Answer to Question #214351 in Macroeconomics for Ellaly

Question

assess lessons that Ghana draw on from other developing economies around the globe to transform the industrial sector.

Answer 1

Industrial sector development in Ghana;

Ghana has undertaken various protectionism policies to stress the private sector as the driving force in economic growth.

The following advantages and disadvantages are as a result of private-sector policy reliance in Ghana:

It will accelerate the economic growth of Ghana.

It will provide more employment.

It will increase the total output of the country.

However, Ghana will occur at the following costs:

Environmental cost, inequality in the society, and other forms of injustice to informal or unskilled workers. In the event the government wishes to wipe out the negativities, then it needs to control it.