Welcome to Ghana, Africa's shining star.

Position:INTRODUCTION - Determinants and prospects for economic growth in Ghana
 
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When in 2010, Ghana was declared a lower middle income country, it came as a testament to its political stability, economic and financial reforms and the wealth of natural and human resources that the nation is tapping to fuel its growth and development.

Since 1992 when the nation returned to constitutional rule, it has held nine successful multi-party elections, three of which have entailed the peaceful and orderly transfer of power betOween its two main political parties. In addition to this, Ghana's legal system is also undergoing reforms. The establishment of commercial, fast-track courts is aimed at enhancing the speedy resolution of commercial disputes to ensure that investors spend more time growing their businesses rather than in court seeking justice.

The public sector has also undergone tremendous reforms, the intention of which is to make it more efficient, more proactive and more responsive to the needs to the private sector. A department of public sector reform operates directly under the Presidency, a mark of the weight that is attached to its duties. Government ministries have all been equipped with customer relations units and improvements in public sector remuneration have seen it attract the brightest and the best to its fold.

A commitment to fighting crime, including measures such as increasing police visibility, has led to the reduction in all forms of crime, particularly in the last couple of years.

In the 1980s, Ghana entered an International Monetary Fund programme to help stem the economic decline that had characterised the decade prior to it. This began a wave of liberalisation and a commitment to private sector investment that continues today. Under these reforms, government has sought to divest itself of participation in business, selling off some of its interests and encouraging the private sector to provide goods and services that it had previously attempted to. In addition, there have been great improvements in the regulatory frameworks that have fostered open competition and improved delivery of goods and services. The success of this strategy is particularly evident in telecommunications and financial services, sectors in which Ghana now leads Africa in competitiveness and innovation.

The commencement of commercial oil exploration has also opened up another area of progress for the country. Beyond improved tax receipts, government is particularly concerned about improved job creation that the nascent industry...

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