Ghana's Evolutionary Role in a Changing World Economic Order

Abstract

The world economy has been passing through interesting and significant changes for several years now promising for some (the emerging countries in particular) and not so promising for others (the developed countries). Huge transfer of resources has taken place and the process is continuing. In this context, it is but natural for African observers to raise the question: African share of world resources remaining somewhat unchanged (as per the World Bank data), what is the role and future of the African countries in this changing scenario? Are they going to be partners in the transfer of resources that is being experienced? An attempt has been made here to examine the case of Ghana – a leading economy in the continent. The author wouldcontendthatalthoughthecountryispoisedtogrowspectacularlyassomeforecasterswouldenvisage,thanks to the prospect of oil revenues, Ghana has to traverse a long way if it is to be noticed in the world bodies. Growth and development must occur in substantive measures from the present state of affairs. Agriculture, almost the backbone for any developing country, must take the lead to offer meaningful support to the more promising industry. The real economy, in its basic form, must be properly understood, developed and managed with strategic investments in place. And this must be followed by or accompanied with a vibrant knowledge-based service economy. Failing this, the burgeoning oil wealth may only be hallucinatory at best.

Keywords: Ghanaianeconomy;Worldeconomicorder;Economicforecast