Empirical analysis of macroeconomic factors and crude oil prices in Ghana.

A time series and country-specific variables from 1980 to 2011 were used to analyse macroeconomic factors concerning crude oil prices in Ghana empirically. A robust methodology rooted in Granger causality test was conducted. Generally, the study results indicate a significant long-run relationship between GDPGR and the other macroeconomic variables, such that long-run movements in LOP and REER significantly explained movements in the GDPGR. Also, there was a significant short-run relationship between GDPGR and the other macroeconomic variables in such a way that short-run movements in the world crude oil price significantly explained movements in the GDPGR, with short-run movement in the REER explaining movements in the GDPGR