Ghana Macro Data

Ghana's exports on a per capita basis failed to grow over the course of the twentieth century. The reasons for this outcome are examined in this paper. It is argued that the success which characterised the period before independence was due to the combination of an open trade policy and flexible factor markets. The reversal of such policies at the time of independence was the source of the subsequent decline. While the terms of trade for Ghana's exports have fluctuated substantially there has been little change in their level over the century. Economic failure since independence has been due to domestic policies limiting export growth. The reforms of the post 1983 period have succeeded in preventing further decline; they have failed to provide a policy environment in which rapid growth of exports can occur. The nature of this policy failure is discussed.