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Volume 4, Issue 1-2, December 2017, Pages 75 - 87
Understanding crude oil import demand behaviour in Africa: The Ghana case
Authors
George Marbuahgeorge.marbuah@slu.se
Department of Economics, Swedish University of Agricultural Sciences, Ulls Hus, Ulls Väg 27, 756 51 Uppsala, Sweden
Received 18 July 2016, Revised 11 November 2017, Accepted 26 November 2017, Available Online 13 February 2018.
- DOI
- 10.1016/j.joat.2017.11.002How to use a DOI?
- Keywords
- F10; Q11; Q31; Q41; Q48
- Abstract
As in many African countries, crude oil importation is a major drain on the economy of Ghana. We estimate short-run and long-run import demand models for crude oil using data over the period 1980–2012. Results show that demand for crude oil is price inelastic in the short-run but elastic in the long-run. Other important drivers of crude oil import are the real effective exchange rate, domestic oil production and population growth. Income is found to be the strongest driver of crude oil demand. Policy implications of our results are presented.
- Copyright
- © 2017 Afreximbank. Production and hosting by Elsevier B.V. All rights reserved.
- Open Access
- This is an open access article under the CC BY-NC license (http://creativecommons.org/licences/by-nc/4.0/).
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TY - JOUR AU - George Marbuah PY - 2018 DA - 2018/02/13 TI - Understanding crude oil import demand behaviour in Africa: The Ghana case JO - Journal of African Trade SP - 75 EP - 87 VL - 4 IS - 1-2 SN - 2214-8523 UR - https://doi.org/10.1016/j.joat.2017.11.002 DO - 10.1016/j.joat.2017.11.002 ID - Marbuah2018 ER -