Theoretical and Applied Economics
No. 3 / 2026 (648), Autumn
The role of investment and trade in promoting economic growth in Ghana
Graduate School of Management (GSM), Cote d’Ivoire
Abstract. This study examines the effects of investment, exports, and imports on Ghana’s economic growth from 1980 to 2025 using ADF, Johansen cointegration, Granger causality, and CUSUM tests. The results indicate that investment and exports are positively associated with GDP, while imports are negatively associated with GDP in the long run. Short-run causality runs from investment to GDP, while exports and GDP exhibit bidirectional causality. Long-run bidirectional causality exists among investment, exports, imports, and GDP, with evidence of structural changes in the model. The study recommends promoting investment, exports, infrastructure, innovation, and FDI while managing import dependence to support sustainable growth.
Keywords: Ghana, investment, GDP, exports, imports.
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