This study tests the hypothesis of whether credit impacts productivity, and whether productivity in turn impacts market participation under a simultaneous modelling framework of credit, productivity and market participation, which has not been pursued in the literature. Using data from the Ghana Living Standards Survey Round 6, we applied a conditional mixed process estimation technique to correct for selectivity bias and unobserved endogeneity. We find that credit positively impacts productivity, which in turn positively impacts market participation. Furthermore, other determinants such as roads, public transport, radio and phone, and compliance with extension advice positively influence productivity while availability of markets and multiple cropping in a season increase the decision to sell maize. These findings imply that the transmission mechanism to transform the subsistence nature of Ghanaian agriculture into a sector characterized by commercial agriculture is to enhance access to credit, which in turn would stimulate productivity, which in turn would enhance market engagement.

JEL Classification: Q12, Q13, Q14

这项研究在信贷，生产率和市场参与的同步建模框架下检验了信贷是否影响生产率以及生产率是否反过来影响市场参与这一假设，这在文献中没有进行。使用来自加纳生活水平调查第6轮的数据，我们应用了条件混合过程估计技术来校正选择性偏差和未观察到的内生性。我们发现信贷对生产率有积极影响，反过来又对市场参与有积极影响。此外，道路，公共交通，无线电和电话等其他决定因素以及对扩展建议的遵从性也对生产力产生积极影响，而市场的可用性和一个季节的复种增加了玉米销售的决定。

JEL分类： Q12，Q13，Q14