193 ) Investigating the Impact of Business Alignment on Job Gratification in an Organization: The Case of a University in Egypt
( 194 ) Impact of Network Finance Development on Inflation: Evidence from Chinese Market
( 195 ) Profitability Behavior of Plastic Industries in Indonesia
( 196 ) Correlation between Financial Difficulties and Financing Strategies among Market Stallholders in Batangas City
( 197 ) Analysis of the Effects of Pull and Push Factors on Brain Drain: An Example of Turkey
( 198 ) Analysis of Environmental Factors Affecting Manufacturing Small and Medium-Size Enterprises in Kogi State Nigeria
( 199 ) Optimal Stock Portfolio Issuers of Building Construction Registered in LQ45 Based on the Markowitz Approach
( 200 ) The Effect of Selected Factors on Tax Revenue Mobilization in Ethiopia: The Case of Amhara Region
( 201 ) The Mediating Effect of Financial Self-Efficacy on the Financial Literacy-Behavior Relationship: A Case of Generation Y Professionals
( 202 ) Determinants of Corporate Tax Avoidance Strategies among Multinational Corporations in Malaysia
( 203 ) Study on the Effect of Foreign Investment on Anhuis Industrial Structure Optimization
( 204 ) Exploring the Asymmetric Linkage between Commodity Prices and Fiscal Performance in Nigeria
( 205 ) Assessing the Perceived Value of Customers for being Satisfied towards the Sustainability of Hypermarket in Malaysia
( 206 ) Effects of Socio-Cultural Diversity on the Performance of Private Health Care Organizations in Kogi State
( 207 ) Organizational Memory and Employee Performance in Federal Parastatals in Enugu State of Nigeria
( 208 ) Analysis of Effect of Profitability, Capital, Risk Financing, the Sharia Supervisory Board and Capabilities Zakat in Islamic Perspective with Circular Approach Causastion on Islamic Banks in Indonesia
( 209 ) The Effect of Corporate Social Responsibility Disclosure on Corporate Financial Performance
( 210 ) Incidence of Short Term Private Capital Outflow: Empirical Analysis in Nigeria
( 211 ) Rethinking Port Role as Transport Corridor under Symbiosis Theory-Case Study of China-Europe Trade Transportation
( 212 ) Exchange Rate Pass-through to Prices: VAR Evidence for Albania
( 213 ) Can Small-Cap Active Funds Substantially Outperform the Market Over Time?
( 214 ) Analyzing the Financial Soundness of Kuwaiti Banks Using CAMELS Framework
( 215 ) Growing and Building: Collaboration of Urban Poverty Reduction Strategy
( 216 ) Challenges and Opportunities of Investment to the People of Sebeta Town, Oromia Regional State, Ethiopia
( 217 ) Fiscal Reaction Functions and Public Debt Sustainability in Nigeria: An Error Correction Mechanism Approach
( 218 ) The Trajectory and Diaspora of Women Imprisonment: An Analysis
( 219 ) Exchange Rate Volatility, Foreign Exchange Market Intervention and Asymmetric Preferences
( 220 ) Value for Money (VFM) Audit and Public Sector Performance in Afikpo North Local Government Area of Ebonyi State, Nigeria
( 221 ) German Exports, Economic Growth and Foreign Demand: An Analysis of the Period 2000–2017
( 222 ) Multivariate Analysis in Formulation of the Benefit-Cost Index Related to the Sugarcane Production System in the Quirinopolis Municipality Productive Center, Goias, Brazil
( 223 ) Does External Borrowing Affect Economic Growth? A Revisit of the Age-Long Debate for Nigeria
( 224 ) What are the Contextual Influences of Bank Criminality in Osun East Senatorial District?
( 225 ) Determinant of MSMEs Performance and its Impact on Province GRDP in Indonesia
( 226 ) Innovations Dissemination Approaches among Government Co-Operative Supporting Organisations in Tanzania
( 227 ) The Effectiveness of the Production of Healthy Rice in Comparison with other Rice Varieties in the Upper Northern Region of Thailand
( 228 ) Perceived Poverty and Alleviation Efforts of Kogi State Community and Social Development Agencies in Kogi State: An Empirical Investigation
( 229 ) Determinants of Financial Performance and its Impact on the Growth of Islamic Bank Assets on Indonesia
( 230 ) The Role of Social Security Program for Enhancing Seniors Longevity
( 231 ) Trade Union Performance and Industrial Relations Climate in the Nigerian Petroleum Sector
( 232 ) Nexus between Non-Oil Sectoral Contribution and Economic Growth in Nigeria 1981-2018
( 233 ) An Empirical Investigation of Real Exchange Rate Responses to Foreign Currency Inflows: Revisiting the Dutch Disease Phenomenon in South Asia
( 234 ) Factors Affecting the Individual Stock Price Index (IHSI) Industrial Manufacturing Sector in Indonesia, Automotive Sub Sectors, and Components in Indonesia Stock Exchange (IDX)
( 235 ) Evaluating the Model of Demand for Money in Nigeria
( 236 ) Entrepreneurship Training for Mitigating Unemployment in Nigeria: How have the Tertiary Institutions Fared?
( 237 ) Evaluating the Effectiveness of CAPM and APT for Risk Measuring and Assets Pricing
( 238 ) Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?
( 239 ) Effect of Brand Enhancement on Buying Behavior towards the Sport Sponsorship Companies in Riyadh, KSA
( 240 ) Factors Influencing on Human Resources Development in SMEs Service Enterprises in Industry 4.0: The Case of Thai Nguyen Province, Vietnam
( 241 ) Determinant of Tax Revenue Effort in Sub-Saharan African Countries: A Stochastic Frontier Analysis
( 242 ) The Relationship between Creative Accounting Risks and Auditing Risks from the Perspective of External Auditors in Saudi Arabia
( 243 ) Determinants of Profitability and its Implications on Corporate Values (Studies at Ceramic, Porcelain and Glass Sub Sector Listed in Indonesia Stock Exchange, 2009 - 2018)
( 244 ) Developing a Conceptual Model for Antecedents of Resistance to Change towards Sustainable Construction Practices
( 245 ) Towards a Proposal of a Local Authority Model Based on the Systemic Approach
( 246 ) Up or Down! House Management and Public Finance Theory from America’s Era of Hastert
( 247 ) Interest Rate Ceilings and Financial Exclusion in Kenya: Evidence from Commercial Banks’ Sectoral Credit Distribution
( 248 ) Export- Led Growth Hypothesis for Ghana: A TVAR & TVECM Analysis
( 249 ) Factors Affecting the Capital Structure of the Textile Industry in Bangladesh: An Inferential Study
( 250 ) Corporate Social Responsibility Disclosure in Indonesia: A Bibliographic Study
( 251 ) Deficit Financing Asymmetry and Nigerias Economic Growth: A Nonlinear Autoregressive Distributed Lag Approach
( 252 ) The Dimensions of the Quality Perceived by Users in a Clinical Analysis Laboratory of A University Hospital
( 253 ) Ethical Context of Organization and Turnover Intention of Women Employees: The Mediating Role of Perceived Organizational Support
( 254 ) A Process Model for Conformance of Health Information Systems: Towards National Interoperability
( 255 ) Likely Effect of Gender and Education on Information Adoption and Utilization among Sugarcane Farmers in the Nyanza Region, Kenya
( 256 ) Change Management and Firm Performance of Selected Deposit Money Banks in Owerri, Imo State, Nigeria
( 258 ) Factors Influencing Audit Expense and Quality in an Emerging Economy: A Study on Bangladesh
( 259 ) The Effect of Disruptive Factors on Inventory Control as a Mediator and Organizational Performance in Health Department of Punjab, Pakistan
( 260 ) Factors Influencing Farmers’ Adoption of Soil Conservation Development
( 261 ) The Contingent Fit between Management Control System and Capabilities on Sustainability Performance
( 262 ) International Financial Reporting Standards Adoption and Earnings Management: The Fundamental Effect Framework
( 263 ) Influence of Corporate Characteristics on Firm Leverage: Evidence from Bangladesh
( 264 ) The Impact of Merger and Acquisition on the Financial Performance of the Nasdaq Listed Small Size Technology Companies
( 265 ) Factors Affecting Profitability of General Insurance Companies in Indonesia
( 266 ) Exploring the Dimensions Using Exploratory Factor Analysis of Disruptive Factors and Inventory Control
( 267 ) Panel Data Estimators in the Presence of Serial and Spatial Correlation with Panel Heteroscedasticity: A Simulation Study
( 268 ) An Empirical Investigation of the Impact of FDI, Export and Gross Domestic Savings on the Economic Growth in Bangladesh
( 269 ) Exploring the Linkages between Remittances, Economic Growth and Poverty: Empirical Evidence from Pakistan
( 273 ) Shifting Global Economic Paradigm
( 275 ) The Prospects of Accounting and Economic Systems in the Era of Global Knowledge Economy
( 277 ) The Impact of Human Capital on Economic Growth: Evidence from Tunisia Using Star and Stecm Models
( 279 ) Impact of Food Beverage Price Index and Exchange Rate Volatility on Economic Growth
( 280 ) Long-Run Relationships and Causality Tests Between Military Expenditure and Economic Growth in India
( 282 ) Study of the Relationship between Economic Growth and Inflation: Application to the Countries of the South Side of the Mediterranean: A Panel Data Approach
( 283 ) The Entrepreneurship, Knowledge Spillover and Economic Growth
( 285 ) Relationships between Financial Development and Economic Growth: A New Approach by Inputs
( 292 ) Rural Saving Mobilizations and Economic Development in Akamkpa Local Government Area of Cross River State - Nigeria
( 294 ) Rural - Urban Balance as a Measure of Socio-Economic Development with Special Reference to Iran
( 296 ) The Effect of Access and Quality of Education on Economic Development in Botswana
( 297 ) Panel Data Analysis of the Impact of Economic Freedom as Well as Economic Conditions, The Quality of Life, and Public Education Spending on U.S. Undocumented Immigrant Settlement Patterns
( 298 ) Dynamics of Inflation, Economic Growth, Money Supply and Exchange Rate in India: Evidence from Multivariate Analysis
( 299 ) Structural Breaks, Electricity Generation and Economic Growth in Nigeria
( 300 ) Comparative Analysis of the Effectiveness of Coub-Douglas, Real Business Cycle, and Keynsian Growth Models in Determining Economic Growth in Nigeria
( 301 ) The Link Between Agricultural Budgetary Allocation and Economic Growth in Nigeria
( 302 ) Financial Deepening, Interest Rate Spread and Economic Growth: New Evidence from Sub-Sahara Africa
( 304 ) A Case Study of Local Government Implementation of the Ward Based Local Economic Development (LED) Program
( 305 ) Military Regimes and Nigeria’s Economic Development, 1966-1999
( 306 ) An Investigation of the Relationship between Manufacturing Output and Economic Growth : Evidence from Nigerias Data Set