Richardson Kojo Edeme, Innocent A. Ifelunini, Nelson C. Nkalu
A Comparative Analysis of the Impact of Agricultural Exports on Economic Growth of ECOWAS Countries
Číslo: 5/2016
Periodikum: Acta Oeconomica Pragensia
DOI: 10.18267/j.aop.556
Klíčová slova: agricultural exports, economic growth, panel data, random effect, fixed effect, ECOWAS, Zemědělský vývoz, hospodářský růst, panelové údaje, náhodný účinek, fixní efekt
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on agricultural exports as a means of driving their economy. Developing countries of Africa are
highly dependent on the agricultural sector and agricultural exports are a major determinant of
economic growth of these countries. However, the impact of agricultural exports on economic
growth of ECOWAS countries remains unclear. This study therefore evaluates the impact of
agricultural exports on the economic growth of fifteen ECOWAS countries using panel data for the
period 1980–2013. Variables employed are labour force participation rate, capital stock, agricultural
exports, non-agricultural exports, inflation and economic growth. The results of the fixed-effect
model show that agricultural exports have not impacted significantly on the economic growth of
ECOWAS countries such as Côte d’Ivoire and Nigeria with respect to the Republic of Benin, which
is the selected baseline. The study also analysed the country combined effect of the agricultural
exports and found that it was significant but the rate of impact was weak. The study recommends,
among others, that even though agricultural exports had a significant impact on economic growth,
there is still a need for ECOWAS governments to improve their agricultural sector as its significance
is more noticeable in some countries such as Côte d’Ivoire and Nigeria.