Purpose: This paper aims to assess the impact of infrastructure development on Ghana’s economic growth.Design/methodology/approach: Using data obtained from the World Bank’s World Development Indicators, the United States’ (US) International Energy Statistics and the Central Intelligence Agency’s (CIA) Factbooks from 1980 to 2016, an autoregressive distributed lag (ARDL) framework is used to determine the long- and short-run impact of the selected infrastructure stock and quality indices on Ghana’s economic growth.Findings: Findings indicate a statistically significant relationship between infrastructure development and economic growth. Additionally, electricity-generating capacity is identified as the infrastructure stock index that has the greatest positive impact on Ghana’s economic growth. The study reveals that electricity-distribution loss has a significant negative effect over both long- and short-run periods.Research limitations/implications: Commercial petroleum export from Ghana since 2010 has been a key contributor to economic growth. Although its aggregate effect is included in the annual GDP figures adopted for the study, the authors would have wished to assess its impact on GDP as an independent standard growth determinant. However, because of a lack of available data over this study period, petroleum exports could not be adopted as an independent standard growth determinant. Additionally, an aggregated index of infrastructure stock and quality could not be derived because of the small size of data available. Hence, this study did not assess its impact on Ghana’s economic growth.Practical implications: The research provides pragmatic guidance to policymakers to focus their efforts on expanding electricity-generating capacity while simultaneously taking steps to curb electricity transmission and distribution losses. These two related actions offer the greatest positive impact on infrastructure development and, as a consequence, Ghana’s economic growth.Originality/value: This paper represents the first attempt to empirically study the relationship between infrastructure development and Ghana’s economic growth. A key contribution to the existing body of knowledge includes strong evidence of a positive effect of infrastructure development upon Ghana’s economic growth. Results also reveal that the greatest positive impact on economic growth is derived from electricity-generation capacity. However, the study also uncovers a negative, but statistically significant, relationship between road and economic growth.

Youth unemployment has been a challenge for many governments in developing economies including Ghana. This study examines one of the challenges in economic and social settings: the potential loss of revenue to the government due to youth unemployment. Using data from 2000 to 2020, the study explores a simple regression model to determine the correlation between the youth unemployment and the unemployment rate. The study also examined a Discounted Cash Flow Analysis to estimate the potential fiscal capacity loss to the state through youth unemployment within a ten-year range. This study concludes that youth unemployment is a loss of potential revenue receipts to the state, which is a loss of fiscal capacity for governments in developing economies. This phenomenon decelerates economic growth in developing economies. The study recommends that the government should partner with the private sector to curb unemployed youth cankers. Despite its defied solution and planned developments over the past two decades, Ghana is still struggling to permanently nab youth unemployment.

The paper examines the impact of monetary policy on stock returns at the Ghana Stock Exchange. Due to the fact that, central bank of Ghana is embarking on expansionary monetary policies, yet the Ghana Stock Exchange continued to record a bearish performance. We accessed data from World Bank’s World Development Indicators, the United States’ (US) International Energy Statistics, and the Central Intelligence Agency’s (CIA) Factbooks from 1990 to 2019. An autoregressive distributed lag (ARDL) structure is utilized to decide the long-and short-run effect of the chose framework stock and quality lists on Ghana's monetary development. Findings reveal a unidirectional movement between stock returns and inflation, from 1990 to 1992; stock returns were negative when inflation decreased sharply till 1993.From 2000 the pattern of stock returns and inflation was similar until there was a sharp decline in 2005. Whilst money supply tends to be steady in the long-run, stock return looks very volatile in the same period from 1990 to 2019 in a similar pattern.The study recommends that potential investors should consider the movements of these monetary policy variables when deciding on investing in the stock market. Also, when the central bank is considering its monetary policy direction, they are advised to take a critical consideration into the movement of the stock market since any decision will have a bearing on the wealth of stakeholders. Keywords: Stock market, ARDL, Macroeconomic Variable, Infrastructure Stock, Ghana. DOI: 10.7176/JESD/15-2-05 Publication date: January 31^st 2024

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