Research Article
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Year 2023, Volume: 3 Issue: 1, 42 - 50, 28.07.2023

Abstract

References

  • Ackah, C., Adjasi, C., & Turkson, F. E. (2016). Industrial policy in Ghana: Its evolution and impact. Oxford University Press.
  • Akkemik, K. A. (2008). Industrial Development In East Asia: A Comparative Look At Japan, Korea, Taiwan And Singapore (With Cd-rom) (Vol. 3). World Scientific.
  • Akkemik, K. A., & Yülek, M. (2020). Imitation, Innovation and State Capacity: What Do East Asian Industrial Policies Imply? İstanbul University Journal of Sociology, 40(2), 701–722.
  • Ansu, Y., McMillan, M., Page, J., & te Velde, D. W. (2016). African transformation forum 2016 Promoting Manufacturing in Africa. African Centre for Economic Transformation.
  • Aryeetey, E., & Kanbur, R. (2008). The economy of Ghana: Analytical perspectives on stability, growth & poverty.
  • Aryeetey, E., & Kanbur, S. R. (2017). The economy of Ghana sixty years after independence. Oxford University Press.
  • 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.
  • Chang, H.-J. (2013). Industrial policy: Can Africa do it? In The Industrial Policy Revolution II (pp. 114–132). Springer.
  • Chang, H.-J., & Andreoni, A. (2020). Industrial policy in the 21st century. Development and Change, 51(2), 324–351.
  • Cherif, R., & Hasanov, F. (2019). The return of the policy that shall not be named: Principles of industrial policy. International Monetary Fund.
  • Cimoli, M., & Porcile, G. (2013). Accumulation of Capabilities, Structural Change, and Macro Prices: An Evolutionary and Structuralist Roadmap. In The Industrial Policy Revolution II (pp. 73–113). Springer.
  • Duarte, M., & Restuccia, D. (2010). The role of the structural transformation in aggregate productivity. The Quarterly Journal of Economics, 125(1), 129–173.
  • Geiger, M. T., Trenczek, J., & Wacker, K. M. (2019). Understanding economic growth in Ghana in comparative perspective. World Bank Policy Research Working Paper, 8699.
  • Gocking, R. (2005). The history of Ghana. Greenwood publishing group.
  • Grabowski, R. (2015). Deindustrialization in Africa. International Journal of African Development, 3(1), Article 1.
  • Huq, M., & Tribe, M. (2018). The economy of Ghana: 50 years of economic development. Springer.
  • Itoh, M., Kiyono, K., Okuno-Fujiwara, M., & Suzumura, K. (1991). Economic Analysis of Industrial Policy Academic Press. Inc. San Diego, California.
  • Kanbur, R. (2017). Structural transformation and income distribution: Kuznets and beyond.
  • Killick, T. (2010a). Development economics in action: A study of economic policies in Ghana. Routledge.
  • Killick, T. (2010b). Development economics in action: A study of economic policies in Ghana. Routledge.
  • Kolavalli, S., Robinson, E., Diao, X., Alpuerto, V., Folledo, R., Slavova, M., Ngeleza, G., & Asante, F. (2011). Economic transformation in Ghana. A Paper Presented at the IFPRI-University of Ghana Conference, 1–5.
  • Lin, J., & Stiglitz, J. (2013). Industrial Policy Revolution 1. The Role of Government Beyond Ideology.
  • Lin, J. Y., & Monga, C. (2013). Comparative advantage: The silver bullet of industrial policy. In The Industrial Policy Revolution I (pp. 19–38). Springer.
  • Marti, D. F., & Ssenkubuge, I. (2009). Industrialisation and industrial policy in Africa: Is it a policy priority? Research Paper.
  • McMillan, M., & Headey, D. (2014). Introduction–understanding structural transformation in Africa. In World Development (Vol. 63, pp. 1–10). Elsevier.
  • McMillan, M., Page, J., Booth, D., & te Velde, D. W. (2017). Supporting economic transformation: An approach paper. Overseas Development Institute, London.
  • McMillan, M., Rodrik, D., & Sepulveda, C. (2017). Structural change, fundamentals and growth: A framework and case studies. National Bureau of Economic Research.
  • Noman, A., & Stiglitz, J. E. (2015). Introduction and Overview: Economic Transformation and Learning, Industrial, and Technology Policies in Africa.
  • Rodrik, D. (2004). Industrial policy for the twenty-first century. Available at SSRN 666808.
  • Rodrik, D. (2013). The perils of premature deindustrialization. Project Syndicate, 11(10), Article 10.
  • Stiglitz, J. E. (1996). Some lessons from the East Asian miracle. The World Bank Research Observer, 11(2), 151–177.
  • Stiglitz, J. E., Yifu, J. L., & Patel, E. (2013). The industrial policy revolution II: Africa in the 21st century. Springer.
  • Timmer, C. P., & Akkus, S. (2008). The structural transformation as a pathway out of poverty: Analytics, empirics and politics. Center for Global Development Working Paper, 150.
  • Wade, R. (2010). After the Crisis: Industrial policy and the developmental state in low-income countries. Global Policy, 1(2), 150–161.
  • Worldbank. (2021). Ghana Rising: Accelerating Economic Transformation and Creating Jobs. World Bank.
  • Yülek, M. A. (2018). How nations succeed: Manufacturing, trade, industrial policy, and economic development. Springer.

Economic Growth without Structural Transformation: A Review of Industrial Policy in Ghana

Year 2023, Volume: 3 Issue: 1, 42 - 50, 28.07.2023

Abstract

The present review examines Ghana's past experience with industrial policy implementation, and pinpoints the factors that led to their failure to produce the desired outcome, shedding light on the challenges encountered and their implications for future policy endeavors. Furthermore, the review delves into the current development policy and how it has not been successful in promoting economic growth or transforming the structure of the economy. Noteworthy obstacles faced by the country include limited diversification, heavy dependence on commodities, and a relatively weak manufacturing sector. To overcome these obstacles, this review argues for a return to industrial policy implementation in Ghana. The current shifts in the global context, coupled with the enhanced state of fundamental institutions and favorable macroeconomic conditions in Ghana, present an opportune moment for the implementation of industrial policies. By tackling these issues head-on, Ghana can achieve sustainable economic growth and develop a more resilient and diversified economy.

References

  • Ackah, C., Adjasi, C., & Turkson, F. E. (2016). Industrial policy in Ghana: Its evolution and impact. Oxford University Press.
  • Akkemik, K. A. (2008). Industrial Development In East Asia: A Comparative Look At Japan, Korea, Taiwan And Singapore (With Cd-rom) (Vol. 3). World Scientific.
  • Akkemik, K. A., & Yülek, M. (2020). Imitation, Innovation and State Capacity: What Do East Asian Industrial Policies Imply? İstanbul University Journal of Sociology, 40(2), 701–722.
  • Ansu, Y., McMillan, M., Page, J., & te Velde, D. W. (2016). African transformation forum 2016 Promoting Manufacturing in Africa. African Centre for Economic Transformation.
  • Aryeetey, E., & Kanbur, R. (2008). The economy of Ghana: Analytical perspectives on stability, growth & poverty.
  • Aryeetey, E., & Kanbur, S. R. (2017). The economy of Ghana sixty years after independence. Oxford University Press.
  • 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.
  • Chang, H.-J. (2013). Industrial policy: Can Africa do it? In The Industrial Policy Revolution II (pp. 114–132). Springer.
  • Chang, H.-J., & Andreoni, A. (2020). Industrial policy in the 21st century. Development and Change, 51(2), 324–351.
  • Cherif, R., & Hasanov, F. (2019). The return of the policy that shall not be named: Principles of industrial policy. International Monetary Fund.
  • Cimoli, M., & Porcile, G. (2013). Accumulation of Capabilities, Structural Change, and Macro Prices: An Evolutionary and Structuralist Roadmap. In The Industrial Policy Revolution II (pp. 73–113). Springer.
  • Duarte, M., & Restuccia, D. (2010). The role of the structural transformation in aggregate productivity. The Quarterly Journal of Economics, 125(1), 129–173.
  • Geiger, M. T., Trenczek, J., & Wacker, K. M. (2019). Understanding economic growth in Ghana in comparative perspective. World Bank Policy Research Working Paper, 8699.
  • Gocking, R. (2005). The history of Ghana. Greenwood publishing group.
  • Grabowski, R. (2015). Deindustrialization in Africa. International Journal of African Development, 3(1), Article 1.
  • Huq, M., & Tribe, M. (2018). The economy of Ghana: 50 years of economic development. Springer.
  • Itoh, M., Kiyono, K., Okuno-Fujiwara, M., & Suzumura, K. (1991). Economic Analysis of Industrial Policy Academic Press. Inc. San Diego, California.
  • Kanbur, R. (2017). Structural transformation and income distribution: Kuznets and beyond.
  • Killick, T. (2010a). Development economics in action: A study of economic policies in Ghana. Routledge.
  • Killick, T. (2010b). Development economics in action: A study of economic policies in Ghana. Routledge.
  • Kolavalli, S., Robinson, E., Diao, X., Alpuerto, V., Folledo, R., Slavova, M., Ngeleza, G., & Asante, F. (2011). Economic transformation in Ghana. A Paper Presented at the IFPRI-University of Ghana Conference, 1–5.
  • Lin, J., & Stiglitz, J. (2013). Industrial Policy Revolution 1. The Role of Government Beyond Ideology.
  • Lin, J. Y., & Monga, C. (2013). Comparative advantage: The silver bullet of industrial policy. In The Industrial Policy Revolution I (pp. 19–38). Springer.
  • Marti, D. F., & Ssenkubuge, I. (2009). Industrialisation and industrial policy in Africa: Is it a policy priority? Research Paper.
  • McMillan, M., & Headey, D. (2014). Introduction–understanding structural transformation in Africa. In World Development (Vol. 63, pp. 1–10). Elsevier.
  • McMillan, M., Page, J., Booth, D., & te Velde, D. W. (2017). Supporting economic transformation: An approach paper. Overseas Development Institute, London.
  • McMillan, M., Rodrik, D., & Sepulveda, C. (2017). Structural change, fundamentals and growth: A framework and case studies. National Bureau of Economic Research.
  • Noman, A., & Stiglitz, J. E. (2015). Introduction and Overview: Economic Transformation and Learning, Industrial, and Technology Policies in Africa.
  • Rodrik, D. (2004). Industrial policy for the twenty-first century. Available at SSRN 666808.
  • Rodrik, D. (2013). The perils of premature deindustrialization. Project Syndicate, 11(10), Article 10.
  • Stiglitz, J. E. (1996). Some lessons from the East Asian miracle. The World Bank Research Observer, 11(2), 151–177.
  • Stiglitz, J. E., Yifu, J. L., & Patel, E. (2013). The industrial policy revolution II: Africa in the 21st century. Springer.
  • Timmer, C. P., & Akkus, S. (2008). The structural transformation as a pathway out of poverty: Analytics, empirics and politics. Center for Global Development Working Paper, 150.
  • Wade, R. (2010). After the Crisis: Industrial policy and the developmental state in low-income countries. Global Policy, 1(2), 150–161.
  • Worldbank. (2021). Ghana Rising: Accelerating Economic Transformation and Creating Jobs. World Bank.
  • Yülek, M. A. (2018). How nations succeed: Manufacturing, trade, industrial policy, and economic development. Springer.
There are 36 citations in total.

Details

Primary Language English
Subjects Development Economics - Macro
Journal Section Research Articles
Authors

Jorge Borges 0000-0003-2688-9904

Early Pub Date July 20, 2023
Publication Date July 28, 2023
Published in Issue Year 2023 Volume: 3 Issue: 1

Cite

APA Borges, J. (2023). Economic Growth without Structural Transformation: A Review of Industrial Policy in Ghana. Industrial Policy, 3(1), 42-50.