The Environmental Kuznets Curve (EKC) hypothesis postulates an inverted U-shaped relationship between different pollutants and economic growth. In Ghana, as in many other developing countries, there exist scanty studies that confirm or otherwise the EKC hypothesis with regards to CO₂ emissions as well as the factors that drive CO₂ emissions. This work aims to bridge this knowledge gap by addressing these two major questions using data from 1970 to 2010 and the Auto Regressive Distributed Lag (ARDL) Bounds Testing approach. The results rather suggest a U-shaped relationship between per capita GDP and CO₂ emissions per capita indicating the non-existence of the EKC hypothesis for CO₂ in Ghana. This implies that further increase in per capita Gross Domestic Product (GDP) will only be associated with increase in CO₂ emissions as the income per capita turning point of about $624 at constant 2000 prices occurred between 1996 and 1997. Furthermore, our results reveal energy consumption and trade openness are positive long run drivers of CO₂ emissions. It is therefore recommended that the enhancement of trade liberalization policies should ensure the use of cleaner technologies and products while investment in cleaner energy alternatives could help reduce CO₂ emissions. We also recommend the implementation of the Low Carbon Development Strategy which integrates development and climate change mitigation actions.

Purpose: The purpose of this paper is to investigate the determinants of financing preference of micro and small enterprises (MSEs) whilst distinguishing a broader range of financing sources beyond what is typically the case within the corporate finance literature.Design/methodology/approach: Under the framework of ordinal logistic regression, the paper also tests whether there is evidence of hierarchical preference ordering as predicted by pecking order theory (POH) using field survey data for 2009.Findings: The authors relate that new enterprises are more likely to prefer low cost and less risky or less formal financing such as internal or bootstrap finances. However, as the enterprise gets established or matures, its capacity to seek formal financing increases, thereby becoming more likely to prefer or being in a higher category of formal financing. While the paper affirms the POH, it is argued that this order is a consequence of severe persistent constraints other than sheer preference. The findings further reveal that, microentrepreneur's and MSE's‐specific level socio‐economic characteristics such as owner's education or financial literacy status, households tangible assets, ownership structure, enterprise size, as well as sensitivity to high interest rates in the credit market, to be important determinants of either past (start‐up), present or future financing preference.Originality/value: The main value of this paper is to analyse the determinants of financing preference of MSEs within the context of rural financial market (RFM) from a developing country perspective.

This paper investigates whether trade liberalization affects environmental quality (proxied by CO₂ emissions) and, if so, whether the trade-induced emissions originate from differences in countries’ economic growth, factor endowment or environmental regulations. We used panel data on 30 African countries and the Generalized Method of Moment estimation techniques. Though we found that trade openness is associated with elevated levels of CO₂ emissions due to comparative advantage originating from factor endowment (i.e. composition effect), the overall effects of trade are seen to have some beneficial effects on environmental quality. Also, relative economic growth lowers emissions (scale effect) perhaps due to technology transfer. Furthermore, the differences in environmental regulations do not directly affect CO₂ emissions while past levels of CO₂ emissions significantly increase the current level due to the cumulative effect of CO₂ emissions. To achieve a significant reduction in emissions, environmental regulations must be enforced in tandem with growth enhancing and production technology choice policies.

This paper estimates the economic impact of climate change on road infrastructure using the stressor-response methodology. Our analysis indicates that it could cumulatively (2020–2100) cost Ghana $473 million to maintain and repair damages caused to existing roads as a result of climate change (no adapt scenario). However, if the country adapts the design and construction of new road infrastructure, expected to occur over the asset’s lifespan (adapt scenario), the total cumulative cost could increase to $678.47 million due to the initial costs of adaptation. This investment provides lower costs on a decadal basis later in the infrastructure lifespan. This creates the planning question of whether lower decadal costs in the future are a priority or if minimizing initial costs is a priority. The paper addresses this question through decadal and average annual costs up to the year 2100 for the ten regions, using the potential impacts of 54 distinct potential climate scenarios.

The pursuit of a cost-effective and low-carbon electricity generation environment is critical to achieving Ghana's economic and industrial ambitions. Ghana’s development agenda calls for an average electricity consumption of about 5,000 kWh per capita by 2030. To this end, the effective harnessing of energy resources requires the implementation of robust policies for sustainable electricity generation. This study employs the IAEA MESSAGE analytical tool to conduct a quantitative assessment of electricity generation in Ghana from 2020 to 2048. The findings show that, by 2048, a diversified electricity generation scenario will result in a 32.30% decrease in cost and a 55.27% reduction in CO₂ emissions, compared to an accelerated economic growth (AEG) scenario, which will increase cost and CO₂ emissions by 12.21% and 21.10%, respectively. The results underscore the importance of ensuring that electricity generation policies balance economic, environmental, and social concerns. Achieving a green energy transition agenda in Ghana and other developing nations will require a long-term commitment to a generation mix that is both sustainable and economically viable. The implementation of such a policy will require an informed and dedicated effort from all stakeholders.

Energy supply is a critical indicator for the global United Nations initiatives because of its immense contribution to economic development. In essence, identifying the required energy resource coupled with effective policy strategies is essential to sustainable electricity generation. Nevertheless, future electricity supply requires a range of options that must be robust and workable. Globally, the challenge of harnessing the energy resources sustainably needed for effective electricity generation is alarming. Therefore, the ability to supply a country’s electricity based on the availability and affordability of resources is vital for effective governance. In this study, Ghana’s energy resourcefulness and the profound effects on the future mix of electricity generation are qualitatively reviewed. In particular, the study covers the existing and potential energy resources available for sustainable electricity generation. The study revealed that Ghana mainly uses hydro, natural gas, and solar energy, among others, for electricity generation. Additionally, a framework explores a well-diversified generation mix using nuclear, coal, and more renewable energy sources in the long-term. Key issues that emerged for national consideration include the need for effective policy direction and implementation, appropriate financing concepts, fuel availability, political will, and setting. By far, this review sought to emphasize literature gaps by providing a rich and fertile ground as a template for industry operators, policymakers, and future research direction.