Transforming Ghana’s Economy: Where Are We from? Where Are We Now? What More Needs to Be Done?

Ghana returned to democratic rule in 1993 after over a decade of military rule by the Provisional National Defence Council. Before that, the country went through a near economic meltdown resulting in a number of reforms including the Economic Recovery Program (ERP) in 1983 under the guidance of the World Bank and the International Monetary Fund. Since 1993 Ghana’s economic development strategy has evolved around macroeconomic stabilization and structural reforms leveraging on her democratic environment with the view to grow and transform her economy. Notwithstanding many challenges within the period, significant gains were made in terms of economic growth. However, Ghana’s economy remains largely undiversified with little change in its economic structure over the past three decades. Going forward, the exploits of countries like China should serve as a useful model for re-thinking the developmental path for Ghana.