Prepared by Alphecca Muttardy.
Global Coalition for Africa (2001).
Under Ghana’s official definition adopted in 1995, nontraditional exports comprise all merchandise exports except cocoa beans, logs and sawn timber, and mining products.
Principal reasons for underdevelopment of the FTZ include, lower land prices available outside the zone, lack of world-class infrastructure, and failure to work closely with private sector developers to develop cluster and supporting industries inside the zone (see UNCTAD (2002)).
See Leilc and others (2000) for a description of reforms under the ERP.
Population growth, which accounts for the difference between real and real per capita income growth, averaged 2.6 percent per year between the 1984 and 2000 Census years.
Several specifications of the model were run, including with wrong-sign variables that were removed. Strong correlation among remaining independent variables explains the presence of some variables that appear to be statistically insignificant, but if removed would cause specification bias (while their inclusion does not substantially lower the adjusted R square).
The ongoing Gateway project aims to enhance Ghana’s competitiveness through legislative, regulatory, and incentive reforms, capacity building (especially customs); and financing of infrastructure development.
Addison, 2002 indicates that the extremely small share of private sector investment in GDP is the single most important determinant explaining differences in growth rates in Ghana and other African countries.
Ghana Statistical Service (2000).
Ghura and others (2002), a comparable elasticity for Ghana measured by regression analysis is not available.
The GPRS strategy for agriculture is also referred to as the “Food and Agriculture Sector Development Program” (FASDEP).
Loans under the credit facility are guaranteed by the Export-Import Bank of the United States, carry a six-month to one-year grace period, an average interest rate of 8.5 percent per annum, and are repayable over five years. Exposure to loan risk will be borne by the commercial banks.
Pattillo and others (WP/02/69) estimate that for countries benefiting from debt reduction under the HIPC Initiative, per capita growth might increase by an additional 1 percentage point per year (unless constrained by other macroeconomic and/or structural distortions).
“Ghana Millennium Development Goals Report” (2002).
Ghura and others, WP/02/118.