Answer to Question #208592 in Macroeconomics for Elle

Question

1. Industrial sector development in Ghana has undergone various phases - protectionism policies to a focus on the private sector as the driving force in economic growth. Discuss these policies and assess lessons that Ghana draw on from other developing economies around the globe to transform the industrial sector.

Answer 1

Ghana initiated protectionism policies to encourage the growth of domestic industries by offering subsidies and imposing high duties on imports. The policies restricted the country from competition. However it was restricted from free trade where they could access variety of goods and services, market information and new technology.