Title: Pooled ordinary least-square, fixed effects and random effects modelling in a panel data regression analysis: a consideration of international commodity price and economic growth indicators in 35 Sub-Saharan African countries

Authors: Ebrima K. Ceesay; Yahaya M. Moussa

Addresses: West African Science Service Center for Climate Change and Adapted Land Use, UCAD, Senegal; The University of the Gambia, the Gambia ' West African Science Service Center for Climate Change and Adapted Land Use, UCAD, Senegal

Abstract: This study looks at the Sub-Saharan African countries' experience in terms of commodity price fluctuation in different countries' corners such as in the market places, retail shops, wholesales shops, street selling, at the garden, etc. The main purpose of this study is to examine the impacts of commodity prices volatility on the economic growth of 35 countries in Sub-Saharan Africa from 2000-2018. The results generated by using panel data models are all statistically significant at 1% level and the coefficients of the variables fluctuated. This indicates that the results are inconclusive, showing that the previous growth of the economy being affected negatively by commodity prices fluctuation, the current growth of the economy being affected positively by commodity prices fluctuation and the growth of the economy in the future is expected to be affected negatively by commodity prices fluctuation, unless policy intervention takes place. Therefore, the quality of institutions and good governance associated with low level of corruption are identified as an implication of economic policy.

Keywords: Sub-Saharan Africa; commodity price; economic growth; price volatility; panel data models; policy intervention.

DOI: 10.1504/IJTTC.2022.123075

International Journal of Technology Transfer and Commercialisation, 2022 Vol.19 No.1, pp.23 - 44

Received: 09 Jan 2021
Accepted: 31 Mar 2021
Published online: 26 May 2022 *