Exploring the Relationship Existing between Innovative Activities and the Economic Growth of Ghana
Authors/Creators
- 1. PhD (World Economics), MBA (Multinational Corporations Strategic Approaches), Bachelor of Education (Social Sciences) & Founder and CEO of T-aandoc Company Limited-Ghana, and Shenzhenshi Anduoke Zixun Youxian Gongsi- China
- 2. PhD (World Economics), MBA (International Management), Bachelor of Arts (Publishing Studies). Lecturer, Jiangxi Ganzhoun Yutai Vocational and Technical Institute-Ganzhou,China
- 3. PhD (World Economics), MBA (International Marketing ), Bachelor of Arts, Consultant, JS Global, Kaneshie-Accra, Ghana.
- 4. Master of Commerce, CA, Bachelor of Commerce. The Acting Deputy Internal Auditor, Directorate of Internal Audit, University of Cape Coast, Ghana
Description
Growth rate is low in major developing countries. Is it because such countries have not embraced innovation in their development agenda? The paper explores the relationship existing between innovation and economic growth in Ghana. It moves further to investigate whether or not there has been any impact on economic development. Through a qualitative empirical study, the researchers examine data from the world development indicators, World Bank and the bank of Ghana for the period 2009 to 2019. The researchers observed that, in the short run, an increase in wage bill (expenditure on innovation) led to an increase in the country’s Gross Domestic Product GDP). Further increases in wage bill led to declining GDP. This shows that increasing expenditure on innovation does not necessarily lead to an increase in GDP, but rather the, quality of innovative activities rather positively impacts the country’s GDP