Table 11.

Philip-perron And Augmented Dickey Fuller Unit root tests for Ghana.

	With Constant		With Constant & Trend		Without Constant & Trend
At Level (Philip-Perron)
Variables	t-stat	Prob	t-stat	Prob	t-stat	Prob
Volatility	−5.8969***	0.0000	−5.7212***	0.0001	−1.8691*	0.0593
Inflation	−3.8434***	0.0047	−3.7817**	0.0259	−0.6507	0.4304
Exchange Rate	−0.7093	0.8349	−1.5038	0.8151	1.4355	0.9607
Producers Price	−0.9995	0.7466	−2.3622	0.3941	−3.0423***	0.0030
At First Difference (PP)
Volatility	−13.3625***	0.0000	−14.5684***	0.0000	−13.3664***	0.0000
Inflation	−18.1994***	0.0000	−17.7636***	0.0000	−17.9554***	0.0000
Exchange Rate	−6.2048***	0.0000	−6.1686***	0.0000	−5.2379***	0.0000
Producers Price	−6.8431***	0.0000	−6.7995***	0.0000	−6.1684***	0.0000
	At Level	(ADF)
Volatility	−5.8182***	0.0000	−5.6977***	0.0001	−1.4824	0.1277
Inflation	−4.0660***	0.0025	−4.6359***	0.0027	−0.2858	0.5777
Exchange Rate	−0.7018	0.8368	−1.3242	0.8703	1.9299	0.9861
Producers Price	−1.0406	0.7317	−2.3622	0.3941	−2.4105**	0.0168
	At First	difference	(ADF)
Volatility	−10.1757***	0.0000	−10.2003***	0.0000	−10.2568***	0.0000
Inflation	−7.7457***	0.0000	−7.7014***	0.0000	−7.8270***	0.0000
Exchange Rate	−6.2079***	0.0000	−6.1730***	0.0000	−5.1524***	0.0000
Producers Price	−6.7059***	0.0000	−6.6570***	0.0000	−6.1684***	0.0000

***, ** & * represents significance at the 1 %, 5 % and 10 % level of probability respectively.

Source: Author's computation, 2023