The Economy Of Ghana

As Ghana approaches its 60th birthday, optimism and worries for the future continue to be present in equal measure. Economic growth in the last decade has been high by historical standards. Indeed, recent rebasing of GDP figures has put Ghana over the per capita income threshold into Middle Income Country status. However, structural transformation has lagged behind. Fiscal discipline has also eroded significantly and there is heavy borrowing, especially on the commercial market, while elements of the natural resource curse from oil have already occurred. The question most observers ask is whether the gains from two decades of reforms are being reversed. Given this background, this volume brings together leading established and young economists, from within and outside Ghana, to analyze and assess the challenges facing Ghana's economy as it enters its seventh decade and the nation heads towards three quarters of a century of independence. The chapters cover the major macroeconomic and sectoral issues, including fiscal and monetary policy, trade and industrialization, agriculture and infrastructure. The volume also covers a full range of social issues including poverty and inequality, education, health, gender, and social protection. The book also examines the implications of the oil boom for Ghanaian development, and the role of institutions.

As Ghana enters its second half-century, there is a perception of the failure of the economic and political system. This book analyses the reasons for this failure and sets out an agenda as the basis of the course that the nations' policy makers have to steer if Ghana is to fulfil the promise of its independence in 1957.

The book follows a first edition published in 1989, which focused on the severe economic crisis Ghana faced during the late 1970s and the early 1980s. In this second edition, the authors extend the review up to the mid-2010s, covering the entire period since independence, with a special focus on shifts in economic policy, starting with the adoption of the Economic Recovery Programme in 1983. Huq and Tribe provide systematic coverage of Ghanaian economic development since its independence, reviewing the two main modes of development that have been practiced; and offer an updated, rich data bank. By analyzing the wider macroeconomy of Ghana; its individual sectors; money, banking and trade; infrastructure and environmental policies; and Ghana’s poverty, welfare and income distribution, the authors are able to draw vital lessons from the country’s economic development. ​

"This is one of the best books reflecting on Ghana's half-a-century of often tumultuous transformation. Ivor Agyeman-Duah has gathered together a group of scholars, educators and government, business and civil society leaders to debate the trajectory of Ghana's economic history. Their views centre on three fundamental themes: structures and institutions in a postcolonial economy, the role of public policy, stimulus and innovation." "A timely volume as Ghana celebrated its 50th Anniversary of Independence in 2007 under President Kufuor's 2-terms of eight-years of relatively peaceful democratic rule. Contributors include: Jeffrey D. Sachs, Anthony Akoto-Osei., Richard Anane, Joyce Aryee, Ellen Bortei-Doku Aryeetey, Ernest Aryeetey, Moses Asaga, Ken Ofori-Atta, Gareth Austin, Annan Arkyin Cato, Mary Chinery-Hesse, T. Oteng-Gyasi, E. Gyimah-Boadi, Dirk-Jan Omtzigt, D.K. Osei, Isaac Osei, Nii Moi Thompson and Charles Wereko-Brobbey, et al." "This is unquestionably one of the best contemporary economic history books about Ghana drawing on the expertise and knowledge of Ghanaians as well as international experts and leading lights to reflect on 50 years of Ghana's economic challenges and achievements." "Contributors include leading economists such as Jeffrey D. Sachs, Earth Institute, Columbia University and Advisor to the UN Secretary General; eminent Ghanaian scholars such as Professor Ernest Aryeetey of the Institute of Statistical, Social and Economic Research, University of Ghana; and Mary Chinery-Hesse, Chief Advisor to the President of Ghana. The contributors focus on three aspects: Structures and Institutions in a Postcolonial Economy: A Vampire Economy with a Silver Lining and Crossing the Jordon: Stimulation and Innovation with a Foreword by Nobel Laureate Wole Soyinka." "This volume will be a valuable tool for studies on African Economic History with specific emphasis on Ghana but could also double as a yardstick for comparing the economic histories of other well performing African economies such as Botswana, Mauritius, Cape Verde, Namibia and South Africa - according to the World Bank annual good governance rankings released in 2006."--BOOK JACKET.

Reviews the performance of the Ghanaian economy for the period 1983 to 1991, aimed at assessing the impact of structural adjustment policies in different areas of the economy.

As Ghana enters its second half-century, there is a perception of the failure of the economic and political system. This book analyses the reasons for this failure and sets out an agenda as the basis of the course that the nations' policy makers have to steer if Ghana is to fulfil the promise of its independence in 1957.

Economic Development in Ghana and Malaysia investigates why two countries that appeared to be at more or less the same stage of economic development at one point in time have diverged so substantially. At the time of their independence from the UK in 1957, both Ghana and Malaysia were at roughly the same stage of economic development; in fact, Ghana’s real per capita income was slightly ahead of Malaysia’s. Since then, Ghana’s development has been sluggish, while Malaysia’s economy has taken off into sustained growth and today, the real per capita income of Malaysia is about five times that of Ghana. This volume examines the pre-colonial and colonial economies of both countries, and the economic policies pursued after independence. In doing so, it aims to identify policies which might have contributed to Malaysia’s development and those which might have slowed Ghana’s. The authors ask whether lessons can be learned from the successes of countries such as Malaysia. This detailed comparative analysis will be useful to students and researchers of development economics as well as public policy makers in developing countries. It is written in language which makes it accessible to the general reader.