The economy of ghana sixty years after independence

436 101 0
The economy of ghana sixty years after independence

Đang tải... (xem toàn văn)

Tài liệu hạn chế xem trước, để xem đầy đủ mời bạn chọn Tải xuống

Thông tin tài liệu

T H E E C O N O M Y O F GH A N A S I X T Y Y E A R S AFTER INDEPENDENCE The Economy of Ghana Sixty Years after Independence Edited by ERNEST ARYEETEY and RAVI KANBUR OUP UNCORRECTED PROOF – FIRST PROOF, 6/1/2017, SPi Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © the various contributors 2017 The moral rights of the authors have been asserted First Edition published in 2017 Impression: All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this work in any other form and you must impose this same condition on any acquirer Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2016950607 ISBN 978–0–19–875343–8 (hbk.) 978–0–19–879895–8 (pbk.) Printed in Great Britain by Clays Ltd, St Ives plc Links to third party websites are provided by Oxford in good faith and for information only Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work Acknowledgements The Editors would like to acknowledge the invaluable assistance of Sue Snyder of Cornell University as the administrative anchor of the project Preface Ghana will celebrate 60 years of independence in 2017 As one of the first countries to receive independence in sub-Saharan Africa, Ghana’s development has been followed with great interest by the development community After a period of high growth in the first two decades of independence the economy fell into a deep slump through the 1980s Economic recovery gathered pace through the 1990s, alongside a restoration of democracy after a long period of intermittent military rule At the 50th anniversary of Ghana’s independence in 2007, political stability and economic growth gave some cause for optimism, even though it was noted by many observers that Ghana’s economy had not achieved the structural transformation to a more diversified production base that was desired by policymakers At the same time, oil and gas discoveries held out the prospect for an oil boom which could underpin further economic development, although there were worries about the natural resource curse witnessed in many resource rich countries As Ghana approaches its 60th birthday, it would be fair to say that optimism and worries for the future continue to be present in equal measure Economic growth in the last decade has been high by historical standards Indeed, recent rebasing of gross domestic product (GDP) figures has put Ghana over the per capita income threshold into middle-income country status However, structural transformation has lagged behind Further, fiscal discipline has eroded significantly and heavy borrowing especially on the commercial market is being engaged in, while elements of the natural resource curse have already manifested themselves The question most observers ask is whether the gains from two decades of reforms are being reversed Given this background, this volume brings together leading established and young economists, from within and outside Ghana, to analyse and assess the challenges facing Ghana’s economy as it enters its seventh decade and the nation heads towards three-quarters of a century of independence The chapters in the volume cover the major macroeconomic and sectoral issues, including fiscal and monetary policy, trade and industrialization, agriculture, and infrastructure The volume also covers the full range of social issues including poverty and inequality, education, health, gender, and social protection Our hope is that this volume will take its place as a contribution to the ongoing debate and discussion on the future and the promise of Ghana’s economy to fashion a better life for its citizens Ernest Aryeetey Ravi Kanbur Contents List of Figures List of Tables List of Contributors xi xv xix PART I THEMATIC ISSUES Ghana at Sixty: Learning from a Developing African Nation’s Past Ernest Aryeetey and Ravi Kanbur W Arthur Lewis and the Roots of Ghanaian Economic Policy Ravi Kanbur 16 Property and Freedom Franklin Obeng-Odoom 28 PART II MACROECONOMY AND FINANCE Economic Growth in Ghana: Trends and Structure, 1960–2014 Ernest Aryeetey and Ama Pokuaa Fenny 45 Sixty Years of Fiscal Policy in Ghana: Outcomes and Lessons Robert Darko Osei and Henry Telli 66 Monetary Policy and Inflation Management in Ghana: Inflation Targeting and Outcomes Peter Quartey, Bernice Owusu-Brown, and Festus Ebo Turkson 88 Trade and Exchange Rate Policies since Independence and Prospects for the Future A D Amarquaye Laryea and Bernardin Senadza 103 Banking and Capital Markets: The Evolution of Ghana’s Financial Sector and Future Prospects Sam Mensah 117 Oil and Ghana’s Economy Augustin Kwasi Fosu 137 PART III SECTORAL PERSPECTIVES 10 Flickering Decades of Agriculture and Agricultural Policy Fred Mawunyo Dzanku and Christopher Udry 11 Industrial Policy in Ghana: From a Dominant State to Resource Abundance Nkechi S Owoo and John Page 157 176 Index Tables and figures are indicated by an italic t and f following the page number ‘abjection’ process 261–2 Aboso Glass Factory 267 Abossey Okai area 218 Accelerate Agricultural Growth and Development Strategy (AAGDS) 57 Accra air pollution 246–7 economic development 218–19 employment 342 environment 219 health 368 healthcare 370–3 industrialization 20 poverty and inequality 286t, 287–8 poverty reduction road infrastructure 225–6 services delivery 213–14 street vendors 201, 203 transportation network 213 urban area 209, 210, 212, 217–18, 219 Accra retail index 68 Acheampong, Ignatius 265 Africa Competitiveness Report 2013 223 Africa Mobile Networks (AMN) 231 African Cup of Nations 57–8 African Development Bank, African Infrastructure Development Index 234 Africans and British Rule (Perham) 17 African Union 57–8 age groups see youth Agricultural Credit and Cooperative Bank Act 1965 (ACT 286) 121 agricultural land environmental degradation 247–8 environmental policies 247–8 increase 248–9 agriculture comparison of micro and macro level indicators 167–70 contribution to GDP 53, 57f, 158t, 159f, 195f, 290n and economic growth 157, 158–61 and economic policy 173–4 and economic welfare 170–3 employment 158, 202t, 303–5, 313 employment absorption 198, 199f, 200f employment composition 326t fertilizer use 170 and GDP growth 162f gender gap 326 growth in sector 47–8, 60, 61t and infrastructure 236 lack of students in 360 land acquisition 31–4 to non-agricultural growth 160–1 plans for growth 5, 56–7 policies 5, 12, 35, 47–8, 173–4 sector performance 139f, 161–7 subsistence farming 247 and water pollution 252 women employed in 326 air pollution, and environmental policies 246–7 Airport City Project 227–8 Airtel 231 air travel, infrastructure 223, 226–8, 232 Akim Abuakwa Act 1958 (ACT 78) 34 Akosombo Dam Project 35, 62, 230 Akrofi vs.Akrofi 39 Akuffo, Frederick 265 AngloGold Ashanti 269, 272 Annual Budget Funding Amount (ABFA) 146, 148–9 Armed Forces Revolutionary Council 183 artisanal and small-scale mining (ASM) 272, 273–4 asafo (youth group) 30, 38 Ashanti Goldfields 127, 263 Ashanti region housing 281 land acquisition 30 urban population growth 209, 217 waste disposal 213 asset ownership disparities between rural and urban areas 296 gender gap 329 by women 319–20, 329 Association of Ghana Industries (AGI) 99, 183 Bank for Housing and Construction 121 banking challenges going forward 132–5 colonial era 118–20 development 120–2 expansion of 58, 59 and the Financial Sector Adjustment Programme 123–6 investment 128 post-independence 120–2 reason for economic decline 123 reform 122–3 regulatory and technical changes 59 402 Index banking (cont.) rural 121 second generation reforms 129–32 selected indicators 131t size and concentration 126t Bank of Ghana (BoG) Composite Indicator of Economic Activity (CIEA) 94 and depreciation 114 establishment of 120–2 and exchange controls 62 and monetary policy 93–100 money targeting approach 89 and petroleum revenue 187 Policy Rate 93–100 strengthening 124, 125 trading services 131 Bank of Ghana Act 2002 (ACT 612) 93, 129 Bank of the Gold Coast (BCG) 119, 120 Barclays Bank (DCO) 118, 120 bauxite 226, 251, 273 biodiversity conservation 248–9 biomass fuel, dependence on 250–1 Bonsa Tyre Company 267 Botswana 128, 129t, 187 British Bank of West Africa (BBWA) 118, 120 Brong Ahafo region environmental degradation 247 land acquisition 30 budget balance deficits 11, 49, 55–6, 58f, 68, 114 and fiscal slippages 75f surpluses 67, 68 Burke, Edmund 23 Busia, K A 108, 264–5 Caine, Sydney 18, 19, 22 capital access to international 134 expenditure 48–9, 69–70, 84–5 markets 127–9, 132t rise in costs capital gains tax 73 capitalism 29 Capitation Grant 292 Carried and Participating Interest (CAPI) 146 CAST 265 cedi depreciation 62, 95, 98, 100, 113–15 devaluation 8, 55, 58, 108, 177–8, 265, 267 Central Medical Stores (CMS) 375 Central Securities Depository 130 Centre for Scientific Research into Plant Medicine (CSRPM) 372 Chad 235 chiefdoms as agents of colonialism 34 and land governance 36 and women 39 children diseases affecting 366 mortality rates 293–5, 366, 390 Children’s Maintenance Act 1965 (ACT 297) 319 China Development Bank (CDB) 226 civil service, salaries 54 climate change 214, 217, 246–7 Coastal Zone Management Programme 249 coastal zones, environmental degradation 249 cocoa dependence on 4–6 foreign exchange earnings 264–5 household participation in production 168 price decline 7, 72 price rise 21, 107–8, 111 production 60, 112, 162, 163, 165–6 and railway infrastructure 236 yields 162, 163, 165–6 collective freedom 28, 39 collective investment schemes 127–8 Colonial Bank 118 Colonial Economic Advisory Committee 18 Colonial Office 17, 20 communities and environmental conservation 243 healthcare 371, 374–5 and land arrangements 38 community-based health insurance (CHI) schemes 387–8 community-based health planning and services (CHPS) programme 374–5, 380 Community Health Insurance Committee (CHIC) 393–4, 395 Composite Indicator of Economic Activity (CIEA) 94 Concessions Ordnance 1900 36 Congo DR 235 Consolidated Discount House 124 Consolidated Fund 187, 237, 268 consumption poverty 285–8, 289t ‘control of corruption’ (COC) measure 151, 153 Convention People’s Party (CPP) 18, 20–1, 318–19 corporate social responsibility (CSR), and gold mining 269, 270 corporations, and land acquisition 30–4 corruption measure 151, 153 and public institutions 9–10 and state-business relations 183 and trade policies 108, 109 Côte d’Ivoire 162, 225 Coulombe, H 286 court institutions 39 credit directed system 122 for government funding 49 high cost 132–3 and monetary policy 91–2 women’s access to 324, 329, 330 Index crop prices 48 currency see cedi customary land 30–1 customary law 319 customary leaders 36 customary property 34 Dagbon Traditional Area 39 data sources absence of poverty and inequality 279–80 Ghana Living Standards Survey (GLSS) 285–9 for poverty and inequality 284–5 deaths, causes of premature 366, 367t debt 73, 99, 108, 114–15 decolonization 17, 24–5 deforestation 248–9, 251 democracy 56, 346 Demographic and Health Surveys (DHS) 284–5, 322 Department for International Development (DFID) 235 depreciation see cedi desertification, and environmental degradation 247–8 devaluation see cedi developing countries, fiscal policies 74 development plans post-independence 6–9 pre-independence 5–6 for women’s interests 320–1 development process importance of education 349–51 and youth participation 343–6 dialectic model of change 117–18 diamond mining 265, 273 diaspora, potential for funding of education 361 directed credit system 122 Disability Adjusted Life Years (DALYs) 366 disease patterns 366–9 District, Municipal and Metropolitan Assemblies (MMDAs) 214–15 District-wide Mutual Health Insurance Schemes (DMHIS) 388, 393–4 diversification, industrial policy for 185–6 doctors, numbers of 295–6 domestic and care work, gender gap 328 domestic companies, and foreign investment 188–9 domestic violence 322–3, 324–5 Domestic Violence Act 2007 (ACT 732) 322–3 Domestic Violence and Victim Support Unit 322 donor support for climate change 247 for environmental management 255 drought 45, 48 Dutch Disease 186, 266, 273 403 Ecobank 135 economic development banking 120–2 and infrastructure 223–4 managing the environment for 242–3 and property 28–9 urbanization 210–11, 218–19 and youth participation 340–3, 345–6 economic growth and agriculture 157, 158–61, 170–3 and employment 302–3 and the financial sector 117–18 and fiscal policies 71–3, 77–85 and infrastructure 235–7 and institutional quality 144–5 outlook 63 performance 1960–83 46–52, 66 performance 1983–92 52–5 performance 1992–2009 55–9 performance 2010–14 60–3 performance 2015 3–4 and politics 333 pre-independence 4–6 sector performance 139f and structural change in employment 303–5 and telecommunications 236–7 trends 10–11, 45–6 economic policymaking and economic performance 9–14 and formal and informal enterprises 194–5, 202t and industrialization 18–23 and politics 22, 26 post-economic reforms 8–9 post-independence 6–8, 105–6 pre-independence 4–6, 17 relevance of Lewis-Nkrumah exchanges 25 Economic Recovery Programme (ERP) 1983–86 52, 72–3 1987–90 52–3 and data collection 284 embarking of 109 external sector under 55 fiscal performance under 54 GDP growth 45 introduction of 8, 123, 280 and lack of environmental management 244 monetary sector performance under 54–5 objectives 109 reforms 109–13 and structural adjustment 178–9, 263–4 education access to 291–2, 355–6, 360–1 attainment 350, 354–5, 362–3 attendance rates 337 cognitive achievement 358–9 decline in quality 350, 358–9 definition 351 404 Index education (cont.) and employment 301–2 evolution and growth 14, 351–5 financing 356–8, 359 formal versus informal 351–2 funding 353–4, 359, 361 and gender gap 325–6, 330, 355–6, 363 importance in development 349–51 and income inequality 290 inequality 362–3 investments needed 186 kindergarten 353 and mining 263 need for quality 363 need to link to labour market 361 pedagogy 359, 360, 362, 363 performance 325t quality 358–9 relevance 358, 359–60, 362 standards 361–2 structure of formal 352–3 towards reform and restructuring 360–2 and unemployment 309–10 and youth 336–8, 341, 345 Egypt 232f, 233f, 234 elderly, health conditions 368 elections 55–6 electricity 230, 238–9 Electricity Company of Ghana (ECG) 63, 229, 238–9 employment in agricultural sector 158 from agriculture to services 303 and economic growth 200–3, 302–3 by economic sector 303–5, 326t, 342t and education 301–2 in formal and informal enterprises 192–3, 198–200, 200–3 and gender 197f, 305–6, 326t, 327t, 338t, 339t, 342t government policies 196–8, 203–4 in informal enterprises 12, 204–5 and infrastructure 235–6 institutions, regulation, and policies 311–15 and the labour market 299, 315 lack of skills for 186 and land acquisition 31–2 level and quality 299–302 in manufacturing 210–11 private sector 197t public sector 196–7 services sector 211 time spent on various activities 328t trends and distribution 299–306 underemployment 310–11 unemployment 13, 308–10 wages and earnings 306–8 and youth 314, 338–40, 341–3 employment-to-population ratio 300, 305–6 enclaves mining 13, 261–4, 270, 272, 274, 290 structure 290 ‘End of Laissez Faire, The’ (Keynes) 22–3 energy crisis 62–3 and environmental policies 250–1 importance of supply 186 and informal self-employment 203f entertainment industry 342 Environmental Action Plan (EAP) 244 environmental degradation of agricultural land 247–8 coastal zones 249 costs 243–4 fisheries 249–50 from mining 251–2, 255 from non-oil mineral resources 145 Environmental Impact Agency 274 Environmental Impact Assessment 244 environmental management challenges 254–6 for development 12–13, 242–3 institutional framework 243–6 policies and legislation 245t policies and strategies for 256–7 state of 246–54 urbanization 211–14, 219 Environmental Protection Agency (EPA) 244, 247, 255 Environmental Protection Council (EPC) 243–4 Eritrea 235 exchange rates depreciation 62 devaluation 55, 108 following currency redenomination 58 and inflation targeting 100 and monetary policy 91 policies 51–2, 107–9 policies and trade 11 policy challenges 113–16 policy reforms under the ERP 110–13 role of 104–5 export processing zone (EPZ) strategy 210–11 export trends 59 external sector 55, 59, 62, 103 faith-based healing 371 family workers, unpaid 327, 330 female genital mutilation (FGM) 320 Female Genital Mutilation Law 1994 (ACT 484) 320 Ferguson, J 261–2 financial accounts, gender gap in holding of 329, 330 Financial Institutions (Non-Banking) Act 1993 (PNDCL 328) 126 financial sector adjustment 123–6 capital markets 127–9 Index challenges going forward 132–5 colonial era 118–20 evolution of 11–12, 117–18 expansion of 54 indicators 122t non-banking (NBFIs) 126 post-independence 120–2 reform 122–3 regulation and supervision 130–1 repressed 122 second generation reforms 129–32 Financial Sector Adjustment Credit (FINSAC 1) 124, 126t Financial Sector Adjustment Credit (FINSAC 2) 124–6 Financial Sector Adjustment Programme (FINSAP) 123–4 Financial Sector Strategic Plan (FINSSP 1) (2003–8) 129–32 Financial Sector Strategic Plan (FINSSP II) (2012–16) 130 First Ghana Eurobond 134 fiscal deficits see also budget balance and economic growth 78–86 following independence 67 and government expenditures 76f, 77f and inflation targeting 99 as percentage of GDP 49, 50t, 61, 67 trends 58, 68, 69f, 70f fiscal performance after the Financial Crisis 61 under Democratic Rule 58 under the ERP 54 fiscal policies and economic growth 77–85 in the election cycle 114 importance of 66–7 overview of 11 post-independence 66, 67, 68–73, 85–6 post-reform 72–3 pre-independence 67 role of in economic history 71–3 since independence 85–6 fiscal slippages 73–4, 75–7 fisheries 249–50 Fisheries Amendment Act 2014 (ACT 880) 250 Five-Year Development Plan (1959–64) 6, 21 Five-Year Development Plan (1975–6 to 1979–80) 320 Five-Year Plan (1951–2 to 1956–7) flooding, and urbanization 214, 219 Food and Agriculture Sector Development Policy 248 Food and Drugs Authority (FDA) 372 food production 31–2, 162 food security 32 football, employment in 342 foreign direct investment (FDI) 28, 60, 252, 266 foreign exchange 107, 108, 110 405 Foreign Exchange Act 2006 (ACT 723) 110–11, 134 foreign investment and domestic companies 188–9 and land acquisition 30–4 forestry 145, 248–9, 254, 326t formal sector definition 193 and economic growth 200–3 and economic policies 194–5 employment 198–200, 202t, 301, 306, 342t employment trends 192 gender gap 327 implications of public policies 196–8 wages and earnings 308 women in 327 fossil fuel, dependence on 250–1 Free, Compulsory and Universal Basic Education (fCUBE) policy 292 freedom, and property 28–34 Free Zone Project 210 fuel filling stations 218 gender see also inequality educational attainment 350 employment 305–6, 338–40, 342t health conditions 368 school attendance rates 337t school enrolment rates 356t strategies and policies 317–25 underemployment 311 unemployment 309 gender gap closing the 317 and education 325–6 in education 330 in the labour force 326–8 looking ahead 330 presence of 13 progress in reducing 325–9 school enrolment rates 355–6 strategies and policies 330 gender related inequality index (GDI) 321 Ghana@50 57–8 Ghana Aviation Authority 227 Ghana Aviation Training Academy (GATA) 227–8 Ghana Chamber of Mines 270, 271 Ghana Commercial Bank 120, 125, 127 Ghana Consolidated Diamonds 265 Ghana Cooperative Bank 122, 124 Ghana Enterprises Development Decree 182 Ghana Expanded Programme on Immunization (EPI) 294 Ghana Fixed Income Market 130 Ghana Grid Company Limited 229 Ghana Health Service (GHS) 373, 378 Ghana Industrial Corporation (GIDC) 121 Ghana Infrastructure Investment Fund 224, 230–1 406 Index Ghana Infrastructure Investment Fund 2014 (ACT 877) 235, 238 Ghana Investment Centre 179 Ghana Investment Code 243 Ghana Investment Promotion Centre (GIPC) 32, 184, 210, 243 Ghana Investors Advisory Council (GIAC) 184 Ghana Living Standards Surveys (GLSS) 167, 285–90 Ghana Manganese Company 273 Ghana National Chamber of Commerce (GNCC) 183 Ghana National Gas Company (GNGC) 150 Ghana National Petroleum Corporation (GNPC) 149–50 Ghana Oil Company 127 Ghana Petroleum Funds (GPFs) 146, 148–50, 153 Ghana Petroleum Regulatory Authority 147 Ghana Poverty Reduction Strategy I (GPRS I) 8, 56, 57–8, 245, 323–5 Ghana Poverty Reduction Strategy II (GPRS II) 8, 56, 57–8, 245, 323–4 Ghana Railway Development Authority 226 Ghana Railways Corporation (GRC) 226 Ghana Reinsurance 126 Ghana Shared Growth and Development Agenda (GSGDA I) 8, 60, 322, 324 Ghana Shared Growth and Development Agenda (GSGDA II) 225, 245 Ghana State Mining Corporation 263 Ghana Stock Exchange (GSE) 126, 127–8, 129f, 129t, 130 Ghana Urbanization Review (GUR) 215t, 216 Ghana Water Company Limited (GWCL) 229, 252 global financial crisis, impact of the 60 globalization 130–1, 135, 201, 211, 218 Glo Mobile Ghana 231 gold corporate social responsibility (CSR) 269, 270 dependence on 266, 273 dominance of 266–7, 268 increase in production 112, 145 prices 142–3 production 251 scaling down 272–3 Gold Coast 3, 4–6, 18–23 Gold Coast Industrial Development Corporation (GCIDC) 121 Gold Coast Industrialization report (Lewis) 20–3 governance effectiveness with petroleum revenues 148–52, 153 of healthcare 377–80, 386–7 government and business relations 181–5 and employment policies 312–15 and gender policies 317–25 responses to informal sector employment 203–4 role in banking 119–20 role of the 9–10 and youth policies 343–6 government expenditure and business relations 183 and economic growth 78–85 and fiscal slippages 75–7 following independence 66, 67, 68, 71–2 and foreign aid 85 on healthcare 379t levels of 54, 67, 68–71 in mining 263 pre-independence 67 Government Mortgage Loans Scheme 120 government revenue and economic growth 81f, 83, 84t and fiscal slippages 75f and Ghana Petroleum Funds (GPFs) 148–50 levels of 70–1 Great Depression 5–6 Greater Accra education 291 health 294–6 healthcare 373–4 poverty and inequality 281 urban area 212 urban population growth 209–10, 217 Green Growth Strategies 255 Greenleaf Global 32 gross domestic product (GDP) and agricultural productivity growth 161–7 by economic sector 178f, 179f, 181f, 194–5, 266t, 304f and employment growth 303 and fiscal deficits 78–84 and government expenditure 80f, 82f and government revenue 81f growth 3–4, 13, 45, 46f, 47, 50f, 52, 53, 56, 72, 122, 137–44, 178 on healthcare 378, 379t market capitalization to 128 and poverty measures 280 Guarantee Corporation 120 Guggisberg, Gordon 4–6, 17 Guinea Current Large Marine Ecosystem belt 249–50 Habitat for Humanity Ghana 38 health access to 292–6 and disease patterns 366–9 and healthcare 14, 365–6 mental disorders 368 and youth 345–6 healthcare Beveridge Model 392–3 Bismarck Model 393 Index Centralized Model 393–4 community 371, 374–5 delivery of 380–1 expenditure 369, 390 facilities by type and ownership 372–3 faith-based healing 371 financing and governance 369, 377–80, 386–7, 392–3 and health 14, 365–6 health centres 370, 372t hospitals 370, 372t human resources 373–5 information 376–7 insurance 378–80, 386, 397 see also National Health Insurance Scheme (NHIS) maternal 389–90 medicines 375–6 mental health 375 mission facilities 371 National Health Insurance Model 393 primary healthcare services (PHCs) 371 service delivery 370–3 system 369–81, 390 traditional medicine 371–3, 376 training programmes 370, 373 health centres 370, 372t ‘Health for All’ 371 Health Human Resources Policy 373 Health Sector Medium Term Development Plans (HSMTDPI) 378 Heavily Indebted Poor Countries (HIPC) Initiative 56, 73, 78, 114, 129, 323 Heritage Fund 146, 148, 153, 187 hospitals 370, 372t households in agriculture and welfare 170–3 expenditure on education 357 participation in agricultural production 167–70 surveys 284–5 household wealth, women’s ownership of 329 housing inadequate 253 and land acquisition 31 shortage 281 stock 281, 283t human resources, for healthcare 373–5 ICT, infrastructure 232–3 immunization coverage 294 import controls 7, 72, 177–9 import liberalization programme 54, 55, 111 imports fall in volumes 45 substitution 107–8 tariffs 111 trends 59 import-substitution industrialization strategy (ISI) 51, 107, 113, 176–7, 210 income distribution 8, 236 407 independence from colonial rule 3–4 economy at 71 high expectations following 66 movement for 119 individual freedom 28–9, 39 Industrial Development Corporation Industrial Development Strategy 188 industrialization and economic policymaking 18–23 and import substitution 51, 107, 113, 177–8, 210 Nkrumah’s passion for 35 policy and performance 176 industrial policy need for more effective 189–90 and performance 176–81 in a resource-abundant economy 185–9 and state-business relations 181–5 Industrial Relations Act 1965 (ACT 299) 319 industrial sector capital investment in 49 contribution to GDP 53–4, 57, 60–1, 179f, 181f, 195f employment 202t, 303–5, 326t incapable of competing effectively 115–16 performance 139f inequality see also gender in access to education 291–2 in access to health 292–6 in access to social amenities 296 consumption-based 289t data sources 284–5 income 289–90 lack of progress in reducing 296–7 monitoring of 279–80 non-monetary dimensions 290–6 post-independence 280–3 and poverty 13 infants diseases affecting 366 mortality rates 293–5, 320, 390 inflation consumer prices 68 levels of 3, 8, 45, 50–1, 55, 58–9, 66, 72, 179 monetary policy and management of 11 rates of 96–9, 97f inflation targeting strategy 90, 92–101 informal sector artisanal and small-scale mining (ASM) 272 definition 192–3 and economic growth 200–3 and economic policies 194–5 employment 198–200, 202t, 300–1, 313, 342t employment of women 306 employment of youth 341–3 employment trends 192 expansion of 12 gender gaps 327 408 informal sector (cont.) implications of public policies 196–8 labour standards 312 low participation in NHIS 391–2 mining sector 203f need for enhancement 204–5 self-employment 203f and urbanization 218 wages and earnings 308 women in the 327–8 information, for healthcare 376–7 infrastructure and agriculture 236 air travel 223, 226–8, 232 and economic development 12, 223–4 and economic growth 235–7 and employment 235–6 ICT 232–3 institutional 115 overview of the last decade 224–31 policy debates 237–9 policy recommendations 239 ports 223 and poverty reduction 235–7 power supply 229–31 railways 223, 226 in relation to other comparator countries 231–5 roads 223–5, 234–5 telecommunications 231 telephone lines 223, 233–4 urbanization 212–13 water 228–9 inheritance rights 319–20 Institute of Banking 124 Institute of Chartered Accountants 124 institutions and economic performance 9–10 environmental management 245t, 254–6 infrastructure 115 labour market 311–15 and land acquisition 32–4 and land policy 37 to manage petroleum revenues 145–8 and property relations 29 quality in sub-Saharan Africa 151–2 quality of 144–5, 148–52, 153 reforms in 9–10 and transformation of property 37–9 for women’s interests 318–19, 321–2 and youth development 340–1 insurance 378–80, 385–6, 397 see also National Health Insurance Scheme (NHIS) Integrated Tamale Food Company 31–2 Intended Nationally Determined Contribution 247 interest rates and inflation targeting 100–1 and monetary policy 90–1 nominal and real 49, 123f Index as set by the Bank of Ghana 94–5 spread 132–3 Internal Revenue Act 2000 (ACT 592) 150 International Labour Organization (ILO) 312 International Monetary Fund (IMF) 4, 36, 54, 55, 96, 109, 123, 178 international organizations, employment 342t internet users 232–3, 236 Intestate Succession Bill 323, 325 Intestate Succession Law 1985 (PNDCL 111) 319–20 investment capital 48–9 collective schemes 127–8 reforms 180–1 strengthening public 187 investment banking 128 Investment Policy decree 182 Jubilee Partners 186 Kenya 128, 129t Keta Sea Defence project 235 Keynes, John Maynard 17–18, 22–3 Kintampo Project 375 knowledge creators, need for 362 Kotoka International Airport (KIA) 227 Kufuor government 56 Kumasi airport 228 land development 20 manufacturing 210–11 services delivery 213–14 street vendors 203 urban area 217–18, 219 Labour Act 2003 (ACT 651) 311, 327 Labour Commission 311–12 Labour Department 312 labour force by economic sector 303–5 educational attainment 302f female 196–7 gender dimension 305–6 gender gap 326–8 males and females participation rates 197f shift from agriculture to nonagriculture 160–1, 290, 303, 305 size of 300 surplus 19–20 women in the 326–8 working poverty rate 308 labour market and employment 299, 315 institutions, regulation, and policies 311–15 need link with education 361 and structural change by economic sector 303–5 trends and distribution 299–306 Index laissez-faire liberal policies, opposition to 18 land acquisition 30–4 agricultural use 247–9 change in use by urbanization 218 commons 38 degradation 145 displacements 33–4, 35 forest area 248–9 governance 36 markets 38, 212 ownership by women 329 pre-colonial arrangements 37–8 registration 29 Land Administration Projects 36, 215t Land and Native Rights Ordnance 1927 36 legislation environmental management 243–6 for health insurance 388 for women’s interests 319, 322–5 Lewis, W Arthur birth and education 17 and economic policymaking 10, 16, 26 and the Gold Coast 16–17 opposition to laissez-faire liberal policies 18 politics and economics after leaving Ghana 23–5 racism towards 17 views as chief economic adviser 20–3, 35 views on Gold Coast industrialization 18–23 views on surplus labour 19–20 views pre-independence 16–20 Libya 234 Limann, Hilla 265 literacy rates 350 Local Content and Local Participation in Petroleum Activities Policy Framework 147 Local Content Bill 188 local economies, and environmental degradation from non-oil mineral resources 145 local governments, and education funding 361 London School of Economics (LSE) 17, 18 Long Term Development Plan–Vision 2020 (1996–2000) 320–1 Long-term National Development Plan 147–8 Long Twentieth Century, The (Arrighi) 34 Low Carbon Development Strategy 247 lower middle income countries (LMICs) 368–9, 381 low-income countries, fiscal policies and economic growth 77–8 macroeconomic performance 1960–83 46–52 1983–92 52–5 409 1992–2009 55–9 2010–14 60–3 indicators 2003–14 96t stability in 114 Madagascar 33 Mahama, Ibrahim 271 Mahama, John Dramani 230, 271 Malaysia 162 Mali 273 malnutrition 294–5 management occupations, employment in 327 manganese industry 5, 226, 251, 273 manufacturing contraction 267 decline in 267–8 employment 305, 313 and informal self-employment 203f output 177–8, 179, 181 trends in 267t urbanization 210–11 market capitalization 128 market reforms, and structural adjustment 178–80 maternal health 366, 389–90 Mauritania 232, 233f, 234f Mauritius 234 McKay, A 286 McKinnon-Shaw (1973) hypothesis 132, 134 medicines 375–6 Medium-Term Agricultural Development Programme 56–7 Medium-Term Agriculture Sector Investment Plan 248 Medium-Term Expenditure Framework (MTEF) mental health 368, 375 Merchant Bank 121, 127 Mercury Act 1989 (PNDCL 217) 272 mercury pollution 145 micro, small, and medium enterprises (MSMEs) 193, 195–6, 198–200, 201, 203–4 military government, and private sector 182–3 Millennium Challenge Compact Funds 238 Millennium Development Authority (MiDA) 239 Millennium Development Goals (MDG) 228, 337 Mineral Development Fund 268 mineral resources and environmental degradation 247–8 and environmental policies 251–2 focus on gold 273 history with non-oil 142–5 rents from 254 revenues from 268f Minerals and Mining (Amendment) Act 2010 (ACT 794) 269 410 Index Minerals and Mining Act 2006 (ACT 703) 268 Minerals and Mining Law 1986 (PNDCL 153) 266, 272 Minerals Commission (2013) 251 mining sector artisanal and small-scale (ASM) 272, 273–4 contribution to the economy 242 critical reflections on the future 272–4 development 264–72 employment 305 enclaves see enclaves environmental degradation 251–2, 255 failing to deliver lasting development 261 and informal self-employment 203f outsourcing of support services 271 poor contribution to GDP 252, 255, 266 royalties 267t, 268–70, 272 state intervention and rentier politics 261–4 suppliers and service providers 271–2 surface 247, 249 Ministry of Energy and Power (MoEP) 245 Ministry of Finance (MoF) 8, 148, 245 Ministry of Food and Agriculture (MOFA) 245 Ministry of Gender, Children, and Social Protection (MOGCSP) 322, 330 Ministry of Health 371, 387–8 Traditional and Alternative Medicine Directorate 372 Ministry of Housing and Water Resources (MHWR) 245 Ministry of Lands and Natural Resources (MLNR) 30, 32, 33, 245 Ministry of Local Government and Rural Development (MLGRD) 245 Ministry of Roads and Transport 225 Ministry of Transport (MoT) 245 Ministry of Women and Children’s Affairs 321–2 Ministry of Youth and Sports 343 mission facilities 371 mobile phones 231, 236–7, 296 monetary growth 97f, 98 monetary policy and inflation management 11, 88, 101 and inflation targeting 89t, 92–101 strategies 88, 89–90 transmission channels 90–2 Monetary Policy Committee (MPC) 90, 93–100 monetary sector under the ERP 54–5 performance 50–1, 58–9, 62 monetary targeting strategy 89–90 money markets 127 money supply 50–1, 58–9, 62 mortality rates 293–5 Moscow 34–5 MTN 231 Multi-dimensional Poverty Index 291 multiple indicator cluster survey (MICS) 285 Nana Oppong vs Attorney-General 30, 37 National Action Plan on Desertification 248 National Banking College 125 National Bond Market Committee 129, 130 National Climate Change Policy 214, 215–16t, 247 National Coalition on Domestic Violence Legislation 322 National Council of Ghana Women (NCGW) 318–19 National Council on Women and Development 319 National Democratic Congress government 183, 184, 394 National Development Planning Commission (NDPC) 8, 148, 245 National Employment Policy (NEP) 314–15 National Energy Policy 251 National Environmental Policy (NEP) 244 National Environmental Protection Programme (NEPP) 244 National Health Insurance Authority (NHIA) 375–6, 388, 392, 395, 396 National Health Insurance Council (NHIC) 388, 394 national health insurance levy (NHIL) 388, 396, 397 National Health Insurance Scheme (NHIS) challenges of implementation 392–4 enrolment 389–90 evolution of 386–9 financing 378–80, 390–1, 391f implementation 389–92 and medicines 375 and quality 380–1 restructuring for the future 394–7 sources of funding 388–9 and values of social insurance 397 National Housing Policy 215t, 216 National Infrastructure Plan 215t, 216 National Insurance Commission 126 National Insurance Company 387 National Investment Bank (NIB) 121, 127 National Land Policy 1999 36 National Liberation Council (NLC) 182 National Liberation Movement 34 National Plan of Action to Combat Desertification 243 National Policy on Public Private Partnership 184 National Redemption Council (NRC) 182 National Savings and Credit Bank (NSCB) 122, 125 National Service Scheme 344 National Spatial Planning Framework 215t, 216 Index National Strategic Plans 255 National Transport Policy 215t, 216 National Tripartite Committee (NTC) 311 National Urban Policy Framework (NUPF) 215–16 National Youth Authority 343 National Youth Employment Programme (NYEP) 314 natural resources dependence on 242 depletion and environmental policies 253–4 trends in rent 254f Neo-colonialism: The Last State of Imperialism (Nkrumah) 35 New Patriotic Party (NPP) 183–4 NGOs, employment 342t Nigeria air travel infrastructure 232 interest rates spread 132 internet users 233f market capitalization to GDP 128 mass deportation of Ghanaians 47 oil exports 152 repatriation of Ghanaians from 45 Stock Market Indicators 2012 129t telephone lines 233f Nkrumah, Kwame agricultural policy 35 deposition 280 economic policy of 105–6, 194 and financial sector reforms 120 fiscal policies 66 and industrialization 35 industrial policy 189 interaction with Lewis 20–2, 24–5 and mining 262–3 and poverty 103 and property 29, 34 socialism of 7, 34–6, 105–6, 120 Non-Bank Financial Institutions Act 1933 (PNDCL 328) 125 Non-Bank Financial Institutions Assistance Project (1996–2002) 126 non-banking financial institutions (NBFIs) 126, 129–30 Non-Performing Assets Recovery Trust (NPART) 124, 125 nutrition, under- 294–5 Office of the Administrator of Stool Lands (OASL) 30, 32, 33, 268 oil and gas infrastructure 224 receipts for infrastructure funding 235 road infrastructure funding 238 oil sector and approach to industrial development 181 and balance of payments 141t contribution to GDP 2010–14 60t 411 discovery of 60, 61, 137 and economic growth 135, 152–3 economy 12 employment 305 exports 140, 152 governance effectiveness 148–52 government receipts for 140–2 growth rate 60–1 historical importance in the economy 137–42 and industrial policy 185 and institutional quality 145, 148–52 links with industry 188–9 overtaking gold 273 prices 51, 138n production in sub-Saharan Africa 274t rents from 254 revenues 61, 265–6 and special institutions to manage petroleum revenues 145–8 and state-business relations 184–5 Oil Spill Contingency Plan 243 One Year Plan 49 Operation Feed the Country (OFC) 46 Operation Feed Your Industries (OFYI) 48 Operation Feed Yourself (OFY) 46, 48, 304 Out-of-Pocket Model 393 Pakistan 232f, 233f, 234f Pan-African Banks 134–5 per capita incomes 1980s 45 fall in 109 following ERP reforms 111 as percentage of GDP 112f personal tax, rates 73 petroleum export earnings 152 exports of 140 governance effectiveness 148–52 government receipts for 141–2, 149–50 and institutional quality 148–52 output 138–40 revenue 142f and special institutions to manage petroleum revenues 145–8 Petroleum Commission Act 2011 (ACT 821) 146–7 Petroleum Holding Fund (PHF) 146, 187 Petroleum Income Tax Law 1987 (PNDCL 188) 150 Petroleum Interest Accountability Committee (PIAC) 146 Petroleum Revenue Management Act 2011 (Act 815) 145–6, 148, 152–3, 187 Philippines 232, 233f planning and climate change 214 poor urban 253 and urbanization 211–12 412 Index Plants and Fertilizer Act 2010 (ACT 803) 248 policies and economic growth 333 and economic performance for educational reform 291–2 environmental management 243–6 on gender 317–25 infrastructure 237–9 labour market 312–15 urban development 214–16 for youth participation in development 343–5 Policy Rate 93–100 politics and economics 22, 26 in West Africa 24–5 Politics in West Africa (Lewis) 24–5 pollution air 246–7, 251 energy 250–1 fisheries 250 mining 251, 252 poor access to healthcare 381, 386 community healthcare 374 healthcare expenditure 369 health conditions 367, 368–9 population achieving economic and social transformation 333–4 data 282t growth 333–4 growth in urban 207, 208–10, 217–18, 253, 281 percentage in agriculture 57 presence of youthful 13–14 trends in size of 334f Post Office Savings Bank 118, 122 poverty and agriculture 171t, 172–3, 174 consumption 286t, 287t data sources 284–5 decline in extreme evolution of consumption 285–8 and inequality 13 in the labour market 308 lines 288 monitoring of 279–80 non-monetary dimensions 290–6 post-independence 280–3 progress in reducing 296–7 poverty reduction commitment to and infrastructure 235–7 strategies 180, 323 and urbanization 207 power supply infrastructure 229–31 policy debates 238–9 poor 3–4 pricing 238–9 privatization 238–9 transmisson losses 230t Precious Minerals and Marketing Corporation Law 1989 (PNDCL 219) 272 primary healthcare services (PHCs) 371 Prime Rate see Policy Rate Private Enterprise Federation (PEF) 184 private expenditure, on healthcare 379t private ownership, and agricultural policies 47–8 private property 28–9 private sector consultative groups 183 development 180 under early military rule 182–3 and education provision 186 and employment 202t employment 196–7, 301, 313, 342t employment absorption 198–200 and infrastructure 238 new role complicated by oil 183–4 provision of education 353 relations with public sector 181–5 privatization, of power supply 238–9 professional occupations, employment in 327 Progress Party government 177 property and freedom 28–34 in the long 20th century 34–6 meaning of 10 next sixty years: market, state or commons 37–9 precolonial 29–30 private 28–9 transformation of idea of 28, 34 Property Rights of Spouses Bill 323, 325 protests, over corporate land investmentdriven displacements 33–4 Provisional National Defence Council (PNDC) 8, 47, 52, 183 Provisional National Defence Council Law 1985 (PNDCL 116) 243 Pru District conflict between settlers and natives 33 employment 31 public dumps, for waste disposal 213–14 Public Investment Management Bill 150 Public-Private Partnerships Policy 215t, 216 public sector employment 196–7, 202t, 301, 313, 342t employment absorption 198–9, 200f healthcare facilities 392 labour standards 312 provision of education 353 relations with private sector 181–5 wages and earnings 307 racism, at London School of Economics (LSE) 17 railway infrastructure 223, 226, 236 Rawlings, Jerry 56, 183, 280 Index recurrent expenditure 68–9, 70, 72, 84 Reducing Emissions from Deforestation and Forest Degradation plus (REDD+) 249 regional integration 134–5 regulation gender 317–25 labour market 311–15 ‘rentier’ state 265–70, 274 repatriation of Ghanaians 45, 57, 109 Representation of the People (Women Members) Act 1960 (ACT 8) 319 resource-abundant economy, and industrial policy 185–9 resource curse hypothesis (RCH) 143–4, 152, 185 retail trade and informal employment 201–2 and urbanization 218 Revised Budget Statement (2015) 67 Road Fund 237 road infrastructure 5–6, 223–5, 234–8 rural areas access to education 356 banking 121 educational attainment 350 employment 338t, 339 land acquisition 30–1 underemployment 311 unemployment 309 Rural Electrification Project 296 Rwanda 381 salaries, civil service 54 savings and investments 45, 49, 50f ScanFarm Ghana 31 scarcity, opposed under indigenous system 38 School Feeding Programme (GFSP) 292 schools, enrolment rates 291–2, 325–6, 337, 349, 354–5, 356t science and engineering lack of students in 360 need for teachers 362 secondary schools, enrolment rates 291–2 Securities Industry Law 129 securities markets 127 Securities Regulatory Commission 126 Sekondi-Takoradi industrial development 180 manufacturing employment 210, 211 railway infrastructure 226 urban area 212, 218 urbanization 218 self-employment dominance of 312 and informal enterprises 192, 196, 200, 201, 202t, 203f status for men and women 327t wage discrimination 328 women 306, 327–8, 329 Sen’s capabilities approach 340 413 services sector contribution to GDP 290n employment 202t, 211, 218, 290, 303–5 employment composition 326t growth 48 healthcare 370–3 and informal self-employment 203f sectoral composition of GDP 195f sector performance 139f transformation from agriculture-based economy 134 trends 54, 57–8, 61 urbanization 212–13 women employed in 326 Seven Year Development Plan for National Reconstruction and Development (1963–4 to 1979–70) 6–7, 23, 49, 182, 320 sewerage, access to 213–14 Seychelles 234 shocks external 109 resilience to 112 through globalization 135 Single Spine Pay Policy (SSPP) 307, 312 Skill Training and Employment Placement (STEP) 314 small and medium-sized enterprises (SMEs), access to finance 133–4 Small Island countries, road infrastructure 234 Small-Scale Gold Mining Law 1989 (PNDCL 218) 145, 272 smuggling 52 social amenities, access to 296 social change, through court institutions 39 social insurance see National Health Insurance Scheme (NHIS) socialism adopted post-independence 6–7, 105–6, 120 and collective freedom 28 and idea of property 34–5 Social Security and National Insurance Trust (SSNIT) 126, 130, 387, 389, 392, 396 Social Security Bank (SSB) 122, 125, 127 social welfare programmes 74 socio-economic indices 282t Somalia 235 South Africa 128, 129t, 234 sovereign rating 134 ‘Soviet Model of Development’ 34–5 Stabilization Fund 146, 148, 150, 153, 187 Stabilization Plan 49 Standard Bank 135 Standard Chartered Bank 118 State Gold Mining Corporation, government investment 263 State Insurance Company 126, 127 state ownership and agricultural policies 47–8 and government investment 48–9 414 Index Stock Exchange Act 1971 (ACT 384) 127 street trading 201, 211 Structural Adjustment Programme (SAP) 73, 263–4, 313 see also Economic Recovery Programme (ERP) structural adjustment programmes healthcare reforms 377 and market reforms 178–80 state-business relations under 183 and women 320 structural transformation and agricultural productivity growth 157 and the gender gap 317 sub-Saharan Africa (SSA) 151–2 subsistence farming 247 surface mining 247, 249 Tamale 212, 228 taxation, reductions in 73 tax revenue 49, 54, 70–1, 114 telecommunications 54, 200, 231, 236–7 telephone lines 223, 231, 233–4, 236 Tema creation of 35 manufacturing employment 211 Tema Harbour 5n urban area 217–18 temperature rise 246–7 Ten-Year Development Programmes 5–6 terms of trade (TOT) 51, 142–4 textile and clothing sector 179–80 Tigo 231 toilet facilities access to 213, 296 lack of 253 tourism, growth in 54, 58 trade deficit 113 and exchange rate policies 11 liberalization 54, 55 missed opportunities preindependence 5–6 as percentage of GDP 112f, 113f role of 104 trade balances 51, 52f, 55, 59, 62 trade intensity index 103, 113 trade policies after independence 106–8 after Nkrumah 108–9 challenges going forward 113–16 and the Economic Recovery Programme 109 and exchange rate policies 103–4 reforms under the ERP 111–13 traditional medicine 371–3, 376 training programmes for the oil industry 188 for the unemployed 314 transnational corporations, land acquisition 31–2 transportation network 5–6, 212–13 Treasury bills 127 Trevor, (Sir) Cecil 119, 133 UN, Habitat Report (2011) 236 underemployment 310–11, 338, 342 unemployment 13, 308–10, 314, 338, 339 United Bank 135 United Gold Coast Convention 119 United Nations Conference on Environment and Development (UNCED) 243 Conference on the Human Environment (UNCHE) 243 Development Decade 106 technical assistance programme 20 universities access to courses 361 enrolment rates 349–50 lack of relevance of degree subjects 360 public and private 353, 356 University of Manchester 17 urban areas access to education 356 educational attainment 350 employment 338t, 339 land acquisition 31–2 underemployment 311 unemployment 309 urbanization challenges 207–8 development policies 214–16 dynamics of 12, 208–14 economic development 210–11 economic trends 218–19 environmental dynamics 211–14 and environmental policies 253 environmental trends 219 future prospects 217–19 growth rate 208f need for leadership 219–20 population growth 209–10, 217–18, 253, 281 utilities, access to 296 vaccinations 294 Vision 2020 plan 8, 56, 148, 313–14 Vodafone Ghana 231 Volta Aluminium Company (VALCO) 177 Voltacom 231 Volta region 7, 22n, 31t, 32 Volta River Authority (VRA) 63, 229, 230 wages and earnings 196–8, 200, 306–8, 328 waste disposal 213–14, 253 water access to potable 253, 296 and environmental policies 252–3 freshwater withdrawals 252–3 infrastructure 228–9, 238 wealth, women’s ownership of household 329 Index welfare programmes and agricultural productivity growth 170–3 and fiscal policies 74 West Africa 24–5 West African Capital Markets Integration Council (WAC-MIC) 135 West African Gas Pipeline 63 WHO, health systems building blocks 369, 370f, 380 Wills Act 1971 (ACT 360) 319 women asset ownership 319–20, 329t development plans for 320–1 and domestic violence 322–3 in education 325–6 employment 338–40 employment participation rates 197f employment status 327t in the labour force 196–7, 305–6, 326–8 legislation for 319–20, 322–5 national institutions for 318–19, 321–2 in precolonial Ghana 39 and structural adjustment programmes 320 underemployment 311 unemployment 309 wages and earnings 308 Women and Juvenile Unit 322 World Bank Completion Report 124 and deteriorating economic conditions 53 Doing Business surveys 180 415 funding from 54, 55 on growth and poverty reduction 290 and land acquisition 32–3 and land governance 36 Living Standards Measurement Study (LSMS) 284 structural reforms 125 on urbanization 207 Yale University, Environmental Performance Index 254 youth asafo (youth group) 30, 38 definition of 335 and democratic process 346 and development 335–40 and economic development 340–3 and education 336–8, 341 education 345 employment 314, 338–40, 341–3 ensuring participation in development process 343–5 harnessing the power of 340–5 health conditions 368 population growth 13–14, 334 role in economic and social transformation 334, 345–6 underemployment 338 unemployment 309, 338 Youth Employment Agency (YEA) 314, 344 ... justify the situation of the harbour there Rather, the eastern part of the country would have benefited more from the construction of a harbour Indeed, even after the harbour was completed, the eastern... of Ghana Isaac Osei-Akoto, University of Ghana Eric Osei-Assibey, University of Ghana Nkechi S Owoo, University of Ghana George Owusu, University of Ghana Bernice Owusu-Brown, University of Ghana. .. A S I X T Y Y E A R S AFTER INDEPENDENCE The Economy of Ghana Sixty Years after Independence Edited by ERNEST ARYEETEY and RAVI KANBUR OUP UNCORRECTED PROOF – FIRST PROOF, 6/1/2017, SPi Great

Ngày đăng: 03/01/2020, 14:42

Từ khóa liên quan

Mục lục

  • Cover

  • The Economy of Ghana Sixty Years after Independence

  • Copyright

  • Acknowledgements

  • Preface

  • Contents

  • List of Figures

  • List of Tables

  • List of Contributors

  • Part I: Thematic Issues

    • 1: Ghana at Sixty: Learning from a Developing African Nation´s Past

      • 1.1 Introduction

      • 1.2 From Guggisberg to Independence (1919-1957)

      • 1.3 Economic Policymaking in the Early Post-Independence Years (1957-1983)

      • 1.4 Economic Policymaking after Economic Reforms (1984 to Date)

      • 1.5 Moving from Policies to Action

      • References

    • 2: W. Arthur Lewis and the Roots of Ghanaian Economic Policy

      • 2.1 Introduction

      • 2.2 Before Ghana: The Decolonization Imperative

      • 2.3 Ghana: The Balance of Economics

      • 2.4 After Ghana: Politics and Economics

      • 2.5 Conclusion

      • Acknowledgement

      • References

    • 3: Property and Freedom

      • 3.1 Introduction

      • 3.2 Property and Illusory Freedom in the Twenty-First Century

      • 3.3 Property in The Long Twentieth Century, 1874-2000

      • 3.4 The Next Sixty Years: Market, State, or Commons?

      • Acknowledgements

      • References

  • Part II: Macroeconomy and Finance

    • 4: Economic Growth in Ghana: Trends and Structure, 1960-2014

      • 4.1 Introduction

      • 4.2 Growth and Macroeconomic Performance, 1960-1983

        • 4.2.1 Sectoral Policy and Growth in the Early Years

        • 4.2.2 Early Fiscal Performance

        • 4.2.3 Early Monetary Sector Performance

        • 4.2.4 The Influence of External Factors

        • 4.2.5 Managing the Exchange Rate

      • 4.3 Growth and Macroeconomic Performance under Reforms (1983-1992)

        • 4.3.1 ERP Sectoral Policy and Growth

        • 4.3.2 Fiscal Performance under ERP

        • 4.3.3 Monetary Sector Performance under ERP

        • 4.3.4 The External Sector under ERP

      • 4.4 Growth and Macroeconomic Performance, 1992-2009

        • 4.4.1 Sectoral Policy and Growth under Democratic Rule

        • 4.4.2 Fiscal Performance under Democratic Rule

        • 4.4.3 Monetary Sector Performance

        • 4.4.4 External Sector Performance

      • 4.5 Growth and Macroeconomic Performance (2010-14)

        • 4.5.1 Sectoral Growth after Global Financial Crisis

        • 4.5.2 Fiscal Performance after the Financial Crisis

        • 4.5.3 Monetary Sector Performance after the Financial Crisis

        • 4.5.4 External Sector Performance after the Financial Crisis

        • 4.5.5 Energy Crisis

      • 4.6 Conclusion

      • References

    • 5: Sixty Years of Fiscal Policy in Ghana: Outcomes and Lessons

      • 5.1 Introduction

      • 5.2 Broad Fiscal Outcomes

        • 5.2.1 Deficits

        • 5.2.2 Expenditures and Revenues

        • 5.2.3 Role of Fiscal Policy in Ghana´s Economy History

      • 5.3 `Fiscal Slippages´ and a Lack of Fiscal Cycles in Ghana

        • 5.3.1 Nature and Degree of Slippages in Ghana

        • 5.3.2 Factors Driving Fiscal slippages

      • 5.4 Fiscal Policy and Economic Growth

      • 5.5 Summary and Conclusions

      • References

    • 6: Monetary Policy and Inflation Management in Ghana: Inflation Targeting and Outcomes

      • 6.1 Introduction

      • 6.2 Monetary Policy Strategies and Transmission

        • 6.2.1 Monetary Policy Strategies

        • 6.2.2 Monetary Policy Transmission Channels

      • 6.3 Inflation Targeting Policy Regime and Outcomes

        • 6.3.1 Ghana´s Experience with Inflation Targeting

        • 6.3.2 Outcomes

        • 6.3.3 Challenges Associated with Inflation Targeting

      • 6.4 Conclusion and Policy Implications

      • References

    • 7: Trade and Exchange Rate Policies since Independence and Prospects for the Future

      • 7.1 Introduction

      • 7.2 Role of Trade and Exchange Rate in an Economy

        • 7.2.1 Trade

        • 7.2.2 The Exchange Rate

      • 7.3 Economic Policy after Independence

        • 7.3.1 Broad Economic Policy

        • 7.3.2 Trade and Exchange Rate Policy

        • 7.3.3 Policies and Results after Nkrumah

      • 7.4 The Economic Recovery Programme

        • 7.4.1 Exchange Rate Reforms

        • 7.4.2 Trade Policy Reforms

        • 7.4.3 Results of the Reforms

      • 7.5 Challenges and the Way Forward

      • References

    • 8: Banking and Capital Markets: The Evolution of Ghana´s Financial Sector and Future Prospects

      • 8.1 Introduction

      • 8.2 The Colonial Era (up to 1957)

      • 8.3 The Centrally Controlled Economy of the Post-Independence Era (1957-83)

        • 8.3.1 Development Banking

          • 8.3.1.1 The National Investment Bank

          • 8.3.1.2 Agricultural Credit and Cooperative Bank

          • 8.3.1.3 Bank for Housing and Construction, Merchant Bank and More Commercial Banks

      • 8.4 The Antithesis and the Financial Sector Reform (1972-1983)

      • 8.5 The Financial Sector Adjustment Programme (FINSAP) (1988-1997)

        • 8.5.1 FINSAC 1 (1988-1991)

        • 8.5.2 FINSAC 2 (1991-1997)

        • 8.5.3 The Non-Bank Financial Institutions (NBFI) Assistance Project, 1996-2002

      • 8.6 Capital Markets

      • 8.7 Second Generation Financial Sector Reforms

        • 8.7.1 Financial Sector Strategic Plan (FINSSP 1) (2003-2008)

      • 8.8 Continuing Challenges and the Way Forward

        • 8.8.1 High Cost of Credit

        • 8.8.2 SME Access to Finance

        • 8.8.3 The Shape of Things to Come

      • Acknowledgements

      • References

    • 9: Oil and Ghana´s Economy

      • 9.1 Introduction

      • 9.2 Historical Importance of Oil in the Ghanaian Economy

      • 9.3 Ghana´s Historical Record with Non-oil Minerals

      • 9.4 Institutions to Avoid the Oil Curse

        • 9.4.1 Petroleum Revenue Management Act, 2011 (Act 815)

        • 9.4.2 The Petroleum Commission Act, 2011 (Act 821)

        • 9.4.3 Local Content and Local Participation in Petroleum Activities Policy Framework

        • 9.4.4 Ghana Petroleum Regulatory Authority

        • 9.4.5 Long-term National Development Plan

      • 9.5 Governance Effectiveness and Institutional Quality

        • 9.5.1 Trends in Institutional Quality since 2011

      • 9.6 Conclusion

      • Acknowledgement

      • References

  • Part III: Sectoral Perspectives

    • 10: Flickering Decades of Agriculture and Agricultural Policy

      • 10.1 Introduction

      • 10.2 Is there Evidence of Progress?

        • 10.2.1 Agriculture and Ghana´s Economic Growth

        • 10.2.2 Agriculture Sector Performance

          • 10.2.2.1 The Nkrumah Era

          • 10.2.2.2 Post-Nkrumah Era Performance

          • 10.2.2.3 The Era of Economic Reforms

          • 10.2.2.4 Beyond Economic Recovery: the 1990s to Date

        • 10.2.3 Are the Differences in Outcomes between Periods Chance Variation?

      • 10.3 How do Micro and Macro Level Agricultural Production Indicators Compare?

      • 10.4 Agriculture and Economic Welfare

      • 10.5 Conclusion: Lessons and Outlook

      • References

    • 11: Industrial Policy in Ghana: From a Dominant State to Resource Abundance

      • 11.1 Introduction

      • 11.2 Industrial Policy and Performance

        • 11.2.1 Import Substitution and State-led Industrialization

        • 11.2.2 Structural Adjustment and Market Reforms

        • 11.2.3 Industrial Policy since the Turn of the Century

      • 11.3 State-Business Relations

        • 11.3.1 The Post-independence Period

        • 11.3.2 The Private Sector under Early Military Rule

        • 11.3.3 State-Business Relations under Structural Adjustment

        • 11.3.4 A New Role for the Private Sector, Complicated by Oil

      • 11.4 Industrial Policy in a Resource-abundant Economy

        • 11.4.1 Supporting Diversification

        • 11.4.2 Strengthening Public Investment

        • 11.4.3 Linking Industry to the Resource

      • 11.5 Conclusions

      • References

    • 12: Formal and Informal Enterprises as Drivers and Absorbers of Employment

      • 12.1 Introduction

      • 12.2 Definitions and Concepts of Informality

      • 12.3 Background: Broad Changes in Economic Policies, Growth, and Structure

      • 12.4 Implications of Public Policies for the Structure of Employment

      • 12.5 Formal and Informal Sources of Employment Absorption

      • 12.6 Relationship between Economic Growth, Formal, and Informal Employment

      • 12.7 Government Responses

      • 12.8 Conclusion

      • References

    • 13: Urbanization in Ghana: Retrospect and Prospects

      • 13.1 Introduction

      • 13.2 Ghana´s Urbanization Dynamics since Independence

        • 13.2.1 Demographic Dynamics

        • 13.2.2 Economics Dynamics

        • 13.2.3 Environmental Dynamics: Physical Development, Waste Management, and Climate Change

      • 13.3 Urban Development Policies

      • 13.4 Ghana´s Urbanization Prospects, 2010 to 2050

        • 13.4.1 Demographic Trends

        • 13.4.2 Economic Trends

        • 13.4.3 Environmental Trends

      • 13.5 Conclusion

      • References

    • 14: State of Ghana´s Infrastructure and its Implications for Economic Development

      • 14.1 Introduction

      • 14.2 Overview of Selected Infrastructure in Ghana

        • 14.2.1 Road Infrastructure

        • 14.2.2 Railways

        • 14.2.3 Air Travel

        • 14.2.4 Water

        • 14.2.5 Power

        • 14.2.6 Telecommunication

      • 14.3 Ghana´s Infrastructural Development in Relation to other Comparator Countries

      • 14.4 Infrastructure, Growth, and Poverty Reduction in Ghana

      • 14.5 Current Policy Debates on the Selected Infrastructure in Ghana-Roads, Railways, Telecommunications, Air Travel, Water,...

      • 14.6 Conclusion and Policy Recommendations

      • References

    • 15: Managing the Environment for Development

      • 15.1 Introduction

      • 15.2 Institutional Framework for Environmental Management

      • 15.3 Assessment of the State of the Environment

        • 15.3.1 Air Pollution and Climate Change

        • 15.3.2 Agricultural Land Use and Management

        • 15.3.3 Forest and Biodiversity Conservation

        • 15.3.4 Fisheries

        • 15.3.5 Energy

        • 15.3.6 Mineral Resources

        • 15.3.7 Water

        • 15.3.8 Urban Management

        • 15.3.9 Natural Resource Depletion

      • 15.4 Challenges in Environmental Management

      • 15.5 Conclusion and Policy Recommendations

      • References

    • 16: Mining in Ghana: Critical Reflections on a Turbulent Past and Uncertain Future

      • 16.1 Introduction

      • 16.2 State Intervention and Rentier Politics: The Emergence of Ghana´s Mining Enclave

      • 16.3 Mining for Development in Ghana: 1980s-Present

      • 16.4 Conclusion: Critical Reflections on the Future of Mining in Ghana

      • References

  • Part IV: Human Development

    • 17: Inequality and Poverty in Ghana

      • 17.1 Introduction

      • 17.2 What Can Be Said about Poverty and Inequality in the Early Post-independence Period?

      • 17.3 Data Sources for the Study of Poverty and Inequality in Ghana

      • 17.4 The Evolution of Consumption Poverty in Ghana

      • 17.5 Income Inequality in Ghana

      • 17.6 Non-monetary Dimensions of Poverty and Inequality

        • 17.6.1 Access to Education

        • 17.6.2 Access to Health

        • 17.6.3 Urban-Rural Dimensions of Access to Social Amenities

      • 17.7 Conclusions

      • References

    • 18: Employment and Labour Market

      • 18.1 Introduction

      • 18.2 Employment Trend and Distribution

        • 18.2.1 Pattern of the Level and Quality of Employment

        • 18.2.2 Economic Growth-Employment Nexus

        • 18.2.3 Structural Change in Employment and Economic Growth

        • 18.2.4 Gender Dimension of Employment

      • 18.3 Wages and Earnings

      • 18.4 Unemployment and Underemployment

      • 18.5 Labour Market Institutions, Regulation, and Policies

        • 18.5.1 Institutional Arrangement and Regulation

        • 18.5.2 Employment Related Policies

      • 18.6 Conclusion

      • References

    • 19: Closing the Gender Gaps in Ghana

      • 19.1 Introduction

      • 19.2 Gender in the National Discourse and Policy Agenda

        • 19.2.1 From Independence to the End of the Millennium

        • 19.2.2 The National Discourse and Policy Agenda in the 21st Century

      • 19.3 Progress Made in Reducing Gender Gaps

      • 19.4 Looking Ahead

      • References

    • 20: The Prospects and Challenges of a Youthful Population in Achieving Economic and Social Transformation in Ghana

      • 20.1 Introduction

      • 20.2 Conceptualizing Youth in the Ghanaian Context

      • 20.3 Whither the Youth in Development?

        • 20.3.1 Education and the Youth

        • 20.3.2 Economic Participation and Youth

      • 20.4 Harnessing the Power of the Youth

        • 20.4.1 Youth, Economy, and Employment

        • 20.4.2 Ensuring Effective Participation of the Youth in the Development Process

      • 20.5 Conclusions

      • References

    • 21: Education in Ghana: Access, Quality, and Prospects for Reforms

      • 21.1 Introduction

      • 21.2 Educational Growth in Ghana

        • 21.2.1 Structure: Formal versus Informal

        • 21.2.2 Structure of Formal Education System in Ghana

        • 21.2.3 Education Funding in Ghana

        • 21.2.4 Educational Attainment in Ghana

      • 21.3 Access and Equity in Education

      • 21.4 Financing Education in Ghana

      • 21.5 Quality and Relevance

        • 21.5.1 Cognitive Achievement

        • 21.5.2 Relevance

      • 21.6 Towards Reforms and Restructuring

      • 21.7 Conclusion

      • Acknowledgement

      • References

    • 22: Health and Healthcare in Ghana, 1957-2017

      • 22.1 Introduction

      • 22.2 A Review of the Health Status of Ghanaians

      • 22.3 A Review of Ghana´s Healthcare System

        • 22.3.1 Service Delivery

        • 22.3.2 Human Resources

        • 22.3.3 Medicines and Technology

        • 22.3.4 Information

        • 22.3.5 Financing and Governance

      • 22.4 Synthesis: Achieving Equity, Responsiveness, and Quality in Healthcare Delivery

      • References

    • 23: Social Health Insurance in Ghana: The Politics, Economics, and the Future

      • 23.1 Introduction

      • 23.2 Evolution of the National Health Insurance Scheme

      • 23.3 Implementation of NHIS and State of Healthcare in Ghana

      • 23.4 Challenges with the Implementation of NHIS Institutional Framework

      • 23.5 Restructuring NHIS Framework for the Future

      • 23.6 Conclusion

      • References

  • Index

Tài liệu cùng người dùng

  • Đang cập nhật ...

Tài liệu liên quan