Edited by Oliver Morrissey and Michael Tribe
Chapter 2: Sources of industrial growth: the impact of policy on large and medium scale manufacturing performance in Ghana
2. Sources of industrial growth: the impact of policy on large and medium scale manufacturing performance in Ghana Isaac Acheampong and Michael Tribe 1 INTRODUCTION The principal objective of this chapter is to assess the extent to which the Ghanaian Government economic policies have affected the overall performance of the manufacturing sector over the period from the 1970s to the 1990s. In particular, the aim is to assess the impact of the Economic Recovery Programme and the Structural Adjustment Programmes which were introduced in the mid-1980s, and to form some judgement on the degree to which they have been responsible for a recovery of the large and medium scale manufacturing sector. The discussion will concentrate on large and medium scale industries, and will follow a ‘before and after’ approach based on analysis of data over the period 1970 to 1993. The analysis will attempt to identify the contributions of capital, labour and total factor productivity growth to output growth and to explore policy implications. Data for the estimation of the sources of industrial growth were obtained from published industrial statistics produced by the Ghana Statistical Service. Industrial growth may arise from increases in factor inputs (that is physical and human capital and material inputs) and from productivity growth (due to increased efﬁciency in using factor inputs). Economic policies pursued in a particular period and relating to the economy as a whole, and to the industrial sector in particular, inﬂuence productivity growth. For example, the shift from a regulated...
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