Modelling and Forecasting Volatility of Returns on the Ghana Stock Exchange Using GARCH Models

This paper models and forecasts volatility (conditional variance) on the Ghana Stock Exchange using a random walk (RW), GARCH(1,1), EGARCH(1,1), and TGARCH(1,1) models. The unique ‘three days a week’ Databank Stock Index (DSI) is used to study the dynamics of the Ghana stock market volatility over a 10-year period. The competing volatility models were estimated and their specification and forecast performance compared with each other, using AIC and LL information criteria and BDS nonlinearity diagnostic checks. The DSI exhibits the stylized characteristics such as volatility clustering, leptokurtosis and asymmetry effects associated with stock market returns on more advanced stock markets. The random walk hypothesis is rejected for the DSI. Overall, the GARCH (1,1) model outperformed the other models under the assumption that the innovations follow a normal distribution.Ghana Stock Exchange; developing financial markets; volatility; GARCH model

Bivariate causality analysis between FDI inflows and economic growth in Ghana

The main objective for this paper is to study the causal link between FDI and GDP growth for Ghana for the pre- and post-SAP periods. We also study the direction of causality between the two variables, based on the more robust Toda-Yamamoto (1995) Granger no-causality test which allows the Granger test in an integrated system. Annual time-series data covering the period 1970-2002 was used. The study finds no causality between FDI and growth for the total sample period and the pre-SAP period. FDI however caused GDP growth during the post-SAP period.Ghana; FDI; seemingly unrelated regression; Granger causality; cointegration

Cellulose-based absorbents for oil spill response:testing in simulated arctic marine conditions

Abstract. Due to the increased concern of risks of oil spills in the Arctic marine environment, the search for alternative, a sustainable oil spill response technology has intensified. Especially, development of cost-effective, reusable and environmentally friendly sorbents from renewable resources have gained significant interest. The objective of this thesis was to study bio-based sorbents obtained from nanocellulose materials, i.e. aerogels, and address their oil absorption capacity and performance under Arctic marine conditions. Laboratory conditions were designed to simulate the conditions of Oulu and Tromsø ports. In general, nanocellulose based aerogels display high mechanical strength, high surface area, are cost-effective and safe to handle compared to many synthetic materials. In this thesis, hydrophobized cellulose nanofibril aerogels produced from recycled fibre waste were used to absorb diesel and hydraulic oil. The nanofibrils were obtained using a simple and environmentally friendly nanofibrillation treatment after which aerogels were fabricated using freeze-drying process in the presence of two silylation agents. The Arctic weather conditions were simulated using a climate chamber. The weather conditions simulated were temperature, shaking and no-shaking frequency (to represent ocean waves), ice and no-ice condition and water salinity of 1% (Oulu port) and 3.5% (Tromsø port). The nanofibrillation and hydrophobic silylation of waste cellulose fibres resulted in nanofibrillar aerogels, which had an ultralow density (0.01 g/cm3) and high porosity (99.15%) after freeze-drying and heating. The cellulose nanofibril aerogels showed higher oil (diesel and hydraulic) absorption performance in both 1% and 3.5% salinity than the commercial material. The diesel oil absorption by the nanofibril aerogel was higher in 1% salinity whiles the hydraulic oil absorption was better in 3.5% salinity. In particular, the nanofibril aerogels had diesel oil absorption capacity of 59.9 g/g (1% salinity) and hydraulic oil absorption capacity of 43.4 g/g (3.5% salinity), which is much higher to those of commercial absorbent materials, i.e. polypropylene, with diesel oil absorption capacity of 15.6 g/g in 1% salinity and hydraulic oil absorption capacity of 12.4 g/g in 3.5% salinity. The shaking and icy conditions affected oil absorption with the nanofibril aerogels more than the commercial material. Overall, oil absorption was higher under shaking conditions compared to the no-shaking. The presence of ice decreased the absorption capacity of nanofibril aerogels and the commercial material. Generally, oil absorption capacity of the nanofibril aerogels was higher than that of the commercial material in all the conditions. The above advantages make nanofibril aerogels promising absorbents for removing oil spills from ports (Oulu and Tromsø)

Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships

Purpose: This paper examines the long-run impact of foreign direct investment and trade on economic growth in Ghana. Methodology: Using an augmented aggregate production function (APF) growth model, we apply the bounds testing (ARDL) approach to cointegration which is more appropriate for estimation in small sample studies. The data span for the study is from 1970 to 2002. Findings: The results indicated the impact of FDI on growth to be negative which is consistent with other past studies. Trade however was found to have significant impact on growth.Ghana; ARDL cointegration; unit roots; equilibrium-correction; FDI; Trade

Aggregate Import demand and Expenditure Components in Ghana:An Econometric Analysis

In this paper, the behaviour of Ghana’s imports during the period 1970-2002 is studied using disaggregated expenditure components of total national income. We use the newly developed bounds testing approach to cointegration and estimated an error correction model to separate the short- and long-run elements of the import demand relationship. The study shows inelastic import demand for all the expenditure components and relative price. In the long-run, investment and exports are the major determinant of movements in imports in Ghana. In the short run household and government consumption expenditures is the major determinant of import demand. Import demand is not very sensitive to price changes

Estimating An Aggregate Import Demand Function For Ghana

Stable Food Crops Turning Into Commercial Crops: Case studies of Teff, Wheat and Rice in Ethiopia  Imports are very crucial for the survival of a small open economy such as Ghana. In this paper, we estimate an import demand function for Ghana for the period 1970 to 2002, as well as consider the time series properties of the data. The time series behaviour of the data indicates a long term relationship between real exchange rates, GDP, and merchandise import. Our empirical estimates suggest that real income (GDP) is the main factor influencing imports in Ghana. The results also indicate that economic growth (real GDP) and depreciation in the local currency could stimulate increased demand for merchandise imports. Further analysis revealed that shocks to imports, real GDP and real exchange rate are important in explaining various innovations in the error variance of each of these variables at different time horizons and at different magnitudes. Particularly, the evidence shows that at short time periods about 65%, 95% and 80% of shocks to real exchange rates, merchandise imports and GDP respectively, are attributed to own shock

Press coverage of Corporate Social Responsibility Performance in Ghana

The work examines the role press reports on corporate social responsibility (CSR) play in the reputation-building of two telecom companies (MTN and Vodafone) in Ghana. Content in 480 editions of Accra-based Daily Graphic and Business and Financial Times were analyzed from January to December, 2015. Findings show that 102 CSR stories were published by the newspapers at 40.2 and 59.8 per cent respectively. Similarly, most of the stories were positive and published on pages inside while not more than two stories existed on the front pages in each case. The insignificant front-page exposure suggests that these telecom companies should upgrade their credential in terms of the impact their CSR activities make on their audiences. Â

The Measurement and Determinants of Economic Efficiency of Microfinance Institutions in Ghana: A Stochastic Frontier Approach

Microfinance institutions have become central players in socio-economic development especially in developing countries. This paper investigates empirically the economic efficiency of microfinance institutions in Ghana using a Cobb-Douglas Stochastic frontier model. A total of 135 MFIs were sampled for the period from 2007-2010. The underpinning assumption is that there is a possibility for economies of scale in lending if only firms improve strategies of mobilizing savings and provide good quality service to their clients. The estimated results showed an overall average economic efficiency of 56.29%; indicating a high degree of inefficiency in the economic behaviour of the units in the industry. The study further exposed that age and savings indicators of outreach and productivity, and cost per borrower were significant determinants of economic efficiency. It is therefore recommended that practitioners improve upon technical training programmes, operate diversified savings products to improve on portfolio quality and ensure sustainability; and also heighten the extent of social commitment to both staff and client

The role of environmental regulatory quality in the relationship between natural resources and environmental sustainability in sub-Saharan Africa

Natural resources benefit economies through economic growth and development. However, continuing unsustainable exploitation of these resources tend to harm the sustainability of the environment. Therefore, this paper explores the role of environmental regulatory quality (ERQ) in the relationship between natural resources (NR) and environmental sustainability (ES). The study covered 28 sub-Saharan African countries (SSA) from 2005-2017. Regarding the estimations, we utilized cross-sectional dependence, first-and second-generation unit root, and cointegration tests for preliminary checks. Finally, we used the system-GMM estimation for the analysis. We found that environmental regulatory quality improves environmental sustainability in SSA. We also observed that natural resources degrade environmental sustainability. Furthermore, we noticed that natural resources complemented environmental regulatory quality to reduce environmental sustainability in SSA. Therefore, we establish that ERQ in SSA does not complement NR to induce environmental sustainability. Based on the findings, we appeal for effective and rigorous implementation of environmental policies and regulations in SSA

Centralized patient health management system for hospitals and pharmacies in Ghana

Applied project submitted to the Department of Computer Science, Ashesi University College, in partial fulfillment of Bachelor of Science degree in Computer Science, April 2016This project aims to provide a centralized system where hospitals and pharmacies interact and share information to improve services and the health of patients. The application is developed in order to address the issue of hospitals and pharmacies not having updated records of patients. The system seeks to primarily help patients keep track of medications that were prescribed to them by the hospital and given to them by the pharmacy. The application will also allow the patient to check the times medications must be taken on the application. Moreover, hospitals and pharmacies, through a centralized, system can access patient information and details. Both hospital and pharmacy will have an updated version of a patient’s information whenever an update is made.Ashesi University Colleg