An analysis of the economic development of ghana

The half-year estimates show that the economy remained fairly resilient, growing 4. The economy is projected to rebound to GDP growth of 5. Macroeconomic evolution Overall macroeconomic fundamentals were stable in Authorities pursued prudent monetary, fiscal, and exchange rate policies.

An analysis of the economic development of ghana

Overview In Ghana held its first elections in over a decade, taking a decisive step in the return to democratic rule. Although many countries in Africa moved to democracy in the s, Ghana had reached that point only after a virtual meltdown in the early s. What has been all the more laudable in Ghana's case is therefore the steady progress since the return to democratic rule in enhancing a democratic environment.

A democratic environment is characterized primarily by free elections, an effective legislature, and an independent judiciary. This is not all, however. True democracy also involves regular consultation with civil society and the prominence of the rule of law, as well as transparency and accountability in government.

All these ingredients have been present in Ghana sincealthough much still needs to be accomplished before one can claim that democracy has matured. Ghana's economic strategy since has focused on macroeconomic stabilization and structural reform in a democratic environment.

Within Ghana, a rich economic and political debate informs and influences government policies. Newspapers and magazines keep the public aware of current economic affairs.

In-depth television interviews on economic themes are common, providing an opportunity for different views to be aired. Independent economic institutes, such as the Center for Policy Analysis, the Institute of Economic Affairs, and the Institute of Statistical, Social, and Economic Research provide analysis of economic trends and policies.

Consultation with stakeholders is the norm in many areas of policymaking. Transparency and accountability are increasing, and institutions such as the Commission on Human Rights and Administrative Justice and the Serious Fraud Office help ensure that the rule of law is respected. Although critics find much to fault in the government's efforts to involve civil society in decision making, the government has taken some steps in the right direction, and there seems to be genuine support within civil society for the basic tenets of the participatory approach.

This paper focuses on economic policies in Ghana since the return to multiparty democracy in This introductory section explores the key relationships between participatory democracy and successful economic development and reviews the early steps of participatory decision making in Ghana.

More generally, it sets the stage for a discussion of Ghana's main achievements and failures since in raising the standard of living of its population and reducing poverty. Economic Development and Democracy In recent years the IMF has emphasized the importance of a participatory approach to decision making Ouattara, The participatory approach to economic development promotes the application of key elements of a democratic environment--consultation, the rule of law, and transparency and accountability--to economic policymaking.

Because a participatory approach aims at broad consultation and consensus building, it fosters strong ownership of the economic program by civil society, a crucial element in making the program a success. It also increases the chances that government policies will be well conceived and fair.

Yet a democratic environment and a participatory approach to economic policies are no panacea. Consultation and consensus building can and do delay policy implementation.

The strategies chosen sometimes involve too many compromises or are too timid.The World Bank Group aims to help Ghana sustain economic growth, surpass the goal of halving poverty by , and by the WBG and development partners under the e-Ghana and e-Transform projects.

An analysis of the economic development of ghana

A vibrant private sector bolsters investment and offers innovative products and services to consumers.

A new analysis of African economies shows. Independent economic institutes, such as the Center for Policy Analysis, the Institute of Economic Affairs, and the Institute of Statistical, Social, and Economic Research provide analysis of economic trends and policies.

It also identifies the main threats to Ghana's economic development: resumption of macroeconomic instability, high. The African Center for Economic Transformation (ACET) has won a Prospect Think Tank award for Best Economic Think Tank in the global category.

1. Introduction. There have been many arguments in both theoretical and empirical literatures, which suggest that economic prosperity is associated with significant inflows of .

Learn more about the Ghana economy, including the population of Ghana, GDP, facts, trade, business, inflation and other data and analysis on its economy from the Index of Economic Freedom. Risk assessment Hydrocarbons, driving the rebound in growth. After posting a solid rebound in , thanks to the hydrocarbon sector, growth is expected to consolidate in

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