Foreign Aid, Domestic Revenue and Economic Growth in Ghana

Various funding sources are available to any government in a developing country. In spite of their availability, each source has its unique way of contributing to economic growth. The objective of this study is to determine the relationship between foreign aid and domestic revenue on one hand and their effect on economic growth in Ghana. Using macroeconomic time series data (for 1970 – 2011) and error correction methodology together with Granger causality tests, the results show that, domestic revenue and foreign aid complement each other for development financing. Moreover, foreign aid cannot be a substitute for domestic revenue generation as domestic revenue is the most important between the two factors. Domestic revenue is the most effective irrespective of the existence of other forms of capital. In addition, the threshold effect of aid becomes non-existent when there is no capital accumulation. There is a positive causal link from both domestic revenue and foreign aid to economic growth. It is recommended that, more attention should be given to the generation of domestic revenue. Key Words: Foreign Aid, Domestic Revenue, Economic Growth, Error Correction Model, Ghan

IS WORKING CAPITAL MANAGEMENT IMPORTANT? EMPIRICAL EVIDENCE FROM MANUFACTURING COMPANIES IN GHANA

The objective of the study is to empirically examine the effect of working capital management on performance of manufacturing firms in Ghana. The study used six listed manufacturing companies on the Ghana Stock Exchange for the period 2008-2014. Correlation and regression analyses were used to analyze the effect of working capital management on manufacturing firms’ performance. The study examines the effect of different components of working capital management on firm’s performance. The study finds that the current ratio, average collection period and the accounts payable period have positive effect on profitability. However, only the current ratio has statistical significance. Also, while inventory conversion period as well as the cash conversion cycle have negative effect on performance, they are all statistically insignificant. It is recommended that finance managers should implement efficient and effective ways of managing working capital management. Emphasis should be placed on average payment period, improving sales growth and maintaining higher current ratio

Buruli-RifDACC: Evaluation of the efficacy and cost-effectiveness of high-dose versus standard-dose rifampicin on outcomes in Mycobacterium ulcerans disease, a protocol for a randomised controlled trial in Ghana [version 2; peer review: 2 approved]

Background: Buruli ulcer (BU) can lead to disfiguring ulcers and permanent disability. The 2030 World Health Organization (WHO) road map for Neglected Tropical Diseases (NTDs) calls for major scaling up in diagnosis and management to eliminate disability due to the disease. Current treatment for BU is with daily oral rifampicin (10mg/kg dose) and clarithromycin (15mg/kg dose) for eight weeks, combined with standard gauze wound dressings. Dialkylcarbamoyl chloride (DACC)-coated dressings have been shown to irreversibly bind bacteria on wound surfaces resulting in their removal when dressings are changed.  This trial aims to determine whether combining a high-dose oral rifampicin regimen with DACC dressings can improve the rate of wound healing relative to standard-dose oral rifampicin combined with DACC dressings. Methods: This is an individual, multi-centre Phase 3 randomised controlled trial, which will be conducted in three clinical sites in Ghana. The primary outcome measure will be the mean time to clearance of viable mycobacteria. Cost and health-related quality of life data will be collected, and a cost-effectiveness analysis will be performed. Discussion: The findings from this trial could lead to a change in how BU is treated. A shorter but more efficacious regimen would lead to improved treatment outcomes and potentially substantial financial and economic savings. Trial registration Pan African Clinical Trials Repository (registration number; PACTR202011867644311). Registered on 30th November 2020

Buruli-RifDACC: Evaluation of the efficacy and cost-effectiveness of high-dose versus standard-dose rifampicin on outcomes in Mycobacterium ulcerans disease, a protocol for a randomised controlled trial in Ghana [version 1; peer review: 2 approved]

Background: Buruli ulcer (BU) can lead to disfiguring ulcers and permanent disability. The 2030 World Health Organization (WHO) road map for Neglected Tropical Diseases (NTDs) calls for major scaling up in diagnosis and management to eliminate disability due to the disease. Current treatment for BU is with daily oral rifampicin (10mg/kg dose) and clarithromycin (15mg/kg dose) for eight weeks, combined with standard gauze wound dressings. Dialkylcarbamoyl chloride (DACC)-coated dressings have been shown to irreversibly bind bacteria on wound surfaces resulting in their removal when dressings are changed.  This trial aims to determine whether combining a high-dose oral rifampicin regimen with DACC dressings can improve the rate of wound healing relative to standard-dose oral rifampicin combined with DACC dressings. Methods: This is an individual, multi-centre Phase 3 randomised controlled trial, which will be conducted in three clinical sites in Ghana. The primary outcome measure will be the mean time to clearance of viable mycobacteria. Cost and health-related quality of life data will be collected, and a cost-effectiveness analysis will be performed. Discussion: The findings from this trial could lead to a change in how BU is treated. A shorter but more efficacious regimen would lead to improved treatment outcomes and potentially substantial financial and economic savings. Trial registration Pan African Clinical Trials Repository (registration number; PACTR202011867644311). Registered on 30th November 2020

Buruli-RifDACC: Evaluation of the efficacy and cost-effectiveness of high-dose versus standard-dose rifampicin on outcomes in Mycobacterium ulcerans disease, a protocol for a randomised controlled trial in Ghana

BACKGROUND: Buruli ulcer (BU) can lead to disfiguring ulcers and permanent disability. The 2030 World Health Organization (WHO) road map for Neglected Tropical Diseases (NTDs) calls for major scaling up in diagnosis and management to eliminate disability due to the disease. Current treatment for BU is with daily oral rifampicin (10mg/kg dose) and clarithromycin (15mg/kg dose) for eight weeks, combined with standard gauze wound dressings. Dialkylcarbamoyl chloride (DACC)-coated dressings have been shown to irreversibly bind bacteria on wound surfaces resulting in their removal when dressings are changed.  This trial aims to determine whether combining a high-dose oral rifampicin regimen with DACC dressings can improve the rate of wound healing relative to standard-dose oral rifampicin combined with DACC dressings. METHODS: This is an individual, multi-centre Phase 3 randomised controlled trial, which will be conducted in three clinical sites in Ghana. The primary outcome measure will be the mean time to clearance of viable mycobacteria. Cost and health-related quality of life data will be collected, and a cost-effectiveness analysis will be performed. DISCUSSION: The findings from this trial could lead to a change in how BU is treated. A shorter but more efficacious regimen would lead to improved treatment outcomes and potentially substantial financial and economic savings

The effect of financial leverage on profitability of manufacturing companies listed on the Ghana stock exchange

For many years many studies have focused on the effect of financial leverage on firm performance and yet there has been no specific result that can be generalized regarding the extent of the relationship between financial leverage and firm performance. This study examines the effect of financial leverage on profitability of manufacturing companies listed on the Ghana Stock Exchange. The study covers the period 2007 to 2012 involving thirteen manufacturing companies using descriptive, correlation and regression analyses. From the findings, it was realised that short term debt has significant negative relationship with profitability. Total debt also has a significant negative relationship with profitability. Further, the findings revealed that company size has significant negative relationship with profitability while sales growth has significant positive relationship with profitability. The study recommends that first, manufacturing companies must use moderate debt as a financing option in other to make higher profits. Second, manufacturing companies must expand their sales in order to enjoy higher profits.Key Words: Financial Leverage, Profitability, Returns on Asset, Capital Structure, Manufacturing Companie

Prediction of infiltration from soil hydraulic properties

Field and laboratory infiltration measurements using infiltrometers have been the only methods of effectively determining the infiltration rates of soils. Infiltration is mainly controlled by soil hydraulic properties, especially the hydraulic conductivity. Due to the ease with which the saturated hydraulic conductivity can be determined, it is often preferred to the unsaturated hydraulic conductivity in hydrological studies. It is well known that, at saturation the steady state infiltrability controls the infiltration process. Thus, it is very clear that the saturated hydraulic conductivity Ks and steady state infiltrability Ko may be closely related in one way or the other, as suggested in some few studies, wherein functions have been developed to relate these two parameters. However, these functions are often site specific and do not always carry out accurately all the time. Determination of Ko can be tedious and time consuming, whereas Ks can be easily determined in the laboratory. The present study aimed to assess the predictability of a modified Philip’s equation by substituting Ks for Ko. In this study, field infiltration measurements were conducted in two soil types under three different land use systems with a single ring infiltrometer. Field and laboratory hydraulic and hydrologic experiments were conducted on soils in a turf grass, an arable land and a pastureland in the Kwame Nkrumah University of Science and Technology, Kumasi, Ghana. Goodness-of-fit was used to compare the measured and predicted cumulative infiltration amounts from both Ko and Ks. The results showed that there was a robust relationship between the measured and predicted cumulative infiltration amount values from the Philip’s and modified Philip’s equations, respectively for all three fields. However, the use of Ks in place of Ko produced the best outcome in all the study areas. Thus, substituting Ks for Ko in the Philip’s infiltration equation can better predict cumulative infiltration amount. The proposed modified Philip’s infiltration equation and the key parameters (i.e., Sθ and Ks) provide new understanding into the realistic flow processes in soil. Furthermore, the Ks in the new equation is very close to the measured Ko

Phonological Analysis of Fish Naming with Particular Reference to Akans in Ghana

This paper analyzed the phonological processes in fish naming in Akan context on vowel harmony, assimilation and syllable structure. A lot of people have issues with fish naming. The objective of this paper was to do away with misconceptions about fish naming in Akans on phonological processes. These phonological processes were examined within the autosegmental theory framework. Both secondary and primary sources were used as a method of elicited data. In all, one hundred and twenty (120) fish mongers with aged ranging between twenty five (25) to sixty two (62) were interviewed. The information gathered were than transcribed and components needed for the analysis were used. Finally, it was established that fish naming dully conformed to the phonological processes below; vowel harmony, assimilation and syllable structure.  The paper also identified that though there was correlation, with regards to vowel harmony, not all the names obeyed the surface representation of vowel harmony rule. The analysis confirmed that, syllable structure plays a significant role in the fish naming in the world in general and Ghana in particular

Does macroeconomic misery index matter in the micro firm-level earnings Management – performance nexus? Evidence from dynamic Panel threshold regression

AbstractEarnings management (EM) and its association with firm performance has been a subject of research interest for decades. This study re-examines the EM—firm performance nexus in a novel way using a nonlinear framework and introducing macro-economic misery index (MI) as a possible threshold variable in the analysis. 52 sampled non-financial listed firms are drawn from nine emerging sub-Saharan African countries spanning a period of 2007–2019. The study employs the dynamic panel threshold estimation approach in analyzing its models. By using MI as a threshold variable, the results show new findings of the performance effect of EM contingent on a uniquely identified MI threshold of 22.51. The study finds that the performance-enhancing effect of EM is realized only when a firm’s MI is below the identified threshold. Above this threshold, the effect of EM on performance is negligible or sometimes adverse. The estimated nonlinear effect of EM on firm performance and the threshold of MI can be benchmarks for Africa and other emerging countries. The findings suggest important implications for national governments in adopting policies that help to minimise the economic misery of the citizenry, as they would generally inure to the greater good of businesses and their varying stakeholders