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The Effect of Human Capital on Economic Growth in Some Sub Sahara African Countries (SSA)
(AJPO, 2021-12-30) AISHAAHMAD SAJOH
Purpose: This research looked into debate on the possible impact of human capital on economic growth in Sub-Saharan Africa (SSA) and considers two alternative measures of human capital: health and education. Methodology: The research used a dynamic model based on the system generalized method of moments (SGMM) and analysed a balanced panel data covering 35 countries from 1986-2018. The research used Microsoft excel to record all the data gotten from the world indicator data base from world bank, penn world table data base and CANA database. The analysis was presented in a tabular form. Findings: This study found that human capital has an overall positive and statistically significant impact on economic growth in the SSA region, although, democracy has a negative and statistically significant impact on economic growth in the region. This finding shows the importance of both measures of human capital and aligns with the argument in the literature that neither education nor health is a perfect substitute for the other as a measure of human capital. Unique contribution to theory, practice and policy: Generally, the finding emphasized that both education and health measures of human capital are important, and that policymakers must consider the level of economic development while formulating policies that can enhance the impact of human capital on economic growth in the Sub-Saharan Africa region.
Inflation on Households Expenditure in Mbita Division of Mbita District, Kenya: A Situational Analysis
(AJPO, 2020-10-01) Jacob Ogweno Ogweno; Joash Okong’o Odongo
Purpose: Inflation is a concern in both developed and developing countries as it leads to a fall in profit margins and makes it difficult in drawing households' budgets. The Medium Term Plan report (2008-2012) indicates that Mbita Division of Homa-Bay County has had the effects of inflation in recent times as many fish industries are closing down, an indicator of a fall in private domestic capital and also an increase in the unemployment rate. The purpose of this study was to determine the effect of inflation on the household expenditures in Mbita Division, Kenya. Methodology: The study adopted exploratory and correlation research designs. Exploratory research design gave an insight into the households' expenditure behavior while correlation research design facilitated the establishment of relationships among the research variables. A sample size of 374 heads of households was selected from a total of 13,789 households in the Division. The individual respondents were drawn by the use of a simple random sampling technique. Primary data was gathered with the help of questionnaires, key informant interviews, focused group discussions, and observation, and Secondary data were collected from Government statistical abstracts, household records, and relevant textbooks. Regression as a tool of analysis was utilized to reveal the existing relationship among the variables and coefficient of determination to show the strength of the established model. The reliability of the data collection instrument was tested using the internal consistency technique in which the scores obtained from the subjects were correlated and the Cronbach's Coefficient Alpha was be computed to determine the correlation among the items. Findings: It was discovered that 135(38%) spent more than Ksh 4000 per month six months ago compared to 159(44.8%) of the total respondents who spent more than the same amount currently in Mbita division. Recommendation: It was recommended that the households in Mbita division should spend only on the basic stuff and be advised on the micro-savings programs to assist in times of high inflation rates.
Earnings Announcements and the Security Trade Volumes of Listed Companies in Kenya
(AJPO, 2020-08-28) Raude John O. Messo Charles Yugi Tibbs John Byaruhanga
Purpose: This study investigated the decline in the NSE N20, Kenya share index by examining the effects of Earnings announcements on the security trade volumes of companies listed on the NSE, Kenya, from 2013 to 2017. The study formulated a hypothesis that Earnings announcements did not significantly affect the security trade volumes of companies listed on the NSE, Kenya, applied Signaling theory, efficient market hypothesis, and Market expectation theory. Methodology: The study used the event study methodology, a mixed research design, and the ANOVA technique from 25 listed companies, collected secondary data using schedules and primary data using questionnaires. Findings: The study found the effect of Earnings announcements on the trade volumes to be insignificant. Hence, it concluded that earnings announcements did not affect the security trade volumes of companies listed on NSE, Kenya. Unique Contribution to Practice and Policy: The finding of this study will provide the market players with a better understanding of how Earnings announcements affect the security trade volumes; provide the policymakers with a basis of designing policies, regulating and controlling financial markets, complement existing studies in this area and strengthen the foundation for further research.
A Study on Dynamics of India's Gross Domestic Product for 2014-2019
(AJPO, 2020-08-11) Mohammed Aslam Khan
Background: The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It reflects the total market value of all finished products and services produced over a specific period within a country. GDP is presented as a comparison to the previous quarter or year and is considered the benchmark for the economy's size. India is emerging as one of the fastest-growing economies in the world and is expected to rank among the top three economic powers of the world over the next 15-20 years, supported by its stable democracy, population growth, and partnerships. Purpose: The purpose of this paper was to study the dynamics of the Indian economy's GDP growth for the period of 2014 to 2019. The present study tried to understand the trend, contribution, and structure of the various sectors such as agriculture, industry, and services in India's GDP growth. Methodology: The research methodology used in this paper was quantitative since this method can be used to analyze nearly infinite numbers of phenomena. The study used secondary data for the period 2014 to 2019. Data was collected from the Economic Survey of India and Reserve bank of India bulletins. Descriptive and inferential data analysis techniques were employed. Findings: The study of GDP growth between 2014-2019 and sectoral level analysis shows interesting facts that India will reach a $5 Trillion GDP mark by 2024-25 at current prices. Unique contribution to theory, practice, and policy: This paper intended to make policy recommendations that can help India's long-term sustainable growth. The study recommended strategies such as increasing public finance in the agricultural sector and strengthening the integrated public transport projects to the government to maintain stable economic growth to achieve a $5 Trillion economy. This paper will increase the economic researcher's awareness and position it in the library of an institution of higher education
CBN Monetary Policy and Inflation Nexus in Nigeria: An Empirical Approach
(AJPO, 2020-07-25) Tonprebofa Waikumo Okotori; Eze Gbalam
Purpose: The study explored monetary policy effect on inflation stabilization in Nigeria. Increasing levels of indebtedness may have reduced the fiscal space for fiscal policy intervention and this leaves monetary policy as the real tool of choice for macroeconomic stabilization. The question we need to ask then is, how effective is this tool of choice? Methodology: Monthly time series data from 2009-2018 were used in estimating the model. The ADF test for the stationarity, the Johansen cointegration test and the vector error correction model were utilized in testing the variables. The findings from the unit root test did indicate stationarity at first difference 1(1). The cointegration (Johansen) test indicates that there was a nexus linking inflation and all the regressors adopted in the long term. Findings: The result of the VECM for the two estimated models shows a self-equilibrating mechanism of 14 per cent and 32 per cent for the first and second models respectively. The findings further reveal that the variables; liquidity ratio, policy rate (MPR), exchange rate, reserve requirement and treasury bills rate all had an effective impact on the inflation rate and that that effect was very significant. Hence, the CBN's monetary policy shocks do seem to have the expected traction on the Nigerian economy. Unique Contribution: The results make it pertinent for the CBN to utilize all the policy measures adopted in order to keep inflation within acceptable thresholds and prepare to keep inflation within the targeted range of 6-9 per cent, no matter the anticipated or unanticipated strong head winds.
A Monetary Analysis of Ghana: Examining the Impact and the Causal Relationship between Monetary Policy and Inflation in Ghana
(AJPO, 2020-03-17) Edmund Obeng Amaning; Ali Napari Seidu
Purpose: The main objective of the study was to examine the impact and the causal relationship between monetary policy and inflation in Ghana. Methodology: Annual time series data spanning from 1985 to 2017 with Auto Regressive Distributed Lagged (ARDL) model were employed for the analysis. Findings: The outcome from the study shows that, monetary policy rate had insignificant negative relationship with inflation in both the short and the long run. Again, interest rate, domestic investment and money supply were found to have significant positive impact on inflation in both the long and the short run for a specific period chosen for the study. The causal relationship shows that monetary policy rate granger causes money supply within the period understudy Unique contribution to theory and practice: The study recommends that policy makers need to keenly consider the levels of money supply in Ghana so as to ensure a stable retail price levels. The Government of Ghana needs to evaluate the prevailing levels of retail prices and set the interest rates on the 91-day Treasury bills because they are majorly treated as risk free rate hence determines other interest rates and inflation levels in Ghana.
Effect of Credit and Education on Performance of Micro and Small Enterprises in Kenya
(AJPO, 2017) Valentine Lynda Musavi; James Maingi
Purpose: The purpose of this study was to establish the effect of credit and owner/manager educational qualification on performance of micro and small enterprises in Kenya and their joint effect using the 2016 MSMEs survey data. Methodology: This is cross-sectional data collected from a population of 50,043 enterprises. A sample of 384 enterprises was used in the analysis as obtained using Fisher's (2003) formula for computing sample size from a large population. Inferential statistics was used to interrogate the relationship between the variables. Results: Regression results indicated that both access to credit services and educational qualification had a positive and significant effect on performance of the sampled enterprises. Further analysis indicated that the joint effect of the two variables was greater than their individual effect. Unique contribution to theory, practice and policy: Recommendations of this study are that the central Bank of Kenya should focus more on lending and credit facilitation programs in order to encourage greater bank-led financing to the sector to help bridge the unmet demand for credit and that micro and small enterprises should be encouraged to establish good credit history with various lending institutions to enable them access credit facilities from financial institutions. In addition, owners/managers of the enterprises should be provided with training on managerial and technical skills to complement their educational qualifications in running the enterprises.
Real Interest Rate, Inflation, Exchange Rate, Competitiveness and Foreign Direct Investment in Kenya
(AJPO, 2017-05-17) Ndanu Musyoka; KennedyN.Ocharo
Purpose: The purpose of this study was to establish the effect of real interest rates, exchange rate, inflation and competitiveness on FDI in Kenya. Methodology: The study used annual time series data for the period 1970-2016. The sources of data included World Bank Indicators and Kenya National Bureau of Statistics annual reports. Data was collected for the variables real interest rates, exchange rates, inflation rate, competitiveness/ease of doing business and FDI. The data for all the variables was in percentage. The study employed ordinary least square regression technique to determine the effect of real interest rate, exchange rate, inflation and competitiveness on FDI in Kenya. Results: From the findings, the study concluded that real interest rates and exchange rates have negative and significant influence on FDI inflows into Kenya. Further, the study concluded that competitiveness has a positive and significant influence on foreign direct investment inflows into Kenya. However, inflation was found to have insignificant influence on FDI. Unique Contribution to Policy: There is need for favourable interest rates, desirable exchange rates and liberalization of the economy by undertaking comprehensive programmes to trade reforms, designed to open the economy and increase its competiveness. The Kenyan government should also encourage freedom of capital transactions with foreigners and competition in domestic market.
Determinants of Labour Demand, A Case of Mogadishu City, Somalia
(AJPO, 2017-01-22)
Purpose: The purpose of this study was to investigate the determinants of labour demand, a case of Mogadishu City, Somalia. Methodology: The paper employed desktop methodology, which involved review of existing literature relating to the study topic. The design involves a review of existing studies relating to the research topic. Results: Based on the findings the study identified cost as a key determinant of labour demand, especially, in the formal sector. Previous studies indicate that most firms demand for cheap labour. The study also identified education as an important determinant of demand for labour in the World. Owing to the increasing global competitiveness, firms demand for highly skilled and competent workforce. Unfortunately, majority of workforce in developing countries such as Somalia do not have the right skills and competence. Further, the study concluded that a country with a stable economic growth enjoys high demand for labour. This is because the available workforce is skilled and competent enough. However, in developing countries such as Somalia, the demand for labour is very low. Somalia has experienced long period of economic slowdown, and this has affected the quality of workforce. Unique contribution to theory, practice and policy: Based on the study findings the study recommends that the federal government of Somalia should adopt measures to regulate labour cost. The study also recommends that the government should adopt more measures to promote education. The study further recommends for international interventions to ensure that Somalia's economy gets back on its fit. Stable economic growth will lead to increased demand for labour.
Residential Housing Demand in Nairobi; A Hedonic Pricing Approach
(AJPO, 2017-01-16) Mongare G. Kemunto; Wilfred Nyangena
Purpose: The purpose of this study was to asses the residential housing demand in Nairobi using a hedonic pricing approach. Methodology: The study used an OLS regression model to link House rent to various determinants. For the purpose of analysis the population o be sampled was based in Nairobi. The researcher focused on the Nairobi up market residential areas and the Nairobi lower market residential areas. The sampling frame consisted of residential housing facilities in both the up market and lower market Nairobi area. The sample size was specifically fifty five up market and lower market residents in Nairobi. Short and simple questionnaires were the main data collection method used to obtain the primary data of the information. Results: Results revealed that that the HSESIZE (number of bedrooms) were positively and significantly correlated to the VALUE (house rent). This implies that the higher the pollution number of bedrooms, the higher the rent. The results also indicate that EXPLEVEL (exposure level to pollution) was negatively and significantly correlated to VALUE (House rent). This implies that the higher the pollution exposure, the lower the rent. The results also indicate that ESLVRS (Level of Ease to Recreational Facilities) was negatively and significantly correlated to VALUE (House rent). This implies that the higher the difficulty of accessing recreational facilities, the lower the rent. The results also indicate that ESLGDF (Level of Ease to Garbage Disposal) was negatively and significantly correlated to VALUE (House rent). This implies that the higher the difficulty of accessing garbage collection facilities, the lower the rent. An R squared of 0.639 indicated that the goodness of fit of the model was satisfactory. An F statistics of 6.917 and a pvalue of 0.000 indicate that the overall model was significant. Unique contribution to theory, practice and policy: Based on the findings, the study recommended that more effort should be employed to construct a housing price index which can be studied in its own right or be used as an explanatory variable in housing demand equations. Large scale data should also be employed in order to achieve a more detailed analysis.

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