Macroeconomics Case Study

Entrepreneurship in Ghana: Government Initiatives

OR

Abstract:
Ghana, a nation that remained for long as one of the poorest economies of the world, had become an emerging economy in Africa by 2005. Its gross domestic product growth rate at 4%, between 1990 and 2004, has surpassed that of the other sub-Saharan nations (2%) and rest of the world (3%). Structural transformation of the economy from state controls to free market under the leadership of Flt. Lt. Jerry Rawlings, who ruled the country from 1981 to 2000, has ushered in a new economic standing. This transformation has encouraged many non-resident Ghanaians to set up their own business in the country and has thereby given a boost to the development process. The reforms were continued by the government that succeeded Rawlings, which ensured stability and continuance of pro-market economic policies.

Pedagogical Objectives:

• To understand the macroeconomic policy objectives of Ghana
• To analyse Ghana’s monetary and fiscal policies and its role in achieving the macroeconomic objectives of the country
• To understand Ghana’s initiatives to induce entrepreneurial activities in the country and its journey from a poor economy to an emerging economy in Africa.

Keywords : Emerging economies in Africa, Ghana&rsquo,s economy, Economic liberalisation in Ghana, Services sector in Ghana, State support for entrepreneurs in Ghana, Divestment of state-owned enterprises in Ghana, Multilateral Investment Guarantee Agency (MIGA), Ghana Poverty Reduction Strategy (GPRS), Ministry for Private Sector Development (MPSD)