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Growth and Structure of the Economy

In: The Economy of Ghana

Author

Listed:
  • M. M. Huq

    (University of Strathclyde)

Abstract

The foundations of the present structure of the Ghanaian economy were laid between 1890 and 1910.1 This twenty-year period witnessed an annual average growth of 1.8 per cent in GDP (Gross Domestic Product) per capita. Judged by the performance of the LDCs (less developed countries) at that time, such a growth rate was high and marked a significant improvement in living standards. As Omaboe observes: This was the period during which the export economy of the forest belt of the country was developed and transformed. Prior to this the country had a small export trade but this was based largely upon the collection of naturally-occurring forest produce such as palm fruits and kernels, kola nuts and wild rubber. These two decades saw the replacement of this export trade by the product of two major economic activities, gold-mining and cocoa-farming. They have dominated the economy of the country for more than half a century now and they have dictated the pace of economic growth and the present structure of the economy.2

Suggested Citation

  • M. M. Huq, 1989. "Growth and Structure of the Economy," Palgrave Macmillan Books, in: The Economy of Ghana, chapter 2, pages 45-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19749-1_3
    DOI: 10.1007/978-1-349-19749-1_3
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