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

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

CHANGES IN SOIL AGGREGATE, BULK DENSITY AND SOIL PERMEABILITY RATE AS THE INDICATORS OF SOIL CRUST PROCESS THROUGH THE USE OF CHICKEN MANURE AND PAM UNDER INTENSE RAINFALL WITH ONE DAY DRAINAGE PROCESS = PERUBAHAN AGREGA

Soil crust is a soil surface layer which is more compact, hard, and brittle when dry than underlaying material. Soil aggregate stability, bulk density and soil permeability rate are closely related to this process. This experiment was conducted to evaluate the effects of chicken manure doses and certain chicken manure with PAM (Polyacrile Amide) on soil aggregate, bulk density and soil permeability rate. The result of this research, are: (1) an incremental addition of chicken manure into soil will increase soil aggregation percentage, soil stability and soil permeability rate, (2) the combined incremental additions of chicken manure with PAM were found to be more effective than only an incremental additions of chicken manure, increasing the aggregation percentage, soil aggregate stability, from the soil one day drainage process, but another case in decreasing the bulk density permeability rate from the soil with the same process

CHANGES IN SOIL PHYSICAL CHARACTERISTICS ON THE SOIL CRUST PROCESS THROUGH THE USE OF CHICKEN MANURE AND POLYACRYLE AMIDE UNDER INTENSE RAINFALL

Soil crust is a soil suface layer which is more compact, harder, and brittle when it is drier than underlaying material.  The soil physical characteristics such as aggregate stability, bulk density and soil permeability rate are closely related to this soil crust process.  An experiment was conducted to evaluate the effects of chicken manure doses and certain chicken manure with PAM (Polyacrile Amide) to soil aggregate, bulk density and soil permeability rate.  The result of this research, were: 1) An incremental addition of chicken manure into soil increased soil aggregation percentage, soil stability and soil permeability rate, and  2) The combined incremental additions of chicken manure with PAM were found to be more effective than only an incremental additions of chicken manure, increasing the aggregation percentage, soil aggregate stability, from the soil one day drainage process, but another case in decreasing the bulk density permeability rate from the soil with the same process

Sediment Enrichment Ratio and Nutrient Leached by Runoff and Soil Erosion on Cacao Plantation

Soil consevation management system is an activity for diminishing sediment enrichment ratio and nutrient leacheds by water run off and soil erosion processes. The research was aimed to study sediment enrichment ratio and nutrient leached by run off and soil erosion on cacao plantations. Arachis pintoi with strips parallel contour and multiple strip cropping of upland rice or soybean (Glycine max) were planted to improve soil physical characterictic on cacao plantation as a main plant. The expriment were conducted with treatments as 10-15% and 40-45% slopes, 5-7 months and 25-27 months cacao ages (as main plants). As sub plots are T1 as a monoculture which to be cleaning under the plant canopy, T2 as a multiple strip cropping of upland rice or soybean, T3 as a combination of T2 and A. Pintoi strip. The results showed that  total N, P2O5, and K2O and organic-C contents in water run off and soil sediments indicated that T3 >T2 >T1 treatment, with the contents of each nutrient: T3 (total N 0.18%; 24.87 mg 100 g-1 P2O5: K2O 15.16 mg 100 g-1), T1 (total N 0.16%, 22.39 mg 100g-1 P2O5, K2O 11.50 mg 100g-1).  The total N, P2O5, K2O and organic-C soil contents 1

Financial Literacy and Investment Decisions Among Traders in the Techiman Municipality

The goal of this study was to explore financial literacy and investment decisions among traders in the Techiman Municipality. A sample size of 150 respondents selected for the study. Convenience sampling technique was employed for the study. Questionnaire was employed for the study. Based on the findings it was established that traders lack knowledge in investment. Most of the respondents did not understand the concept of liquidity which describes the extent to which an asset can be promptly bought or sold in the market without affecting the asset's price. Additionally, the study indicated a strong positive relationship between financial literacy and investment decisions. It was realized that that 38.5% of the variations in the investment decisions are accounted for by the changes in the financial knowledge of the trader. The study recommended that more financial literacy programmes should be organized by the financial institution to create awareness. The government should also include financial literacy in the educational curriculum of the basic or elementary schools and higher learning institutions. Keywords: Financial literacy, investment decisions, traders DOI: 10.7176/RJFA/10-6-07 Publication date:March 31st 201

Ophthalmology Lecture 2: Red Eye for the Family Physician

This presentation provides an overview for family physicians of the common disorder known as red eye, including the etiology, diagnosis, and treatment of various conditions that cause it