After a successful implementation of an unprecedented program of economic recovery over a decade, perceived by the international community as an example of adjustment with growth and a model for the rest of Africa, Ghana held its first multi-party elections in 1992, taking a deci- sive step to return to multi-party democrat- ic rule. This paper focuses on Ghana’s economic development since the return to multi-party democracy in 1993. It starts with a review of economic management during the transition period (1992) to provide the context for the move to multi-party democracy. This is followed by a discussion of the challenges of the economic policy reforms and development since then, the main achievements and failures. Finally, the paper looks at the critical issues to address in rethinking the country’s development going forward.