Browsing by Author "Adu, Douglas Akwasi"

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    Effect of Macroeconomic Variables on Stock Market Returns Ghana: An Analysis Using Arbitrage Pricing Model
    (2012-06-24) Adu, Douglas Akwasi
    This work attempts to use Arbitrage Pricing Theory framework to explain the variations on returns on the Ghana Stock Exchange. Ordinary Least Squares Regression and cointegration analysis were employed to model both the short- and long-run relationships. In addition, granger causality tests were used to examine the causality between the GSE All-Share index and seven macroeconomic variables namely money supply, rate of inflation, treasury bill rate, exchange rate, world crude oil prices, world cocoa prices and gold prices. Results from the Ordinary Least Squares regression analysis showed that four out of the seven macroeconomic variables possess statistically significant power for stock returns on the Ghana Stock Exchange: inflation rate, the treasury bill rate, money supply and world crude oil prices. On the other hand, the Foreign exchange rate, world cocoa prices and world gold prices do not appear to have a statistically significant effect on stock prices in Ghana. However, while the Engle and Granger cointegration test results signal the existence of an overall long-run relationship between stock returns and the observed variables on the GSE, the same could not be said of the long-run relationship between individual macroeconomic variables and stock returns. On the contrary, the Johansen and Juselius cointegration test shows the existence of at least two cointegrating relationships between stock returns and the macroeconomic variables. Additionally, the Engle and Granger causality test points to uni-directional causality between stock returns and the foreign exchange rate and the money supply. In the light of the above findings, Industry and academia should partner each other to conduct research which focuses on different aspects of the market and the findings should be made available to industry and the government should set realistic macroeconomic targets to limit chronic deviations which normally render fundamental analysis almost impossible in order to improve public confidence in government decisions.
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    Enrichment of Cassava (Manihot Esculenta) Peels Through Pleurotus Ostreatus Fermentation for Use As Animal Feed
    (2009) Adu, Douglas Akwasi
    Livestock feeding is quite problematic in Ghana due to the high cost of feed ingredients. Cassava (Manihot esculenta) peel is a major by-product of the cassava processing industry and in Ghana where cassava is grown and tubers processed, the peel is largely underutilized as livestock feed. The application of biotechnology can help add value to agro-wastes for use as cheap sources of animal feed. Cassava peels were collected, dried and after pretreatment, the particle size was reduced to an average area of about 0.6cm2, the peels were then composted and sterilized. The composted sterilized peels were then inoculated with the spawn of the oyster mushroom (Pleurotus ostreatus) and incubated at room temperature. Fermentation of cassava peels with the oyster mushroom over a seven week period significantly improved its nutritional value (P<0.05) when compared to the uninoculated peels. Six weeks of fermentation was found to be the optimum to produce the observed significant results. The protein content of the mushroom fermented peels more than doubled from 2.18% to 5.6% after fermentation, whereas cellulose, hemicellulose and lignin contents decreased significantly by 26.73%, 45.43% and 35.78% respectively. The fermented peels also had a significant increase in the calcium, potassium and phosphorous contents. The tannin content of the oyster mushroom fermented peels reduced drastically by 75.5% after six weeks of fermentation when compared with the uninoculated peels. In vitro digestibility studies revealed that, after the Pleurotus fermentation over a six week period, the peels were three times more digestible than the uninoculated peels. These results indicate the potential use of Pleurotus ostreatus for improving the feed value of cassava peels for the livestock industry in Ghana. The fermented peels can partially replace corn, the main ingredient in poultry feed formulation.