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Ghana's Economic Recovery And Structural Adjustment (from 1983 To Mid - 90 - S)

Posted on:2013-03-27Degree:MasterType:Thesis
Country:ChinaCandidate:X X YeFull Text:PDF
GTID:2245330374977159Subject:World History
Abstract/Summary:PDF Full Text Request
The Economic Recovery Program, and the Structural Adjustment Program were earried out on such background that Ghanian economy were facing breakdown after years’ slump.Ghanian government took actions to implement the two programs to revitalize the economy with the help of World Bank, IMF and other organizations and individuals. Ghanian government started to implement the Economic Recovery Program in the year of1984, in which some measures were put into effect.Striving to develop food and coco production, and increase the investment of agriculture industry; making great efforts to boost the export sector, minerals and wood in particular; cutting down the expenses and curbing inflation; making a great economic policy to get more international aids and attract the foreign investment, etc.With three years’recovery and development, trend of declining economy was stopped. The exporting of traditional goods had increased a lot, helping to earn a lot foreign exchange. From1984to1986, the GDP increased by6%annually, doing better any other African nations at that time. Rate of inflation was under effective control, fallen from122%in1983to40%in1984and10%in1985. In1987, the Structural Adjustment Program came into force, aiming to reach the target of GDP increase annually by5-5.5%, the per capita income increase arrive to no less than1.5%. The government took so many measures to realize the ambition:the SOE reform; boosting the buildup and development of small or medium-sized private enterprises; Opening the foreign exchange domestic market; trade liberalization, etc. The result of reforms was encouraging:no budget deficit from1983to1991; GDP increased by5%annually. Ghana was the title "The world’s least developed countries". The reform lasted from1983to1994, basically, while ghanian economy continued to grow and develop. Ghanian economy grew at the rate of5%or so annually on average in the past27years from1984to2011. Though it’s not that fast speed, Ghana is a stable nation with different parties holding power alternatively. GDP increase of Ghana in2011even reached to13.6%, showing a promising future.This paper is divided into four parts used to analyze the economic recovery and structural adjustment reforms. The first chapter mainly introduces Ghana’s development in1970s and the early1980s before reforms plus the introduction of relationship between Ghanian government and World Bank, IMF, which is the background of reforms.The second chapter tells government role in reforms, SOE reforms and development, financial and budget reforms, the banking system and currency reforms. The third chapter focuses on the effect of this reform. Last but least, the conclusion of this paper shows the achievement, existing problems and the prospect of the reform.
Keywords/Search Tags:Reform, Economic Recovery, Structural Adjustment
PDF Full Text Request
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