GHANA

[ALI KADRI <akadri_00@xxxxxxxxx>]

I have been looking at Ghana recently. it is a typical
story of dependent state creation.  it grew at an
average yearly rate of 4 percent since structural
adjustment in 1983 but per capita income is still
below the Nkrumah days levels. in 2000 it experienced
a slump at one percent. savings dropped to six percent
when investments were at 23 percent. ODA stood at 10
percent throughout the nineties and the import rate
exceeded export. the extent of foreign capital
operation is astounding. when ODA dropped in 1999, and
the foreign exchange crunch kicked in the crisis
occurred. can one surmise that when there is high
exposure, institutional lenders can trigger crisis at
will. And, short of a massive program of
nationalization and import substitution, is there an
neoclassical recipe that could take Ghana out of
crisis.

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