WHAT HAPPENED TO GHANA? In 1964, GDP per person was higher in Ghana than in South Korea; in 2013, it was more than 14 times smaller. This comparison, a version of which I used in the opening to my own masters thesis, has motivated a lot of economic research. The causes of South Koreas transformation are better known than the reasons for sub-Saharan Africas relative stagnation: good quality basic education, high savings, foreign investment, less corruption and, critically, export manufacturing. Apart from those that have done it through oil or other natural resource endowments, there are virtually no countries that have transitioned from low income to upper middle income status without developing a vibrant export manufacturing sector.
Posted on: Thu, 28 Aug 2014 13:28:01 +0000
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