A Research
International Business & Economics Research Journal – March 2013
Volume 12, Number 3
Analytic Study Of The Trend Of Ghana’s
GDP Before And After Re-basing
Adu-Manu Kofi Sarpong, Valley View University, Accra, Ghana
Abraham Bamfo Boakye, Valley View University, Accra, Ghana
Abraham Amponsah, Valley View University, Accra, Ghana
Clement Yeboah, Strayer University, Columbus Ohio Campus, USA
ABSTRACT
The fourth republican constitution came into force in 1993. Ghana statistical Service also rebased Ghana’s GDP in the same year. From 1993 to 2005, the average GDP growth rate was about 4.3%. Within the period of 1993 and 2005, Ghana was still below the lower middle income level. Another re-basing took place in 2006. It is now believed that we are in the lower middle income level. The study was conducted to develop mathematical models to predict the trend of
Ghana’s GDP before re-basing and after re-basing in 2006, use the models before and after rebasing to predict the future trend in Ghana’s GDP growth, compare our GDP growth before rebasing and after re-basing, to determine whether or not, there are fluctuations in our GDP growth and predict Ghana’s per capita income status in 2015. Data on Ghana’s GDP were collected from the Statistical Service Department. The GDP figures from 1993-1995 and from 1996-2010 were plotted separately on graphs. A function whose graph best fits each trend was found using regression analysis. It was observed that Ghana’s GDP trends before and after re-basing was exponential. There were also no fluctuations in the growth of the economy. Ghana may still be in the lower middle income status by 2015.
Keywords: Ghana’s GDP; Re-basing in Ghana; Economic Growth in Ghana
INTRODUCTION
GHANA’S GDP FROM 1993-2005
T
he fourth republican constitution came into force in 1993. Ghana statistical Service also re-based
Ghana’s GDP in the same year. From 1993 to 2005, the average GDP growth rate was about 4.3%.
Within the
Volume 12, Number 3
Analytic Study Of The Trend Of Ghana’s
GDP Before And After Re-basing
Adu-Manu Kofi Sarpong, Valley View University, Accra, Ghana
Abraham Bamfo Boakye, Valley View University, Accra, Ghana
Abraham Amponsah, Valley View University, Accra, Ghana
Clement Yeboah, Strayer University, Columbus Ohio Campus, USA
ABSTRACT
The fourth republican constitution came into force in 1993. Ghana statistical Service also rebased Ghana’s GDP in the same year. From 1993 to 2005, the average GDP growth rate was about 4.3%. Within the period of 1993 and 2005, Ghana was still below the lower middle income level. Another re-basing took place in 2006. It is now believed that we are in the lower middle income level. The study was conducted to develop mathematical models to predict the trend of
Ghana’s GDP before re-basing and after re-basing in 2006, use the models before and after rebasing to predict the future trend in Ghana’s GDP growth, compare our GDP growth before rebasing and after re-basing, to determine whether or not, there are fluctuations in our GDP growth and predict Ghana’s per capita income status in 2015. Data on Ghana’s GDP were collected from the Statistical Service Department. The GDP figures from 1993-1995 and from 1996-2010 were plotted separately on graphs. A function whose graph best fits each trend was found using regression analysis. It was observed that Ghana’s GDP trends before and after re-basing was exponential. There were also no fluctuations in the growth of the economy. Ghana may still be in the lower middle income status by 2015.
Keywords: Ghana’s GDP; Re-basing in Ghana; Economic Growth in Ghana
INTRODUCTION
GHANA’S GDP FROM 1993-2005
T
he fourth republican constitution came into force in 1993. Ghana statistical Service also re-based
Ghana’s GDP in the same year. From 1993 to 2005, the average GDP growth rate was about 4.3%.
Within the
References: Ajay,G. and Alka, G. (2003) Mathematics and Statistics for CA Professional Examination-I/B.Com. Third Edition Centre for Policy Analysis (2009) The Current State of the Macro Economy of Ghana. (2000-2009). 14-26. Retrieved July 12, 2012 from http://www.cepa.org.gh/publications/ The Current State of the Macro Economy of Ghana 2000-200981.pdf Chukwu, E.N. (1993). Mathematical Controllability Theory of the Growth of Wealth of Nations. Retrieved November 20, 2011, from http://www.statsghana.gov.gh//.../gdp_newsletter_rebased_nov_2010 Hoffmann, L Social and Life Sciences. McGraw-Hill Companies, Inc., 1211 Avenue of Americas, New York, NY, 10020; 282, 295, 543, 602 The Economy of Ghana (2008). An Analytical Perspectives on Stability, Growth & Poverty. James Currey Woeli Publishing Services