Policy Brief 6. Strong Economic Growth And Significant Reduction In Unemployment: The Critical Issues To Address In Ghana’s 2019 Budget

The Ghanaian economy has maintained virtually its “colonial structure” 60 years after independence as it still depends largely on cocoa, gold, timber and recently oil as the country’s main export commodities. Exported in raw and unprocessed form, these commodities fetch low prices on international markets where Ghana is a price taker, rendering the economy vulnerable to terms-of-trade shocks. The agriculture sector’s contribution to total output has been falling due to declining productivity. The manufacturing base of the economy has also been shrinking as many state-owned industries privatized years ago have closed down and many private businesses are suffocating under the weight of numerous obstacles. Services have emerged as the leading sector of the economy, but productivity and incomes are low in the sector. The combination of all these factors has slowed Ghana’s economic growth for the most part of the last two decades, with serious implications for job creation.

This paper looks at how a strong and broad-based economic growth can be achieved to significantly create jobs in order to reduce unemployment in the country

Read full paper

October 23, 2018

Strong Economic Growth And Significant Reduction In Unemployment: The Critical Issues To Address In Ghana’s 2019 Budget [6]

Policy Brief 6. Strong Economic Growth And Significant Reduction In Unemployment: The Critical Issues To Address In Ghana’s 2019 Budget

The Ghanaian economy has maintained virtually its “colonial structure” 60 years after independence as it still depends largely on cocoa, gold, timber and recently oil as the country’s main export commodities. Exported in raw and unprocessed form, these commodities fetch low prices on international markets where Ghana is a price taker, rendering the economy vulnerable to terms-of-trade shocks. The agriculture sector’s contribution to total output has been falling due to declining productivity. The manufacturing base of the economy has also been shrinking as many state-owned industries privatized years ago have closed down and many private businesses are suffocating under the weight of numerous obstacles. Services have emerged as the leading sector of the economy, but productivity and incomes are low in the sector. The combination of all these factors has slowed Ghana’s economic growth for the most part of the last two decades, with serious implications for job creation. This paper looks at how a strong and broad-based economic growth can be achieved to significantly create jobs in order to reduce unemployment in the country Read full paper
August 2, 2018

No.5: Integrity: The foundation for a Strong Financial Sector

Policy Brief 5. Integrity: The foundation for a Strong Financial Sector

The financial sector is a critical component for economic development in any country. It is the heart of any vital economy, contributing to prosperity and wealth creation through the provision of financial resources to support businesses, mobilizing savings, and accelerating commerce by facilitating payments and transfers. In this special policy brief, Hon. Dr. Kwabena Duffuor, the former Minister of Finance and Economic Planning discussed the importance of integrity in building a strong financial sector.
March 28, 2017

No. 4: A Review of Ghana’s 2017 Budget

Policy Brief 4: A Review of Ghana's 2017 Budget

Not too long ago, the Ghanaian economy was one of Africa's strongest. However the economy has witnessed a sharp decline in growth in the last three years. In this Policy Brief, the IFS brings to the attention of the new Government some critical economic challenges along with proposals to address them. IFS' proposals are informed by the Institute's conviction that Ghana needs new, bold and systematic policies capable of bringing about fundamental changes to the economy to enable it to deliver tangible socio-economic benefits to Ghanaians.
Click here to read full report
February 14, 2017

No. 3: Fiscal Rigidities and their Effects in Ghana

Policy Brief 3: Fiscal Rigidities and their Effects in Ghana

Many arguments are often advanced to justify the establishment of rigidities in the public budget. However, a number of studies have found that fiscal rigidities pose serious fiscal and macroeconomic challenges in various countries. This paper seeks to assess the extent of rigidity in Ghana's budget, examine the effects of fiscal rigidities in Ghana, and propose recommendations for Government in the face of the challenges posed by fiscal rigidities.
Click here to read full report