Munich Personal RePEc Archive

Ghana’s economic growth and welfare issues

Kwakwa, Paul Adjei (2019): Ghana’s economic growth and welfare issues.

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Abstract

Ghana has experienced massive economic growth performance in recent time which on the average has been higher than that of the sub-region. With such track record, many have monitored its effect on the livelihoods of Ghanaians. Available data indicates that growth of the economy helped the country to meet the Millennium Development Goal one of reducing poverty by half even before the turn of 2015. Following the commencement of the commercial production of oil, Ghana’s economic growth has shifted from the agricultural sector to the service suggesting structural transformation has taken place. However, such a change has not promoted high and secure incomes and improved the livelihoods of Ghanaians since the manufacturing sector needed to absorb many workforce has seen a decline. There has also been some job increment but majority are vulnerable and find themselves in the informal sector. Unemployment among people with secondary and tertiary level qualification remains quite high. Although poverty has seen a massive decline, there still remains a high level of income inequality. Health outcomes have however improved. To sustain and benefit more from economic growth in the future, it is important for policy makers to improve the quality of the labour force. This requires the need for policy makers and government to make adequate preparation for the many SHS students who have benefitted from the free SHS policy and the first batch is expected to graduate next academic year to be absorbed into the next level of the educational ladder. Also, a stronger collaboration between academia and industry in the country is needed to train students to meet the needs of industries. The manufacturing sector needs to be given a big boost to help promote sustainable employment. Government of Ghana’s commitment to improve the health needs of Ghanaians should be strengthened.

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