Purpose The factors that determine foreign direct investment (FDI) are important to policy-makers, investors, the banking industry and the public at large. FDI in Ghana has received increased attention in recent times because its relevance in the Ghanaian economy is too critical to gloss over. The purpose of this paper is to examine the determinants of FDI in Ghana between the period of 1990 and 2015. Design/methodology/approach The study employed a causal research design. The study used the Johansen’s approach to cointegration within the framework of vector autoregressive for the data analysis. Findings The study found a cointegrating relationship between FDI and its determinants. The study found that both the long-run and short-run results found statistically significant negative effects of inflation rate, exchange rate and interest rate on FDI in Ghana while gross domestic product, electricity production and telephone usage (TU) had a positive effect on FDI. Research limitations/implications The study found a cointegrating relationship between FDI and its determinants. The study found that both the long-run and short-run results found statistically significant negative effects of inflation rate, exchange rate and interest rate on FDI in Ghana whiles gross domestic product, electricity production and TU had a positive effect on FDI. Practical implications This study has potential implication for boosting the economies of developing countries through its policy recommendations which if implemented can guarantee more capital inflows for the economies. Social implications This study has given more effective ways of attracting more FDI into countries which in effect achieve higher GDP and also higher standard of living through mechanisms and in the end creating more social protection programs for the people. Originality/value Although studies have been conducted to explore the determinants of FDI, some of the core macroeconomic variables such as inflation, interest rate, telephone subscriptions, electricity production, etc., which are unstable and have longstanding effects on FDI have not been much explored to a give a clear picture of the relationships. Therefore, a study that will explore these and other macroeconomic variables to give clear picture of their relationships and suggest some of the possible ways of dealing with these variables in order to attract more FDI for the country to achieve its goal is what this paper seeks to do.

PurposeThis study examines the effect of working capital management on profitability of listed manufacturing firms in Ghana.Design/methodology/approachThe study employs a quantitative research approach within the causal research design using a balance panel of 20 manufacturing listed firms from 2015 to 2019.FindingsThe study reveals that inventory management, account receivables, account payables, cash conversion cycle, current asset, current ratio and firm size have positive effects on return on assets (ROA) and return on return on equity(ROE) whilst leverage affects them negatively.Research limitations/implicationsThe study only covers 20 manufacturing firms generally due to data unavailability. However, the outcome has useful information for manufacturing firms.Practical implicationsThe study brings to light effective ways of improving the profitability of manufacturing firms through policies.Social implicationsThe findings are beneficial to manufacturing firms and countries for the purpose of improving performance of firms and welfare of the people through direct and indirect chain effects of increasing investments, remunerations and scales of production.Originality/valueThis study adds insights into the existing literature on working capital management namely methodology, effects of components on profitability of manufacturing firms and socioeconomic implications- evidence from Ghana.

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The study examines the effect of capital inflows on financial development in Ghana. The study employs the Johansen and Juselius multivariate cointegration approach in analysing the interactions between the variables using annual data spanning 1970 to 2014. The results show foreign direct investment (FDI), external debt, and remittance inflows have significant negative impact on financial development in the long run. Furthermore, there was significant negative relationships between external debt, remittance inflows, and financial development in the short run. However, the relationship between FDI and financial development in the short run was not significant. The study was only limited to Ghana. However, the study will help countries particularly developing countries in analysing inflows of capital and their effect on the development of financial sector for policy purposes. Furthermore, this study provides avenues for policy makers to properly formulate policies containing capital inflows for effective financial sector development. Also, the study will help policy makers in terms of how issues of capital flight must be addressed and how to take pragmatic steps to channel remittances inflows to productive sectors of the economy.

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