Economic Determinants and Importance of Private Transfers in Ghana

Abstract

This study analysed private transfers’ behaviour and its economic importance as one of the major sources of old age support in Ghana. In doing this, the Cox’s theoretical framework containing altruistic and exchange motives for private transfers using the Ghana Living Standard Survey (GLSS) of 1998/1999 was adopted. The study explained determinants as well as economic import of private transfers based on the reduced-form estimation technique. The empirical results showed the need to give adequate recognition to private transfers in order to ameliorate the problems of old age poverty in Africa.

Keywords: Private Transfers, Altruism and Economies of the Elderly