Citation:

Sunday Ugbo Owuzo, Peter Chukwuyem Egbon, Chukwugoziem Tom Ezi. "Evaluating the Impact of Macroeconomic Fundamentals on Domestic Private Investment in Selected Ecowas Countries" International Research Journal of Economics and Management Studies, Vol. 3, No. 11, pp. 297-308, 2024.

Abstract:

Against the background of the significantly low level of Sub-Saharan Africa’s domestic private investment, this study x-rays the impact of macroeconomic fundamentals on domestic private investment among four selected ECOWAS countries: Nigeria, Ghana, Gambia and Cote D’Ivoire between 1986 and 2022. It employs the Generalized Least Squares (GLS) method in a panel of four countries in ECOWAS for the estimation and found that most macroeconomic fundamentals, such as exchange rate and interest rate, among others, moved in the wrong direction between 1986 and 2022. The study suggests the need for improvements in all the macroeconomic indicators.

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Keywords:

Private Investment, Macroeconomic Fundamentals, Panel Data, Generalized Least Squares (GLS) method, Exchange Rate, Interest Rate.