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Energy Consumption in Ghana and the Story of Economic Growth, Industrialization, Trade Openness and Urbanization

Asian Bulletin of Energy Economics and Technology

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Title Energy Consumption in Ghana and the Story of Economic Growth, Industrialization, Trade Openness and Urbanization
 
Creator Kwakwa, Paul Adjei
Aboagye, Solomon
 
Description Energy has become increasingly very essential for the growth and development of every nation. However, in Ghana there is a shortfall of energy supply amidst growing demand. Using data from the World Bank Indicators, the study therefore investigates the impact of growth, industrialization, urbanization and trade openness on the energy consumption in Ghana. A Johansen cointegration test shows a long-run relationship exist among all the variables. In the short run, trade openness reduces energy consumption, while income and industrialization increases consumption. The coefficient of urbanization was found to be positive though was not significant. In the long-run trade openness and urbanization increased energy consumption while income reduces energy consumption. The error correction term shows an average or moderate speed of adjustment implying that after a shock from previous year; approximately 50% of the disequilibria from the previous year’s shock converge back to the long-run equilibrium in the current year. Conclusions and policy recommendations are provided.
 
Publisher Asian Online Journal Publishing Group
 
Date 2014-12-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.asianonlinejournals.com/index.php/ABEE/article/view/713
 
Source Asian Bulletin of Energy Economics and Technology; Vol 1 No 1 (2014); 1-6
2313-819X
2518-0142
 
Language eng
 
Relation http://www.asianonlinejournals.com/index.php/ABEE/article/view/713/739