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Export Performance and Investment Behaviour of Firms in Ghana

By Daniel Bruce Sarpong and Susanna Wolf


From the theoretical literature a strong relationship between export performance and investment behaviour at the firm level is expected. A 2003 survey of 100 Ghanaian enterprises is used to analyse the factors that influence the investment and exporting behaviour of firms using a simultaneous equation model to allow for the endogeneity of investment and exporting. In addition, the different factors that influence the investment and export decisions in different sectors are investigated. However, no significant positive relationship between exporting and investment could be found. There seems rather to be a negative association, which might be explained by constraints in the access to capital. On the other hand there are several factors that work in the same direction, for example, younger firms, larger firms and more efficient firms are more likely to invest and more likely to export. --

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