Understanding Economic Growth in Ghana in Comparative Perspective

Michael Geiger, Jan Trenczek and Konstantin Wacker

No 8699, Policy Research Working Paper Series from The World Bank

Abstract: Ghana has experienced a decade of solid and exceptionally high growth. Between 2005 and 2015, income nearly doubled. This paper analyzes the factors driving this impressive growth performance, using tools such as structural change decompositions and growth regressions. For the comparative perspective, the paper compares Ghana with its structural and aspirational peers. The paper finds that the contribution of structural change to growth has been limited and attributes this to labor that was freed up in agriculture not being absorbed by high-productivity sectors. Looking at factors that drove growth since 2000, financial development and infrastructure had the most important impacts. A benchmark analysis suggests that those areas should remain the policy focus over the longer term, but that near-term priority should be given to stabilization policies.

Keywords: International Trade and Trade Rules; Inflation; Food Security; Labor Markets; Food&Beverage Industry; Business Cycles and Stabilization Policies; Plastics&Rubber Industry; Construction Industry; Textiles; Apparel&Leather Industry; Pulp&Paper Industry; Common Carriers Industry; General Manufacturing (search for similar items in EconPapers)
Date: 2019-01-10
New Economics Papers: this item is included in nep-fdg
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Citations: View citations in EconPapers (8)

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