© 2018

The Economy of Ghana

50 Years of Economic Development


Table of contents

  1. Front Matter
    Pages i-xxxviii
  2. Overview

    1. Front Matter
      Pages 1-1
    2. Mozammel Huq, Michael Tribe
      Pages 3-10
    3. Mozammel Huq, Michael Tribe
      Pages 11-23
  3. The Wider Macroeconomy

    1. Front Matter
      Pages 25-25
    2. Mozammel Huq, Michael Tribe
      Pages 27-49
    3. Mozammel Huq, Michael Tribe
      Pages 51-79
  4. Sectoral Developments

    1. Front Matter
      Pages 81-81
    2. Mozammel Huq, Michael Tribe
      Pages 83-107
    3. Mozammel Huq, Michael Tribe
      Pages 109-120
    4. Mozammel Huq, Michael Tribe
      Pages 121-131
    5. Mozammel Huq, Michael Tribe
      Pages 133-146
    6. Mozammel Huq, Michael Tribe
      Pages 147-176
    7. Mozammel Huq, Michael Tribe
      Pages 177-185
  5. Money & Banking, External Trade and Financial Flows

    1. Front Matter
      Pages 187-187
    2. Mozammel Huq, Michael Tribe
      Pages 189-219
    3. Mozammel Huq, Michael Tribe
      Pages 221-263
    4. Mozammel Huq, Michael Tribe
      Pages 265-276
  6. Infrastructure, Environment and Governance

    1. Front Matter
      Pages 277-277
    2. Mozammel Huq, Michael Tribe
      Pages 279-292

About this book


The book follows a first edition published in 1989, which focused on the severe economic crisis Ghana faced during the late 1970s and the early 1980s. In this second edition, the authors extend the review up to the mid-2010s, covering the entire period since independence, with a special focus on shifts in economic policy, starting with the adoption of the Economic Recovery Programme in 1983. Huq and Tribe provide systematic coverage of Ghanaian economic development since its independence, reviewing the two main modes of development that have been practiced; and offer an updated, rich data bank. By analyzing the wider macroeconomy of Ghana; its individual sectors; money, banking and trade; infrastructure and environmental policies; and Ghana’s poverty, welfare and income distribution, the authors are able to draw vital lessons from the country’s economic development. ​


The Ghanaian Economy Economic Development Economic Recovery Programme (ERP) Agricultural Economics Cocoa Ghanaian Macroconomy International Monetary Fund (IMF) World Bank Structural Adjustment Programmes (SAPs) "Ten-Year Development Plan" National Liberation Council Kwame Nkrumah The Economy of Ghana Economic history of Ghana African economics

Authors and affiliations

  1. 1.Department of EconomicsUniversity of StrathclydeGlasgowUK
  2. 2.Department of EconomicsUniversity of StrathclydeGlasgowUK

About the authors

Mozammel Huq is Honorary Senior Lecturer at the University of Strathclyde, UK, and Visiting Professor of Economics at UttarBangla University College (National University Bangladesh), Bangladesh. He has taught development economics for over three decades and published a large number of articles and books, including Development Economics (2009, with A Clunies-Ross and D Forsyth). His association with Ghana has remained close especially since the two-year period (1982-84) that he spent as a Senior Research Fellow at Cape Coast University.

Michael Tribe is Honorary Lecturer at the University of Strathclyde, UK. He is a development economist with wide-ranging academic experience and a significant publication record. He previously taught at the University of Bradford, UK, was a Research Fellow in the University of Cape Coast, Ghana between mid-1982 and mid-1984, and was the UK coordinator for a Ghana Development Studies Academic Link between 1990 and 2011.

Bibliographic information


“Undoubtedly, this is a comprehensive, timely and well-targeted articulation of issues relating to economic development of Ghana. The experiences, challenges and prospects of all the essential sectors and economic agents in Ghana have been discussed. As policymakers grapple with tenets of different economic growth and development agenda, political manifestos, long-term development plans and global goals, this book serves as a good reference in defining economic development pathways for Ghana.” (Professor Samuel Annim, Department of Economics, University of Cape Coast, Ghana)

“Huq and Tribe give us a strong case against both market and State fundamentalism. If fully implemented, the hard-nosed heterodox development policies recommended in this book will make Africa to once again look up to Ghana as it did in 1957 for new transformation pathways. Invaluable scholarship; and a must read.” (George Kararach, Senior Economist, UN Economic Commission for Africa and African Development Bank and author of Development Policy in Africa: Mastering the Future?)

“This story of Ghana, transiting from a controlled state to market based & liberal policies, provides critical insights for future policy making in Africa. It is a welcome addition to the debate about framing an optimal policy mix and the design of a ‘non-distortionary’ role of the state in stabilizing economies, delivering a diversified economic structure including developing a local entrepreneurial class; all within a context of a highly variable economic & social-political environment.” (Dr Louis Kasekende, Deputy Governor, Bank of Uganda)

“This book will be welcomed by all students of development. Ghana has been an inspiration to many in its ability to recover from bad times and to work out democratic, pro-poor development strategies, and the book shows in detail how this has been done.” (Professor Paul Mosley, Department of Economics, University of Sheffield, UK; and editor of the Journal of International Development)

“This revised edition is a must read volume. It provides a detailed analysis of Ghana’s economy after 50 years of independence with concise diagnosis of the country’s achievements, challenges and prospects. The volume covers broad but very interrelated topics such as Economic Policies and Reforms, the macro economy, sectoral developments, challenges and prospects, development financing, poverty and inequality. The diverse range of topics covered in this volume make it very unique and I will strongly recommend it to my graduate students.” (Professor Peter Quartey, Institute of Statistical, Social and Economic Research; and Head, Department of Economics, University of Ghana)

“The authors have put together a database of Ghana’s economic statistics that is comprehensive and extensive, covering at least five decades. This allows them to compare the periods of ‘dirigiste’ and neo-liberal economic management and their performance outcomes. The disasters of the first are well known, but the mixed results of the second are less so. This book will be a vital tool for future researchers of Ghana’s economy.” (Professor John Toye, University of Oxford, UK)