Research On The Impact Factors And Implementation Path Of Sustainable Development In Ghana

Researchers have shown over the past decade that the three key pillars for achieving sustainable development need to be successfully and efficiently combined to help achieve a sustainable growth.This underlines the value of exploring the impact factors and implementation path of sustainable development.Because of the incessant seminars and conferences between governments,international organizations,and so on,it has been a fundamentally global problem for decades.Indeed,in the aftermath of sustainable development,current literature is engulfed with several contradictions in the most productive methods of handling and pursuing sustainable development.This study,therefore,seeks to comprehensively define the impact factors and implementation path of sustainable development.In this regard,a deep review was carried on the related theories and literature in line with this subject.Based on the analysis of the multilevel frameworks identified in the literature,this study allowed the research to establish a threelevel conceptual framework aligned with the main objectives of the study,whereby,in the first level of the framework addresses the impact factors of sustainable development thus the economic,social and environmental by defining the determinants of economic growth,social development and environmental development which forms the first three objectives.The second level explains the effects of the impact factors on achieving Green GDP(sustainable growth)by looking at the it effects on Green GDP(sustainable growth)forming the fourth objective and,lastly the fifth objective deals with the role of institutional quality on achieving Green GDP(sustainable growth)which delineates the third level of the framework.To achieve the goals of this research,econometric methods were used since these techniques provide significant advantages in handling time-series data and producing reliable and meaningful regression coefficient estimates.Hence the first empirical study is based on the ARDL bounds test,GMM,VECM,which revealed the determining factors of economic growth,social development and environmental development.In this study capital formation,inflation,and skilled labor all have positive relationship with economic growth.Educational attainment,financial development and foreign investment exhibit a positive and significant relationship.The study conclude that there is an existence of EKC in dealing with environmental development.In the second empirical study,the VAR,and 2SLS methods were used in order to evaluate the effects of the impact factors of sustainable development and institutional quality on achieving Green GDP(sustainable Growth).The study showed that that there is social and environmental impact of sustainable development have significant impacts on Green GDP(sustainable Growth),whereas with the exception of voice of accountability all other institutional quality indicators posits a positive relationship on Green GDP.The main innovation of our study are as follows: First,this study did not at all inspect how a sustainable growth path can be achieved in Ghana like any other study.It could be a novelty as normally the first research has done since the time the government announced its support in achieving sustainable development goals.It is important to note that studies on achieving sustainable growth paths in the Sub-Saharan region are minimal.In any case,how the goals of sustainable development can be increased within the continent of Africa,and have been least investigated,particularly within the Ghanaian landscape.Second,there is the application of models,which are adopted and updated to evaluate key theories for robust performance.This allowed the researcher to come out statistically for future policy paths within the country with prevailing inductions.Achieving this makes a difference in making progress in national development as well as achieving sustainable development targets,which has been one of the priorities of this current government in Ghana.Third,this study confirms the theories of growth,social development concepts,the Environmental Kuznets Curve(EKC),and the introduction of the green GDP concept adds to the empirical results of those theories.All these concepts and theories have been tried and effectively connected across Europe,America,Asia,and a few parts of Africa in different countries,ensuring positive outcomes and linkages to major outcomes.However,its fruitful effect is to be checked in the sense of Ghana,which makes this research special and important.Lastly,the consideration of institutional quality indicators on achieving a sustainable growth path adds up to the innovative aspects since most of the research is on the role of institutional quality indicators on sustainable development factors individually rather than inspecting it as a whole.