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Can Oil-led Growth and Structural Change Go Hand in Hand in Ghana? A Multi-sector Intertemporal General Equilibrium Assessment

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Author Info

  • Clemens Breisinger
  • Xinshen Diao
  • Manfred Wiebelt

Abstract

Unlike in Asia, the manufacturing sector has not (yet) become a driver of structural change in Africa. One common explanation is that the natural resource-focus of many African economies leads to Dutch disease effects. To test this argument for the case of newly found oil in Ghana we develop a multi-sector intertemporal general equilibrium model with endogenous savings and investment behavior. Results show that in addition to the well-known short-term Dutch disease effects, long-term structural effects can indeed impede Asian-style economic transformation in Ghana (and other resource rich countries). We also demonstrate how oil wealth may go hand in hand with structural change in the future

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1784.

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Length: 31 pages
Date of creation: Jul 2012
Date of revision:
Handle: RePEc:kie:kieliw:1784

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Keywords: transformation; growth; structural change; oil revenue; Dutch disease; Ghana; intertemporal general equilibrium;

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