The effect of fuel prices on agri-food sector output in Ghana
This paper applied the Cobb-Douglas production function to look into the impact of global crude oil prices on agricultural output in Ghana. Annual time-series secondary data spanning from 1980 to 2020 were utilized, sourced from the World Development Indicators and the US Energy Information Administ...
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2024-12-01
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| Series: | Cogent Economics & Finance |
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| Online Access: | https://www.tandfonline.com/doi/10.1080/23322039.2024.2421886 |
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| author | Ramatu Ussif Jamal Mohammed Ussif Abdul-Aziz Sirin |
| author_facet | Ramatu Ussif Jamal Mohammed Ussif Abdul-Aziz Sirin |
| author_sort | Ramatu Ussif |
| collection | DOAJ |
| description | This paper applied the Cobb-Douglas production function to look into the impact of global crude oil prices on agricultural output in Ghana. Annual time-series secondary data spanning from 1980 to 2020 were utilized, sourced from the World Development Indicators and the US Energy Information Administration. The variables employed included agriculture value added per gross domestic product (GDP), international Brent crude oil prices, agricultural employment as a percentage of total employment, Tractors and agricultural equipment, as well as the proportion of land used for agriculture. To investigate the short- and long-term correlations between these variables, the Autoregressive Distributed Lag (ARDL) cointegration technique was employed. A unit root test was performed to evaluate the stationarity of the variables before ARDL analysis. The EViews Statistical/Econometric package facilitated the analysis. The findings from the ARDL cointegration estimates revealed a negative correlation between international crude oil prices and agriculture value added per GDP. According to the model, all variables exhibited cointegration over both the short and long term. Control variables, including agricultural employment as a percentage of total employment and agriculture machinery and tractors, showed a positive correlation with agriculture value added per GDP. However, agricultural land was found to be insignificant in influencing agricultural output. |
| format | Article |
| id | doaj-art-dc6d506ed7014ad2be160a87b23cbc0b |
| institution | OA Journals |
| issn | 2332-2039 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Economics & Finance |
| spelling | doaj-art-dc6d506ed7014ad2be160a87b23cbc0b2025-08-20T02:23:53ZengTaylor & Francis GroupCogent Economics & Finance2332-20392024-12-0112110.1080/23322039.2024.2421886The effect of fuel prices on agri-food sector output in GhanaRamatu Ussif0Jamal Mohammed1Ussif Abdul-Aziz Sirin2Department of Applied Finance and Policy Management, University of Education, Winneba, GhanaDepartment of General Studies, Koforidua Technical University, Koforidua, GhanaDepartment of Agricultural Economics and Agribusiness, University of Ghana, Legon, GhanaThis paper applied the Cobb-Douglas production function to look into the impact of global crude oil prices on agricultural output in Ghana. Annual time-series secondary data spanning from 1980 to 2020 were utilized, sourced from the World Development Indicators and the US Energy Information Administration. The variables employed included agriculture value added per gross domestic product (GDP), international Brent crude oil prices, agricultural employment as a percentage of total employment, Tractors and agricultural equipment, as well as the proportion of land used for agriculture. To investigate the short- and long-term correlations between these variables, the Autoregressive Distributed Lag (ARDL) cointegration technique was employed. A unit root test was performed to evaluate the stationarity of the variables before ARDL analysis. The EViews Statistical/Econometric package facilitated the analysis. The findings from the ARDL cointegration estimates revealed a negative correlation between international crude oil prices and agriculture value added per GDP. According to the model, all variables exhibited cointegration over both the short and long term. Control variables, including agricultural employment as a percentage of total employment and agriculture machinery and tractors, showed a positive correlation with agriculture value added per GDP. However, agricultural land was found to be insignificant in influencing agricultural output.https://www.tandfonline.com/doi/10.1080/23322039.2024.2421886Fuel pricesagri-food sectorCobb-Douglas production functionGhanaAutoregressive Distributed Lag (ARDL)C53 |
| spellingShingle | Ramatu Ussif Jamal Mohammed Ussif Abdul-Aziz Sirin The effect of fuel prices on agri-food sector output in Ghana Cogent Economics & Finance Fuel prices agri-food sector Cobb-Douglas production function Ghana Autoregressive Distributed Lag (ARDL) C53 |
| title | The effect of fuel prices on agri-food sector output in Ghana |
| title_full | The effect of fuel prices on agri-food sector output in Ghana |
| title_fullStr | The effect of fuel prices on agri-food sector output in Ghana |
| title_full_unstemmed | The effect of fuel prices on agri-food sector output in Ghana |
| title_short | The effect of fuel prices on agri-food sector output in Ghana |
| title_sort | effect of fuel prices on agri food sector output in ghana |
| topic | Fuel prices agri-food sector Cobb-Douglas production function Ghana Autoregressive Distributed Lag (ARDL) C53 |
| url | https://www.tandfonline.com/doi/10.1080/23322039.2024.2421886 |
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