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A General Overview Read chapter Read first chapter

2018 | OriginalPaper | Chapter

3. Growth and Structure of the Economy

Authors : Mozammel Huq, Michael Tribe

Published in: The Economy of Ghana

Publisher: Palgrave Macmillan UK

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Abstract

The foundations of the present structure of the Ghanaian economy were laid between 1890 and 1910. This 20-year period witnessed an annual average growth of 1.8 per cent in GDP per capita according to estimated national income accounts for that period. Judged by the economic performance of developing countries at that time, such a growth rate was high and marked a significant improvement in living standards. As observed by Omaboe (1966, p. 18):
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.

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Metadata
Title
Growth and Structure of the Economy
Authors
Mozammel Huq
Michael Tribe
Copyright Year
2018
Book
The Economy of Ghana

Print ISBN: 978-1-137-60242-8

Electronic ISBN: 978-1-137-60243-5

Copyright Year: 2018

DOI
https://doi.org/10.1057/978-1-137-60243-5_3