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Growth and Structure of the Economy

  • Mozammel Huq
  • Michael Tribe
Chapter

Abstract

The foundations of the present structure of the Ghanaian economy were laid between 1890 and 1910. This 20-year period witnessed an annual average growth of 1.8 per cent in GDP per capita according to estimated national income accounts for that period. Judged by the economic performance of developing countries at that time, such a growth rate was high and marked a significant improvement in living standards. As observed by Omaboe (1966, p. 18):

This was the period during which the export economy of the forest belt of the country was developed and transformed. Prior to this the country had a small export trade but this was based largely upon the collection of naturally-occurring forest produce such as palm fruits and kernels, kola nuts and wild rubber. These two decades saw the replacement of this export trade by the product of two major economic activities, gold-mining and cocoa-farming. They have dominated the economy of the country for more than half a century now and they have dictated the pace of economic growth and the present structure of the economy.

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Mozammel Huq
    • 1
  • Michael Tribe
    • 1
  1. 1.Department of EconomicsUniversity of StrathclydeGlasgowUK

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