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Ghana: Economic Development in a Democratic Environment

Author

Listed:
  • Mr. Joachim Harnack
  • Mr. Sérgio Pereira. Leite
  • Ms. Stefania Fabrizio
  • Ms. Luisa Zanforlin
  • Mr. Girma Begashaw
  • Mr. Anthony J. Pellechio

Abstract

This chapter 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 1992 in raising the standard of living of its population and reducing poverty. The high-profile political process that launched constitutional democracy in the 1990s and generated Ghana—Vision 2020 placed poverty reduction at the center of economic policy. Based on a set of price and unit labor cost indicators, Ghana's competitiveness improved in the early 1990s through 1994. The evidence for 1995–98 is quite strong. The Bank of Ghana is suspected to have used administrative means and moral suasion to influence the exchange rate, resisting the cedi's depreciation. The terms-of-trade shock forced the Bank of Ghana to focus more clearly on maintaining adequate foreign reserves. The depreciation may then have helped make the foreign exchange market more active and the nominal exchange rate more representative of market conditions.

Suggested Citation

  • Mr. Joachim Harnack & Mr. Sérgio Pereira. Leite & Ms. Stefania Fabrizio & Ms. Luisa Zanforlin & Mr. Girma Begashaw & Mr. Anthony J. Pellechio, 2000. "Ghana: Economic Development in a Democratic Environment," IMF Occasional Papers 2000/015, International Monetary Fund.
  • Handle: RePEc:imf:imfops:2000/015
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    Citations

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    Cited by:

    1. Emmanuel Aggrey-Fynn & Godsway Banini & Andre Croppenstedt & Yvonne Owusu-Agyapong & George Oduru, 2003. "Explaining Success in Reducing Under-Nourishment Numbers in Ghana," Working Papers 03-10, Agricultural and Development Economics Division of the Food and Agriculture Organization of the United Nations (FAO - ESA).
    2. Kolavalli, Shashidhara & Flaherty, Kathleen & Al-Hassan, Ramatu & Baah, Kwaku Owusu, 2010. "Do Comprehensive Africa Agriculture Development Program (CAADP) Processes Make a Difference to Country Commitments to Develop Agriculture?," IFPRI discussion papers 1006, International Food Policy Research Institute (IFPRI).
    3. Resnick, Danielle, 2019. "Strong democracy, weak state: The political economy of Ghana’s stalled structural transformation," IFPRI book chapters, in: Ghana’s economic and agricultural transformation: Past performance and future prospects, chapter 3, International Food Policy Research Institute (IFPRI).
    4. Brooks, Jonathan & Croppenstedt, Andre & Aggrey-Fynn, Emmanuel, 2007. "Distortions to Agricultural Incentives in Ghana," Agricultural Distortions Working Paper Series 48523, World Bank.
    5. Arnim Langer and Frances Stewart (QEH), "undated". "Macro Adjustment Policies and Horizontal Inequalities," QEH Working Papers qehwps158, Queen Elizabeth House, University of Oxford.

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