Strategies to stimulate Ghana’s economic transformation and diversification

CDR Coalition Dr Stephen E Armah 8 PAGES (5267 WORDS) Essay/Paper
Subscribe to access this work and thousands more

Abstract After metamorphosing into a lower middle income country, Ghana needs to transform and diversify its economy if it is to consolidate its lower middle income status, reach upper middle income status and drag more of its people out of poverty. Pertinent questions that remain unanswered include: what are the principal self-imposed problems Ghana needs to resolve; what are the institutional changes Ghana needs to make to transform and diversify its economy and what lessons can Ghana glean out of the experiences of other countries that have transformed their economies? Using a comparative analysis of published research and economic analyses, based on the available literature, this paper provides some answers to these questions. Key self-imposed problems include: weak institutions highlighted by a ‘winner takes all’ democratic governance structure that disenfranchises Ghanaians with no connections to the ruling party; weak management of the macro-economy; extremely high cost of borrowing; an unstable exchange rate; high import taxes; a narrow tax bracket with the majority in the informal sector paying zero taxes reducing government revenue; endemic corruption; ineffective land tenure; an inadequate transportation network; unreliable access to electric power; inability to engage in manufacturing; poor sanitation; difficulties in curtailing illegal mining and widespread indiscipline that makes management of people unduly challenging. Critical institutional reform needed includes a constitutional review that limits the power of the executive and makes him accountable for his actions

Subscribe to access this work and thousands more
Overall Rating

0

5 Star
(0)
4 Star
(0)
3 Star
(0)
2 Star
(0)
1 Star
(0)
APA

CDR, C (2021). Strategies to stimulate Ghana’s economic transformation and diversification. Afribary.com: Retrieved April 15, 2021, from https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification

MLA 8th

Coalition, CDR. "Strategies to stimulate Ghana’s economic transformation and diversification" Afribary.com. Afribary.com, 02 Apr. 2021, https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification . Accessed 15 Apr. 2021.

MLA7

Coalition, CDR. "Strategies to stimulate Ghana’s economic transformation and diversification". Afribary.com, Afribary.com, 02 Apr. 2021. Web. 15 Apr. 2021. < https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification >.

Chicago

Coalition, CDR. "Strategies to stimulate Ghana’s economic transformation and diversification" Afribary.com (2021). Accessed April 15, 2021. https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification