Statistical Analysis of Population and Economic Growth in Ghana.

Abstract

Purpose: The relationship between population and economic growth has been a subject of extensive research and debate for decades. Population of a country is driven by factors such as fertility rate, mortality rate and migration. Rapid population growth can strain resources, infrastructure, and social services, potentially hampering economic development. However, it can also create a demographic dividend when the working age population surpasses dependent age group, leading to increased productivity and economic growth. Methodology: The researchers performed statistical analysis on population and economic growth using Time Series. The study revealed that Ghana’s age profile is much concentrated at the youthful age, which is also the most fertile part of the age distribution. Findings:  The Percentage Change of Population (PCPOP), Per Capita Gross Domestic Product (PCGDP) and Exchange Rate (EXCR) are statistically significant. Also Population and the economic growth in Ghana are inversely proportional to each other. Unique contributor to theory, policy and practice: Furthermore, the future values of the population of the country is relatively high for the next ten years and there is a negative correlation between the population and economic growth hence the future population is likely to face poverty. Stakeholders and policy makers are to ensure that future policies are directed towards Entrepreneurship and Skills Training to enable income generation in the Country.