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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Balance of payments constraint and economic development
Author:Manu, J.E.A.
Year:1972
Periodical:The Economic Bulletin of Ghana
Volume:2
Issue:4
Pages:17-32
Language:English
Geographic term:Ghana
Subjects:economic development
balance of payments
foreign investments
Abstract:Ghana has borrowed heavily from abroad to finance her development expenditures. The contention in this essay is that the preponderance of medium-term loans in her external debts has put such pressure on the balance of payments that future development is jeopardised. The conclusion is that there is a fundamental defect in using medium-term loans for long-term development projects which makes their repayments difficult in the long-run, and that their use has undermined Ghana's ability to service her external debt obligations and at the same time to achieve her growth potential. Part 1 of this essay describes briefly the course of the balance of payments from 1956 to 1968. Part 2 analyses the capital account for the same period. Part 3 is an estimation of the debt service ratio for the period 1970 to 1980, as well as of Ghana's ability to mobilise internally the required savings to service her debts. Notes, tables.
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