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.
One major problem facing Ghana is the unreliable supply of electricity. Unreliable electricity supply largely attributed to supply side constraints such as poor energy infrastructure, low tariffs which is below cost recovery and increasing demand has made it difficult to provide uninterrupted supply for the populace. Currently, there is a constant outcry by Ghanaians for the government and service providers to improve electricity service delivery due to the fact that households do suffer economic losses in the event of unannounced power outages to the point that many of them may be willing to pay higher tariffs if that will ensure improved service delivery. In this study we assess households' willingness to pay (WTP) for improved electricity supply as well as the factors that influence WTP through a contingent valuation survey. Results from our analysis indicated that, households in Ghana are prepared to pay on the average about ȼ0.2734 for a kilowatt-hour which is about one and a half times more than what they are paying currently. An econometric analysis of the factors that influence households' WTP for improved electricity supply indicates that household income, sex, household size, secondary and tertiary level education are the significant factors.
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.
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