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This paper examines some factors that may have accounted for the investment and growth performance of Ghana during the past two decades, with special emphasis on the economic recovery program (ERP) period. The paper highlights that Ghana’s growth performance responded well to the liberalization of the exchange and trade regime and the elimination of price controls. Sustained implementation of stabilization policies without reversals was also strongly supportive of growth. However, inflation remained relatively high—at about 25–30 percent—and unpredictable, dampening the incentives for the private sector to save and invest.
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.
Ghana’s macroeconomic performance has continued to improve, and the program’s objectives are being met. Progress has also been made toward achieving the Millennium Development Goals. Public expenditure and financial management has shown improvement. The medium-term outlook appears favorable and the economy is poised for acceleration in growth. Recent petroleum price adjustments have delayed the disinflation process. The transparency of exchange rate policy is essential. Executive Directors agree with the government’s determination to lay a strong foundation for the private sector to lead growth.
'...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
This volume assesses the challenges facing Ghana's economy as it enters its seventh decade and the nation heads towards three quarters of a century of independence.