Ghana's macroeconomic story is well documented. From the period immediately after independence, when Ghana was seen as the black star of Africa, there has been a gradual deterioration in the economy leading to a near collapse in the early 1980s.
The turnaround came with the adoption of the World Bank/IMF Structural Adjustment Programme (ERP/SAP). Although many authors have criticized the ERP/SAP, there is no doubt that the reforms contributed to improvements in the macroeconomic environment. More recent years have seen significant improvement in terms of both stability and resilience against adverse external shocks. In spite of these improvements, the economy is still reliant on few export commodities, highly foreign aid dependent, and its oil imports constitute a significant proportion of the country's import bill. The implication is that, the structure of the economy remains fragile. Some of the key challenges that confront the economy today are the following:
• Accelerating economic growth from the current levels of about 5.8%.
• Diversifying exports to increase the country's resilience against adverse external shocks
• Reducing the level of dependency on aid
• Maintaining the degree of stability in the phase of the relatively high oil prices on the world market.
The macroeconomic forum of the EGN will discuss current research in these areas with a view to informing policy debate, as well as influencing macroeconomic policy in Ghana.
Welcome to E. G. N
The Economy of Ghana Network (EGN) is a civil society organization embracing all persons with adequate training and interest in discussing issues relevant to the proper management of the economy of Ghana and to the country’s socio-economic development.
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