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GOVERNMENT SPENDING ON EDUCATION AND ECONOMIC GROWTH: A CASE STUDY OF WEST AFRICAN COUNTRIES.
Abstract
The study investigated government spending on education and economic growth in West African countries. Data for the study covers the period 1990 to 2016 for 15 selected ECOWAS countries. Unit root, cointegration analysis and casualty test was done. The study findings include that government spending on education and economic growth in West African countries are positively and significantly related. Long-term Granger causality exits while there is no evidence of short-run Granger causality from government educational expenditure to economic growth. This indicates that in the long run, government educational expenditure, through its impact on human capital, significantly and positively influence economic growth. Thus, in the West African region, such spending on education should be encouraged in the public sector. One way to encourage this is to allow and encourage regional collaboration amongst the countries as this will allow resources to be concentrated, and knowledge to be shared across the countries in the region and subsequently boost economic growth. Keyword: Government spending on education; Economic growth; Cointegration; Human Capital