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Domestic savings in sub-Saharan Africa: The case of Ghana

Author

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  • Charles Godfred Ackah
  • Monica P. Lambon-Quayefio

Abstract

One essential condition of economic progress in any society is an ample supply of savings, which depends on the growth of real capital. Economists agree that higher investment rates will lead to higher growth. Thus, domestic savings is considered an important determinant of growth in developing countries. However, Ghana has one of the poorest savings performances in the world. There are many reasons for the low savings rates in Ghana.

Suggested Citation

  • Charles Godfred Ackah & Monica P. Lambon-Quayefio, 2023. "Domestic savings in sub-Saharan Africa: The case of Ghana," WIDER Working Paper Series wp-2023-38, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2023-38
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    References listed on IDEAS

    as
    1. William Bekoe & Philip Kofi Adom, 2013. "Macroeconomic Uncertainty and Private Investment in Ghana:An Empirical Investigation," International Journal of Economics and Financial Issues, Econjournals, vol. 3(2), pages 276-293.
    2. Asim Ijaz Khwaja & Atif Mian, 2011. "Rent Seeking and Corruption in Financial Markets," Annual Review of Economics, Annual Reviews, vol. 3(1), pages 579-600, September.
    3. Verma, R. & Wilson, E.J., 2005. "Savings, Investment, Foreign Inflows and Economic Growth of the Indian Economy 1950-2001," Economics Working Papers wp05-23, School of Economics, University of Wollongong, NSW, Australia.
    4. Ho, Chun-Yu & Huang, Shaoqing & Shi, Hao & Wu, Jun, 2018. "Financial deepening and innovation: The role of political institutions," World Development, Elsevier, vol. 109(C), pages 1-13.
    5. James Ang & Kunal Sen, 2011. "Private saving in India and Malaysia compared: the roles of financial liberalization and expected pension benefits," Empirical Economics, Springer, vol. 41(2), pages 247-267, October.
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    Cited by:

    1. Abango, Mohammed A & Yusif, Hadrat M. & Asiama, Johnson Pandit & Mawuli, Francis Abude, 2025. "The role of inflation targeting policy in the McKinnon-Shaw financial liberalization hypothesis in Ghana: Evidence from linear and non-linear autoregressive distributed lag approaches," SocArXiv k25qz_v1, Center for Open Science.
    2. Abrams M.E. Tagem & Desiree Sama-Lang, 2024. "The determinants of domestic savings in Cameroon: what role for institutions?," WIDER Working Paper Series wp-2024-42, World Institute for Development Economic Research (UNU-WIDER).

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