Abstract
Flight-Lieutenant Jerry Rawlings has presided over two distinct types of régime as far as economic policy is concerned since the overthrow of the Third Republic at the end of 1981. The first was characterised by the extensive intrusion of the state, or by those claiming to act on its behalf, in directing economic activity, notably the sale of goods and services. The other, since 1983, has witnessed greater reliance on the market freedom of individuals in both production and exchange, largely consistent with the economic liberalism prescribed by the International Monetary Fund (I.M.F.). Most analysts familiar with the evidence have concluded that the experiment during 1982–3 was an unmitigated disaster for the wellbeing of Ghanaians, and that since then the Economic Recovery Programme (E.R.P.) has successfully reversed the downward spiral and created the conditions for real income growth.
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