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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


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.


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


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This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.


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

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( 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
( 270 ) Human Capital Development and Economic Growth in Nigeria: An Autoregressive Distributed Lag (ARDL) Approach
( 271 ) Exchange Rate Fluctuations and the Performance of Nairobi Securities Exchange Market in Kenya During the Coronavirus Pandemic
( 272 ) A Qualitative Analysis of the Impediments to Business Innovation and Information Management in Nigeria: A Policy Stance
( 273 ) Analysis of Demographic Factors on Perceptions of Inventory Managers towards Healthcare Performance
( 274 ) Contribution of Domestic Direct Investment and Direct Foreign Investment to Economic Growth in Indonesia Era Joko Widodo
( 275 ) The Euribor and EONIA Reform: Achieving Regulatory Compliance while Protecting Financial Stability
( 276 ) The Financial Decentralization Policy for Local Development in Cameroon: An Econometric Analysis
( 277 ) The Reasons Behind the Shift of Patients from Public to Private Hospitals: Evidence from Public Hospitals in Cumilla City Corporation
( 278 ) Innovation Efforts in the Face of Institutional Obstacles in Latin America
( 279 ) Assessment of Mental Health of Undergraduate Students Based on Age: A Bayesian Ordinal Quantile Regression Approach
( 280 ) Research on the Construction and Application of Chinese Enterprises Overseas Port Investment Confidence Index Based on D-S Evidence Theory
( 281 ) Assessing Access to Comprehensive HIV Treatment Services for Men Who Have Sex with Men and Female Sex Workers in the Bamenda Health District
( 282 ) The Promise and Reality of Public Sector Reform – A Case Study of the Implementation of Trinidad and Tobagos Health Sector Reform
( 283 ) Sustainability Performance and Sustainable Development Goals
( 284 ) Impacts of Domestic Savings and Domestic Investment on Economic Growth: An Empirical Study for Pakistan
( 285 ) A Study on Financial Performance of Transport & Warehouses Firms Listed on the Hanoi Stock Exchange
( 286 ) The Effects of The Covid-19 Pandemic on Exploitative and Explorative Strategies of Pharmaceutical Industries in Brazil
( 287 ) IT Governance as Drivers of Dynamic Capabilities to Gain Corporate Performance Under the Effects of Environmental Dynamism
( 288 ) Fertility, Education, Labor Force Outcomes, and Cultural Acculturation of Immigrants
( 289 ) Financial Development and Economic Growth in Nigeria: New Evidence from a Threshold Autoregressive and Asymmetric Analysis
( 290 ) Child Support Enforcement and Infants Health Outcomes
( 291 ) Factors Influencing Profitability of Commercial Banks in Tanzania: A Case Study of CRDB Bank Plc
( 292 ) Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices
( 293 ) Nexus among Foreign Exchange Reserve, Remittance and Trade Openness: An Empirical Investigation in the Case of Bangladeshi Economy
( 294 ) Testing the Validity of Arbitrage Pricing Theory: A Study on Dhaka Stock Exchange Bangladesh
( 295 ) Employee Creative Behaviour: A Predictive Study of Perceived Relational Injustice and Workplace Ostracism among Public Sector Workers
( 296 ) Is Foreign Direct Investment the Way Forward for Manufacturing Sector Renaissance in Nigeria?
( 297 ) Analysis of Synergies in Indian Corporate M&A Deals: A Logit Regression Approach
( 298 ) The Impact of Fundamental Factors on the Share Price of Micro-Sized Nasdaq Listed Technology Companies
( 299 ) World Governance Indicators and Fraud: Evidence from One Belt One Road Countries
( 300 ) Fear of Covid-19 and Intentions towards Adopting E-Health Services: Exploring the Technology Acceptance Model in the Scenario of Pandemic
( 301 ) Economic and Noneconomic Forces on Remittance Receiving: A Panel Analysis of Top Remittance Sending Countries towards Bangladesh
( 302 ) CSR Themes Quality, Good Corporate Governance, and Earnings Management: Evidence from Indonesia
( 303 ) Income Smoothing, Earnings Management and the Credibility of Accounting Information
( 304 ) Does Buyer Power Contribute to Environmental Sustainability Performance in Supply Chains?
( 305 ) The Influence of Organizational Culture, Communication and Work Satisfaction on Organizational Commitments: A Case Study of Lecturers at Yayasan Pendidikan Borobudur
( 306 ) Relational Capabilities under Moderating and Mediating Effects to Understand their Impacts on Firm Financial Performance
( 307 ) Analysis of Factors Affecting Capital Structure and the Impact on LQ-45 Share Price in 2015-2018
( 308 ) Effects of Green Human Resource Management on Employee Green Behavior: Moderating Role of Employee Environmental Knowledge
( 309 ) Inflationary Rate in Nigeria: Impact of Foreign Capital Inflows
( 310 ) Facing the Challenges of Covid-19 in the Egyptian Banking Sector: The Role of Bricoleurs in Achieving Organizational Innovations via Learning through Improvisation
( 311 ) Modeling and Estimation of Cumulative Abnormal Return using VECM
( 312 ) Human Research Management: Effect of Covid-19 On Workers in the UK Who Have Previously Lost One or Both Arms
( 316 ) Shifting Global Economic Paradigm
( 318 ) The Prospects of Accounting and Economic Systems in the Era of Global Knowledge Economy
( 320 ) The Impact of Human Capital on Economic Growth: Evidence from Tunisia Using Star and Stecm Models
( 322 ) Impact of Food Beverage Price Index and Exchange Rate Volatility on Economic Growth
( 323 ) Long-Run Relationships and Causality Tests Between Military Expenditure and Economic Growth in India
( 325 ) Study of the Relationship between Economic Growth and Inflation: Application to the Countries of the South Side of the Mediterranean: A Panel Data Approach
( 326 ) The Entrepreneurship, Knowledge Spillover and Economic Growth
( 328 ) Relationships between Financial Development and Economic Growth: A New Approach by Inputs
( 335 ) Rural Saving Mobilizations and Economic Development in Akamkpa Local Government Area of Cross River State - Nigeria
( 337 ) Rural - Urban Balance as a Measure of Socio-Economic Development with Special Reference to Iran
( 339 ) The Effect of Access and Quality of Education on Economic Development in Botswana
( 340 ) 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
( 341 ) Dynamics of Inflation, Economic Growth, Money Supply and Exchange Rate in India: Evidence from Multivariate Analysis
( 342 ) Structural Breaks, Electricity Generation and Economic Growth in Nigeria
( 343 ) Comparative Analysis of the Effectiveness of Coub-Douglas, Real Business Cycle, and Keynsian Growth Models in Determining Economic Growth in Nigeria
( 344 ) The Link Between Agricultural Budgetary Allocation and Economic Growth in Nigeria
( 345 ) Financial Deepening, Interest Rate Spread and Economic Growth: New Evidence from Sub-Sahara Africa
( 347 ) A Case Study of Local Government Implementation of the Ward Based Local Economic Development (LED) Program
( 348 ) Military Regimes and Nigeria’s Economic Development, 1966-1999
( 349 ) An Investigation of the Relationship between Manufacturing Output and Economic Growth : Evidence from Nigerias Data Set
( 359 ) Public Health Expenditure, Economic Growth and Health Outcomes in Nigeria
( 362 ) The Colonialists & Indigenous Exchange Currency: Tracing the Genesis of Socioeconomic Woes in Postcolonial Nigeria
( 363 ) The Transitional Relationship between Economic Growth and Exchange Rate in Ghana: An Empirical Approach
( 364 ) Estimating the Economic Determinants of Technical Efficiency of Bioenergy in EU-28: An Application of Tobit Analysis