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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:From a 'success' story to a highly indebted poor country: Ghana and neoliberal reforms
Author:Opoku, Darko KwabenaISNI
Periodical:Journal of Contemporary African Studies (ISSN 0258-9001)
Geographic term:Ghana
Subjects:economic policy
structural adjustment
economic development
External link:https://www.tandfonline.com/doi/abs/10.1080/02589001003736801
Abstract:In 2001, a few short years after being proclaimed as an economic miracle, Ghana joined the growing ranks of highly indebted poor countries (HIPC). Why did Ghana's economy collapse after recovering so well? Ghana's experience highlights both the promise and limitation of neoliberal reforms. The World Bank sees the problem as caused by Ghana's failure to pursue sound macroeconomic policies and provide institutional preconditions for capitalism. The Bank favours reliance on market forces and accepts State intervention only in special cases of market failure. This position was enforced in Ghana with damaging consequences for industrialization. Based on a review of the economic policies and achievements of the New Patriotic Party (NPP) government, this paper shows that the NPP government in reality followed Bank policies even more faithfully and rigorously than its predecessor, Rawlings' National Democratic Congress (NDC) government, practising what the Bank considers even more sound macroeconomic management, and in the context of far more cordial relations with the business sector - and yet the results were negligible. Neoliberal policies appear to be unable to generate rapid industrial growth in so underdeveloped an economy as Ghana's. Bibliogr., notes, ref., sum. [ASC Leiden abstract]