Ghana’s Development: Miracle or Mirage?
نویسنده
چکیده
Joyce Meng Introduction: Ghana’s Economic History in Perspective Although Ghana enjoyed a privileged position in the post-colonial era due to a relatively stable regime with a charismatic leader committed to soliciting international financial support, profitable natural endowments, and a comparatively high stock of human capital, short-term growth belied the atrophy of long-term sustainable development. Six reoccurring historical themes account for Ghana’s failure to capitalize on its assets: excess demand, currency overvaluation, foreign dependence, ineffective policies concerning comparative advantages, overextended state involvement, and financial sector inhibitions. As a means to develop the historical context, I will first give a brief overview of Ghana’s economic history. Next, I will specifically focus on the policies of the Big Push strategy of Kwame Nkrumah and the Economic Recovery Program (ERP) of the Provisional National Defense Council (PNDC) under Jerry Rawlings because the conflicting ideologies of the socialist Nkrumah regime and the neoliberal Rawlings administration provide the best contrasts for historical developmental themes.
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