Country

ARDL Structure

F-statistic

Remark

Senegal

(1 0 0 0 0)

0.477

Not Co-integrated

Sierra Leon

(2 1 0 0 0)

0.341

Not Co-integrated

Togo

(1 0 0 0 0)

0.206

Not Co-integrated

Nigeria

(1 0 0 0 0)

0.510

Not Co-integrated

Niger

(1 0 0 0 0)

0.336

Not Co-integrated

Mali

(1 1 0 2 3)

0.645

Not Co-integrated

Mauritania

(1 0 1 0 0)

0.492

Not Co-integrated

Liberia

(1 1 1 3 0)

4.470

Not Co-integrated

Ivory Coast

(1 0 0 0 0)

3.897

Not Co-integrated

Guinea Bissau

(1 0 0 0 0)

0.785

Not Co-integrated

Guinea

(1 0 1 0 0)

2.644

Not Co-integrated

Ghana

(1 0 1 0 0)

215.699***

Co-integrated

Gambia

(2 1 2 0 0)

2.223

Not Co-integrated

Cape Verde

(1 0 0 0 0)

1.659

Not Co-integrated

Burkina Faso

(1 0 0 0 0)

0.635

Not Co-integrated

Benin

(1 0 0 0 0)

0.477

Not Co-integrated