Purpose – This study examines the economic impact of international tourism and currency valuation in the West African country of Ghana. Previously known as the Gold Coast due to its vast gold reserves, Ghana is a developing economy with a sharply devalued currency and a heavy reliance on imports.The paper shows that Ghana’s weak currency can be leveraged to boost international tourism and with that, economic growth. This view of tourism-led growth is in part supported by evidence in which tourism receipts are a major source of foreign exchange earnings for a number of developing economies. Methodology – The relationship between economic growth, tourism receipts, and currency valuation is examined using a vector error correction model. This approach offers an opportunity to not only confirm the existence of a dynamic relationship among the time series but also, the existence of causality both in the short- and long-run. Findings – Cointegration tests confirm the existence of a long-run relationship among the variables. Both tourism and exchange rate are found to positively impact economic growth. Also, there is a long-run causality from exchange rate to tourism receipts. Originality – This is the first empirical study that demonstrates the existence of causality between currency valuation and tourism using data from Sub-Saharan Africa, a region with abundant natural resources but one that remains significantly underdeveloped.

中文翻译：

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旅游业：黄金海岸尚未开发的金矿

目的–本研究考察了西非国家加纳的国际旅游业和货币估值的经济影响。加纳以前因黄金储备丰富而被称为黄金海岸，它是一个发展中的经济体，货币急剧贬值且严重依赖进口，该文件显示加纳的弱势货币可以用来促进国际旅游业，从而促进经济增长。这种由旅游业带动的增长观点得到了部分证据的支持，在这些证据中，旅游收入是许多发展中经济体外汇收入的主要来源。方法–使用矢量误差校正模型检查经济增长，旅游收入和货币估值之间的关系。这种方法提供了一个机会，不仅可以确认时间序列之间存在动态关系，而且可以确认短期和长期的因果关系。结果–协整检验证实了变量之间存在长期关系。发现旅游业和汇率都对经济增长产生积极影响。而且，从汇率到旅游收入都有长期的因果关系。独创性–这是第一项实证研究，使用来自撒哈拉以南非洲的数据证明了货币估值与旅游业之间存在因果关系，该地区自然资源丰富，但仍远远落后。结果–协整检验证实了变量之间存在长期关系。发现旅游业和汇率都对经济增长产生积极影响。而且，从汇率到旅游收入都有长期的因果关系。独创性–这是第一项实证研究，使用来自撒哈拉以南非洲的数据证明了货币估值与旅游业之间存在因果关系，该地区自然资源丰富，但仍远远落后。结果–协整检验证实了变量之间存在长期关系。发现旅游业和汇率都对经济增长产生积极影响。而且，从汇率到旅游收入都有长期的因果关系。独创性–这是第一项实证研究，使用来自撒哈拉以南非洲的数据证明了货币估值与旅游业之间存在因果关系，该地区自然资源丰富，但仍远远落后。