| Izvleček: | Following the methodology laid in Laursen and Salter (2006), this study investigates the role of openness on innovation performance of 501 Ghanaian firms. Critically, we also disaggregate sources of innovation based on their local and foreign origin. We found that open innovation is strategically implemented to overcome knowledge, management, and market barriers to innovation activities. However, it is not effective in mitigating infrastructure barriers. Results show that the degree of a firm’s openness is positively associated with innovation. Finally, local knowledge appears to be more relevant for innovation outcomes than foreign knowledge. Implications of the role of open innovation are highly relevant for emerging and developing economies, where the barriers, costs and risk of innovation are higher than industrialized economies.
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