This paper aims to investigate the impact of institutional quality on foreign direct investment (FDI) in Ghana for the period 1985-2016.,The study uses the autoregressive distributed lag (ARDL) approach to examine the relationship between institutional quality along with other controlled variables and FDI.,Evidence from the ARDL framework establishes a positive significant effect of institutional quality on FDI irrespective of the time horizon. The results also reveal a significant impact of inflation on FDI in both short and long run, while GDP per capita growth and trade are significant determinants only in the short run.,The study recommends the instigation of effective policies and strategies that seek to strengthen the quality of institutions, as this provides a conducive investment climate to attract FDI. Specifically, policies that are focused on promoting transparent legal regimes, regulatory reforms, non-corrupt institutions and political stability should be the precedence of policymakers.,In addition to being a pioneering work on the impact of institutional quality on FDI in Ghana, the main contribution of the study lies in its application of the principal component analysis to generate a single measure of institutional quality based on a number of institutional factors.

中文翻译：

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加纳的体制质量和外国直接投资

本文旨在调查1985-2016年制度质量对加纳外国直接投资（FDI）的影响。该研究使用自回归分布滞后（ARDL）方法检验制度质量与其他受控变量之间的关系和FDI。无论时间跨度如何，来自ARDL框架的证据都对制度质量对FDI产生了积极的积极影响。结果还显示，通货膨胀对外国直接投资无论短期还是长期都具有重大影响，而人均国内生产总值的增长和贸易仅在短期内才是重要的决定因素。该研究建议采取有效的政策和战略，以期加强通货膨胀。机构的质量，因为这为吸引外国直接投资提供了有利的投资环境。具体来说，