Market in Ghana
Effective States and Inclusive Development (ESID) , an international local research organization has wrote a new report, in which it indicated that Ghana has experienced sustained growth without structural transformation.
Report also said the agriculture sector has turned down while the manufacturing sector has decline, it added that there has been growth in the services sector “but it is characterized by low productivity and wages.”
The ESID report launched in Accra yesterday, with the theme: ‘The Challenge of State Effectiveness and the Promise of Inclusive Development in Ghana. It said since 1983, Ghana has experienced sustained growth, recording annual average growth of 4.4 % between 1983 and 1999. Growth then accelerated to an average of 6.5 percent per annum between 2000 and 2013.
It pointed out, however, this has not been accompanied by transformation of the economy towards more productive activities.
It further said although Ghana’s export basket has changed over the years, it is still dominated by primary products.
More than 85 % of all exports in the 1960s came from primary produce – cocoa (65 %), crude minerals (11 percent) and timber (8 percent).
In 2013, primary products still featured significantly in the export baskets such as gold (25 percent), petroleum (27 percent), cocoa (14 percent), cocoa butter and paste (4 percent). ESID report suggests that despite changes output composition of Ghana, true structural transformation has yet to happen.
Copyright © 2019 Ghanalive.TV. All Rights Reserved.