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An Exploratory Review of Oil Price and Economic Growth in Five Oil-Importing Middle-Income Countries in SSA

Author

Listed:
  • Motunrayo Akinsola

    (University of South Africa)

  • Nicholas Odhiambo

    (University of South Africa)

Abstract

Objective: This study examines the dynamics of oil price and economic growth in five middleincome oil-importing countries in sub-Saharan Africa, namely Botswana, Kenya, Mauritius, Namibia and South Africa. Prior Work: Little work has been done to accentuate the energy policies, especially in the oil-importing SSA countries, given that fluctuations in oil prices affect consumption, investment and economic growth. Approach: This study uses an exploratory approach. This study also employs data from the World Development Index (WDI), the International Energy Agency (IEA) and British Petroleum (BP) for graphical descriptive analysis of the energy sources, oil price and economic growth for each country.Results: The study finds that energy sources in the selected countries are divergent. While Botswana has an almost equal share of oil and coal as its major energy sources, South Africa’s main energy source is coal and Namibia and Mauritius depends mostly on oil for their energy needs. Kenya depends highly on biofuel for its energy needs. The effect of oil price, therefore, varies depending on the share of oil in the energy mix for each country. Value: A comprehensive review of the energy sources and strategy for each country are explored with a specific focus on the oil price-economic growth dynamics.

Suggested Citation

  • Motunrayo Akinsola & Nicholas Odhiambo, 2020. "An Exploratory Review of Oil Price and Economic Growth in Five Oil-Importing Middle-Income Countries in SSA," The Journal of Accounting and Management, Danubius University of Galati, issue 3(10), pages 63-76, December.
    • Handle: RePEc:dug:jaccma:y:2020:i:3:p:63-76
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