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
Highlights
The world economy grew 5.2% in 2007 powered by growth in China (11%), India (9%) and Russia (8%) and Brazil (6.1%)
Percentage contribution of the Agricultural, Industry and Service sectors to Ghana's gross domestic product (GDP) were obtained from The Country's Budget statement, the Ghana Statistical Service and the Ministry of Finance and Economy Planning (MoFEP)
This was useful in gathering the required information as some respondent depending on their political affiliations gave various views as they perceived the performance of the Ghanaian economy
Summary
The world economy grew 5.2% in 2007 powered by growth in China (11%), India (9%) and Russia (8%) and Brazil (6.1%). Developed economies responded to the downturn by providing economic stimulus to stimulate growth, reduce unemployment, tax cuts, and loans to SME and improve total productivity. The pressure from the populace, the media and social commentators for good management of the economy by governments looks to be yielding dividends as shown by the growth predictions of the Economic Watch Whether these favourable predictions, coupled with the Ghanaian pressure on their governments, would make Ghana assume a leading role in growing her economy in the coming year and into the future is a field that requires researching into. Development economists assume that the difference between a country's potential income and actual income is reduced every time period by a constant fraction (Bloom, Canning and Malaney, 1999) This model of economic growth has two powerful implications. Because the model is estimated using growth rates, as opposed to levels of income, distinguishing between income per person of working age and income per capita makes no difference in stable populations (for which the growth rate of the overall population is equal to that of the working-age population)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Technology and Management Research
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
