Determinants of Foreign Direct Investment

This study was an examination of the impact of natural resources on FDI inflows in Ghana, Nigeria, and Togo. The researcher explicitly controlled for other factors such 117 as GDP per capita, GDP growth, trade openness, inflation, exchange rate, political stability, and economic liberalization for the period of 1980-2015. For transition countries like Ghana, Nigeria, and Togo, this period corresponds to an era characterized by substantial reforms to restructure the economies and the discovery of oil and other minerals such as uranium and sulfur in Ghana and Togo, respectively.