R4D Policy Brief 2015/1: Ghana Country Study-Policy recommendations

ABSTRACT:
Growth rates rose in 2010 and 2011 but could not be sustained. Relative macroeconomic stability and the production and export of oil played an important role in this growth surge. Agriculture’s share of national output has developed a downward trend whilst the spurt in industry’s share is attributable largely to the start of oil production in 2011. Manufacturing, however, appears to be on the decline. Most workers do not work in conditions that meet the criteria of decent work. This is largely because the majority of the work force is employed in the informal sector largely as own account workers. Although estimates of unemployment using official data suggest relatively low unemployment rates, youth unemployment rates are almost double these estimates and the incidence of underemployment is large. Primary products still dominate Ghana’s exports although the economy is less vulnerable to fluctuations in world cocoa prices since cocoa now comprises about a third of total export revenue. Ghana thus faces the challenge of improving and sustaining its growth rates, successfully diversifying its export base from primary products and expanding employment opportunities under conditions of decent work.

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