Understanding Economic Growth in Ghana in Comparative Perspective
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World Bank, Washington, DC
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Ghana has experienced a decade of solid
and exceptionally high growth. Between 2005 and 2015, income
nearly doubled. This paper analyzes the factors driving this
impressive growth performance, using tools such as
structural change decompositions and growth regressions. For
the comparative perspective, the paper compares Ghana with
its structural and aspirational peers. The paper finds that
the contribution of structural change to growth has been
limited and attributes this to labor that was freed up in
agriculture not being absorbed by high-productivity sectors.
Looking at factors that drove growth since 2000, financial
development and infrastructure had the most important
impacts. A benchmark analysis suggests that those areas
should remain the policy focus over the longer term, but
that near-term priority should be given to stabilization policies.
Palabras clave
ECONOMIC GROWTH, GROWTH DRIVERS, STRUCTURAL TRANSFORMATION, PRODUCTIVITY GROWTH, STABILIZATION POLICY, INFRASTRUCTURE INVESTMENT