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Understanding Economic Growth in Ghana in Comparative Perspective

Author

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  • Geiger,Michael Tobias
  • Trenczek,Jan
  • Wacker,Konstantin M.

Abstract

Ghana has experienced a decade of solid and exceptionally high growth. Between 2005 and 2015, income nearly doubled. This paper analyzes the factors driving this impressive growth performance, using tools such as structural change decompositions and growth regressions. For the comparative perspective, the paper compares Ghana with its structural and aspirational peers. The paper finds that the contribution of structural change to growth has been limited and attributes this to labor that was freed up in agriculture not being absorbed by high-productivity sectors. Looking at factors that drove growth since 2000, financial development and infrastructure had the most important impacts. A benchmark analysis suggests that those areas should remain the policy focus over the longer term, but that near-term priority should be given to stabilization policies.

Suggested Citation

  • Geiger,Michael Tobias & Trenczek,Jan & Wacker,Konstantin M., 2019. "Understanding Economic Growth in Ghana in Comparative Perspective," Policy Research Working Paper Series 8699, The World Bank.
  • Handle: RePEc:wbk:wbrwps:8699
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    Citations

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    Cited by:

    1. Broadberry, Stephen & Gardner, Leigh, 2019. "Economic Growth in Sub-Saharan Africa, 1885-2008," CAGE Online Working Paper Series 425, Competitive Advantage in the Global Economy (CAGE).
    2. Stephen Broadberry & Leigh Gardner, 2019. "Economic Growth In Sub-Saharan Africa, 1885-2008," Oxford Economic and Social History Working Papers _169, University of Oxford, Department of Economics.
    3. Nxumalo, Mpumelelo Author-Name: Raju, Dhushyanth, "undated". "Structural Transformation and Labor Market Performance in Ghana," Jobs Group Papers, Notes, and Guides 154568, The World Bank.
    4. Stephen Broadberry & Leigh Gardner, 2019. "Economic Growth In Sub-Saharan Africa, 1885-2008," Oxford Economic and Social History Working Papers _169, University of Oxford, Department of Economics.

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