Advertisement

Achieving Macroeconomic Stability

  • Mozammel Huq
  • Michael Tribe
Chapter

Abstract

Following the preceding two chapters which focussed on economic policy and reform and on the growth and structure of the economy, this chapter considers core macroeconomic issues in the Ghanaian economy, with particular attention to the period after April 1983 when the first Economic Recovery Programme (ERP) was launched. This period has seen a remarkable recovery of the economy and the establishment of what appears to be sustained economic growth at levels historically high (for both Ghana and sub-Saharan Africa).

Bibliography

  1. Africa Progress Panel. (2014). Africa Progress Report 2014: Grain, Fish and Money—Financing Africa’s Green and Blue Revolutions. Geneva: Africa Progress Panel. Retrieved September 4, 2017, from http://www.africaprogresspanel.org
  2. Aryeetey, E., & Harrigan, J. (2000). Macroeconomics and Sectoral Developments Since 1970. In E. Aryeetey, J. Harrigan, & M. Nissanke (Eds.), Economic Reforms in Ghana: The Miracle and the Mirage (pp. 5–31). Oxford: James Currey.Google Scholar
  3. Asiama, J., Akosah, N., & Owusu-Afriyie, E. (2014). An Assessment of Fiscal Sustainability in Ghana. Bank of Ghana Research Working Paper, WP/BOG-2014/09. Retrieved June 10, 2017, from www.bog.gov.gh
  4. Ayelazuno, J. A. (2014). Neoliberalism and Growth Without Development in Ghana: A Case for State-led Industrialization. Journal of Asian and African Studies, 49(1), 80–99.CrossRefGoogle Scholar
  5. Butler, E. (2017). A Short History of the Mont Pèlerin Society. Alexandria, VA: Mont Pèlerin Society. Retrieved June 13, 2017, from https://www.montpelerin.org/
  6. Gayi, S. K. (1991). Adjustment and ‘Safety-Netting’: Ghana’s Programme of Actions to Mitigate the Social Costs of Adjustment (PAMSCAD). Journal of International Development, 3(5), 557–564.Google Scholar
  7. FT. (2016). Ghana Bond Sale to Test Appetite for Emerging Market Debt. London: Financial Times. September 8 Retrieved June 11, 2017, from www.ft.com
  8. Holmes, M., & Evans, A. (2003). A Review of Experience in Implementing Medium Term Expenditure Frameworks in a PRSP Context: A Synthesis of Eight Country Studies. London: Overseas Development Institute.Google Scholar
  9. Huq, M. M. (1989). The Economy of Ghana: The First 25 Years Since Independence. London: Macmillan.CrossRefGoogle Scholar
  10. IMF. (1998). Ghana—Enhanced Structural Adjustment Facility: Economic and Financial Policy Framework Paper, 1998–2000. Tables, dated 9 March 1999. Retrieved May 1, 2017, from https://www.imf.org/external/np/pfp/ghana/ghana0.htm
  11. Le Houerou, P., & Taliercio, R. (2002). Medium Term Expenditure Frameworks: From Concept to Practice—Preliminary Lessons from Africa. Africa Region Working Paper Series No. 28. Washington, DC: The World Bank.Google Scholar
  12. Mavroudeas, S. D., & Papadatos, D. (2007). Reform, Reform the Reforms or Simply Regression? The Washington Consensus and Its Critics. Bulletin of Political Economy, 1(1), 43–66.Google Scholar
  13. Mosley, P., Harrigan, J., & Toye, J. (1995). Aid and Power: The World Bank and Policy-Based Lending (Vol. 1, 2nd ed.). London: Routledge.Google Scholar
  14. MPS. (2017). The Mont Pèlerin Society. Retrieved June 13, 2017, from https://www.montpelerin.org/
  15. Opoku, D. K. (2010). The Politics of Government-Business Relations in Ghana, 1982–2008. New York: Palgrave Macmillan.CrossRefGoogle Scholar
  16. Osei, R. D., & Telli, H. (2017). Sixty Years of Fiscal Policy in Ghana: Outcomes and Lessons. In E. Aryeetey & R. Kanbur (Eds.), The Economy of Ghana Sixty Years After Independence (pp. 66–87). Oxford: Oxford University Press.CrossRefGoogle Scholar
  17. Quartey, P., Ackah, C., Dufe, G., & Agyare-Boakye, E. (2011), Evaluation of the Implementation of the Paris Declaration on Aid Effectiveness: Phase II—Ghana Country Report: Final Report. IOD-PARC and the Danish Institute for International Studies for the OECD. Legon: University of Ghana.Google Scholar
  18. Republic of Ghana. (2005). Growth and Poverty Reduction Strategy (GPRS II) (2006–2009). Accra: National Development Planning Commission.Google Scholar
  19. Republic of Ghana. (2017a). Fiscal Data. Accra: Ministry of Finance.Google Scholar
  20. Republic of Ghana. (2017b). Ghana’s Sovereign Bond Oversubscribed. Accra: Ministry of Finance and Economic Planning.Google Scholar
  21. Reuters. (2013). UPDATE 2-Ghana Pays a Premium as It Sells $750 mln 10-Year Eurobond. July 25 Retrieved June 12, 2017, from http://www.reuters.com/article/ghana-eurobond-update-idUSL6N0FV1H20130725
  22. Short, J. (2003). Country Case Study 4: Assessment of the MTEF in Ghana. London: Overseas Development Institute.Google Scholar
  23. Tanzi, V. (1991). Public Finance in Developing Countries. Aldershot: Edward Elgar.Google Scholar
  24. Tribe, M. (2015). International Aid to Tanzania—With Some Comparisons from Ghana and Uganda. Discussion Paper 15-03, Department of Economics, University of Strathclyde, Glasgow.Google Scholar
  25. Williamson, J. (2004). The Washington Consensus as Policy Prescription for Development. A lecture in the series “Practitioners of Development” delivered at the World Bank on January 13, 2004. Washington, DC: Peterson Institute for International Economics.Google Scholar
  26. Wood, B., Betts, J., Etta, F., Gayfer, J., Kabell, D., Ngwira, N., Sagasti, F., & Samaranayake, M. (2011). The Evaluation of the Paris Declaration, Final Report (Phase 2). Copenhagen: Danish Institute for International Studies. Retrieved August 29, 2017, from https://www.oecd.org/derec/dacnetwork/48152078.pdf
  27. World Bank. (1998). Public Expenditure Management Handbook. Washington, DC: World Bank.CrossRefGoogle Scholar
  28. World Bank. (2013). Beyond the Annual Budget: Global Experience with Medium-Term Expenditure Frameworks. Washington, DC: World Bank.Google Scholar
  29. World Bank. (2016a). World Development Indicators. DC: Washington, The World Bank.Google Scholar
  30. World Economic Forum. (2016). Why Eurobonds Are an Important Source of Finance for Africa. Report dated 12 February.Google Scholar
  31. Younger, S. D. (2016). Ghana’s Macroeconomic Crisis: Causes, Consequences, and Policy Responses. IFPRI Discussion Paper 1497. Washington, DC: International Food Policy Research Institute (IFPRI).Google Scholar
  32. Zack-Williams, A. B. (1997). Labor, Structural Adjustment and Democracy in Sierra Leone and Ghana. In R. A. Siddiqui (Ed.), Subsaharan Africa in the 1990s: Challenges to Democracy and Development. Westport CT: Praeger.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Mozammel Huq
    • 1
  • Michael Tribe
    • 1
  1. 1.Department of EconomicsUniversity of StrathclydeGlasgowUK

Personalised recommendations