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
E, D (2021). Strategies to stimulate Ghana’s economic transformation and diversification. Afribary. Retrieved from https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification
E, Dr "Strategies to stimulate Ghana’s economic transformation and diversification" Afribary. Afribary, 02 Apr. 2021, https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification. Accessed 23 Nov. 2024.
E, Dr . "Strategies to stimulate Ghana’s economic transformation and diversification". Afribary, Afribary, 02 Apr. 2021. Web. 23 Nov. 2024. < https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification >.
E, Dr . "Strategies to stimulate Ghana’s economic transformation and diversification" Afribary (2021). Accessed November 23, 2024. https://afribary.com/works/strategies-to-stimulate-ghana-s-economic-transformation-and-diversification