Strategic thinking and economic development: the case of Ghana

This paper examines the significance of strategic management for economic development in developing economies, and provides an array of techniques for assisting executives to adapt organisations to the marketplace to achieve their key objectives. Applied appropriately, strategic management can facilitate consensus decision making and compatibility. Nevertheless, accomplishment in organisational strategy is largely contingent on the appropriate mental perspective instead of specific tools because tools alone can often become an obstacle to innovative thinking, especially in environments that are highly volatile requiring consistent change and adaptation of strategy to changing circumstances. Strategic management works best when appreciated as a means of learning, as opposed to a holy grail to observe. The objective of this paper, therefore, is to outline strategic thinking using Ghana as an example for managers in developing countries to innovate and think strategically relative to the peculiar challenges within their markets. It is expected that this paper would contribute to understand the implementation of strategic thinking processes in different environments.