Peer Reviewed Journal
MACROECONOMIC DETERMINANTS OF FOOD SECURITY IN GHANA
Hunger remains a persistent development challenge in sub-Saharan Africa, and Ghana is no exception despite decades of policy interventions and economic growth. This study investigates the macroeconomic determinants of food security in Ghana over the period 2001-2022, focusing on the roles of public agricultural employment, agricultural expenditure, and food inflation. Using ordinary least squares regression with a robust standard error, the study addresses potential heteroskedasticity and autocorrelation, ensuring robust inference. The results show that increased government spending on agriculture significantly reduces hunger rates, supporting the view that targeted investments in rural productivity and infrastructure are critical for sustainable food security. In contrast, a higher share of employment in agriculture is associated with increased hunger, highlighting the structural weakness of low-productivity subsistence farming and underscoring the need for rural economic transformation. Additionally, food inflation exerts a significant positive effect on hunger, demonstrating how rising food prices erode household purchasing power and worsen food insecurity. These findings align with the Structural Transformation Theory and recent empirical evidence. The study recommends scaling up effective agricultural investments, modernizing the agricultural workforce to enhance productivity, and implementing stronger food price stabilization measures to accelerate progress toward achieving Zero Hunger in Ghana.
Keywords: Food Security, Hunger Rate, Agricultural Expenditure, Employment in Agriculture, Food Inflation.
JEL: Q18, I38, E31, O13.
Samuel Erasmus Alnaa & Juabin Matey (2025). Macroeconomic Determinants of Food Security in Ghana. Indian Journal of Economics and Financial Issues. 6(2), 119-136.
RELATIONSHIP AMONG FOREIGN DIRECT INVESTMENT, TRADE OPENNESS, GROSS CAPITAL FORMATION, REAL EFFECTIVE EXCHANGE RATE AND ECONOMIC GROWTH IN UGANDA
This article examines the relationship between foreign direct investment (FDI), Trade openness (TO), Real effective exchange rate (REER) , Gross capital formation (GCF) and economic growth in Uganda for the 1986 to 2023 period using the Autoregressive Distributed Lag (ARDL) approach and the Toda-Yamamoto (1995) method. The Toda-Yamamoto results show that there is unidirectional causality from Foreign Direct Investment (FDI) to Economic growth, Real effective exchange rate (REER) and unidirectional causality from REER to FDI. There is no evidence of significant causality from Trade openness, REER, and GCF to economic growth. In the short run the previous values of TO, REER affected economic growth positively while FDI affected economic growth positively but previous values of FDI significantly affected economic growth negatively. In the log run FDI, GCF positively affected economic growth. From sustainability perspective, the lack of a significant causal effect from REER, TO and GCF to economic growth suggests that Uganda’s economic policy, which is based on private sector-led and TO led growth, has not significantly changed the economy to bring about significant growth-enhancing effects. This study recommends that policymakers in Uganda should identify measures that enhance trade openness (exports and imports) competitiveness alongside investment promotion that could assure diversification of the country’s exports to international markets that could improve REER.
Keywords: Foreign Direct Investment; Trade Openness; economic growth; Toda-Yamamoto; Gross Capital Formation; Uganda.
Ssemanda Patrick Edward (2025). Relationship among Foreign Direct Investment, Trade Openness, Gross Capital Formation, Real Effective Exchange Rate and Economic Growth in Uganda. Indian Journal of Economics and Financial Issues. 6(2), 137-185.
DOES QUEUING SIGNIFICANTLY AFFECT BANK EMPLOYEE PERFORMANCE IN COMMERCIAL BANKS IN CAMEROON?
This study investigates the effects of queuing on bank employee performance in commercial banks in Cameroon. The primary objective is to examine the relationship between queuing variables and employee performance, with a specific focus on waiting time and queue length. The study employed a robust linear regression analysis to achieve this objective, using a sample size of 35. The study's findings reveal that waiting time has a positive and significant effect on bank employee performance. This suggests that employees who are able to manage waiting times effectively tend to perform better. On the other hand, queue length has a negative and significant effect on bank employee performance. This indicates that long queues can lead to decreased employee performance, possibly due to increased stress and pressure. The study's recommendations are based on these findings. Commercial banks in Cameroon should prioritise queue management strategies, such as implementing efficient queuing systems and providing adequate staffing during peak periods. By doing so, banks can reduce queue lengths and improve employee performance. Additionally, banks should consider providing training programmes that focus on stress management and coping mechanisms to help employees manage long queues. The study's findings have implications for employee performance, customer satisfaction, and business success. By prioritising queue management and employee development, commercial banks in Cameroon can improve employee performance, enhance customer satisfaction, and ultimately drive business success. The study's results can inform strategies for improving queue management and employee performance in commercial banks, leading to better customer service and business outcomes.
Keywords: Employee Productivity, Workload Management, Job Satisfaction, Operational Efficiency.
JEL Code: G21.
Achamoh Victalice Ngimanang (2025). Does Queuing Significantly Affect Bank Employee Performance in Commercial Banks in Cameroon?. Indian Journal of Economics and Financial Issues. 6(2), 187-199.
OPERATIONALIZING INVENTORY TURNOVER AND CONVERSION CYCLES: A LONGITUDINAL STUDY OF PROFITABILITY IN NIGERIAN MANUFACTURING COMPANIES
Purpose: This paper investigates how inventory management metrics impact the profitability of manufacturing firms in Nigeria, focusing on inventory turnover (ITO), inventory conversion period (ICP), and inventory-to-assets ratio (IUR). It addresses a critical gap in understanding how logistics performance influences financial outcomes in emerging economies.
Design/methodology/approach: Using a correlational panel research design, it analyzes financial data of 15 manufacturing firms quoted on the Nigerian Exchange Group between years 2013 and 2023. Panel least squares regression was employed to assess the effects of inventory metrics on return on equity (ROE) and return on assets (ROA) with firm size included as a control variable.
Findings: Results reveal that higher ITO significantly enhances both ROA and ROE, while extended inventory conversion periods negatively affect ROA. The inventory-to-assets ratio shows no significant impact on profitability. Firm size positively influences ROA but has a negative effect on ROE.
Practical implications: The findings underscore the importance of agile inventory systems, reduced cycle times, and efficient capital allocation in improving profitability. For policymakers, the study highlights the need for infrastructure development and regulatory support to promote lean logistics practices across the Nigerian manufacturing sector.
Originality/value: This research offers one of the few longitudinal, multi-sectoral analyses of inventory–profitability dynamics in sub-Saharan Africa. It validates the applicability of industrial engineering models such as Lean Six Sigma, EOQ, and SCOR in resource-constrained environments, contributing to both academic discourse and managerial decision-making.
Keywords: Inventory Management; Logistics Performance; Profitability; Manufacturing Companies; Emerging Economies.
Adebanjo Joseph FALAYE, Abiodun Ajayi and Obot Inemesit (2025). Operationalizing Inventory Turnover and Conversion Cycles: A Longitudinal Study of Profitability in Nigerian Manufacturing Companies. Indian Journal of Economics and Financial Issues. 6(2), 201-224.
DATA DRIVEN INSIGHTS FROM STATISTICAL ANALYSIS OF ELECTRICITY TRADING IN DAY AHEAD AND REAL TIME MARKETS AT THE INDIAN ENERGY EXCHANGE
The Indian Energy Exchange (IEX) is the largest and most liquid electric power trading exchange currently operational in India. The power trading data freely available through its online portal have been analyzed in this study. The real time, day ahead and green day ahead market characteristics from October 2024 to September 2025 have been examined in terms of market clearing prices and energy volumes. For the day ahead market, the monthly average clearing prices vary from Rs 1833/MWh to Rs 6780/MWh. For the green day ahead market, the observed price range is Rs 2445-7032/MWh. For the real time market, it is Rs 1412-7480/MWh and this market is seen to have the broadest price range and is also the most volatile out of the three considered. Within-day price volatilities are higher than within month volatility. Prices and volumes at market clearing conditions as also log returns on price are approximately normally distributed for all three markets. But they do not show uniform linear correlation throughout the year, with positive and negative values at different times. Price spreads in different markets vary significantly, with average day ahead market clearing prices being lower than that in the green day ahead market and higher than the real time market prices.
Keywords: electricity trading; India; IEX; power market; statistics
JEL classification: C1, L1, L9.
Rupsha Bhattacharyya (2025). Data Driven Insights from Statistical Analysis of Electricity Trading in Day Ahead and Real Time Markets at the Indian Energy Exchange. Indian Journal of Economics and Financial Issues. 6(2), 225-252.
TRANSLATING ACCOUNTABILITY INTO VALUE: BUILDING CARBON EFFICIENCY MARKETS IN SUSTAINABLE FINANCE
The evolution of sustainability finance now demands a paradigm where verified accountability generates measurable economic value. Building upon the Carbon Accountability Systems (CAS) framework, this paper conceptualizes Carbon Efficiency Markets (CEM)—institutional mechanisms that integrate verified carbon data into financial valuation and policy systems. CEM proposes that carbon efficiency functions as an economic variable influencing firm valuation, market behavior, and fiscal incentives. Through a synthesis of financial economics, governance theory, and public policy, the paper outlines a model where accountability transitions into valuation, transforming sustainability from a compliance function into a financial determinant. The study positions CEM as the next stage in sustainable finance—linking transparency, trust, and market-based incentives to drive the global transition toward responsible economic growth.
Keywords: Carbon Efficiency, Sustainable Finance, Accountability Markets, Carbon Pricing, Financial Economics
JEL Codes: G18, Q56, Q58.
Sanvedi Rane and Nivedita Pantawane (2025). Translating Accountability into Value: Building Carbon Efficiency Markets in Sustainable Finance. Indian Journal of Economics and Financial Issues. 6(2), 253-266.