Prior to implementing the ARDL bounds test for cointegration we conducted unit root tests using both the Augmented Dickey Fuller (ADF) and Phillips and Perron (PP) tests to determine the order of integration of the variables. This approach ensures that no variable is integrated of order 2 and allows us to reach afirm decision regarding the integration of the variables in the event the
F-statistic lies between the upper and lower bounds. Based on the ADF and PP tests, each of the variables are found to be integrated of order one, I.