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Economic Nationalism

  • Harcourt Fuller
Part of the African Histories and Modernities book series (AHAM)

Abstract

Between independence and the 1960s when the country became a republic, Ghana’s economic and social fortunes seemed promising, although socioeconomically the cocoa-growing regions of the south fared far better than the northern savanna. The country had a population of 6.2 million in 1957, with a 2.5 percent annual population growth rate, one of the highest in West Africa; life expectancy increased from 39.5 years in 1948 to 45.5 years in 1960; the size of the nation’s working class grew from 45,000 to over 304,000 between 1948 and 1960; per capita income was approximately $170 per annum, which was around twice that of Nigeria’s and one-ninth of Great Britain’s; the average yearly growth rate between 1955 and 1962 was 4.8 percent; Ghana’s largely untapped foreign exchange reserves in Britain totaled more than $470 million in 1957, an impressive amount for a newly independent “developing” country. This economic prosperity made Ghana attractive not only to foreign investors, but also to immigrants from other parts of West Africa.1

Keywords

National Currency British Colonial Gold Coast Foreign Exchange Reserve Cocoa Farmer 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

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© Harcourt Fuller 2014

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