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Sustainable Employment Generation, Corporate Governance and the Informal/Formal Economy

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  • Type of document: PEF Research Report

Over the last decade,  Ghana's  real GDP  has grown  steadily  at 4 per cent  per annum on average.  Sectoral  growth  rates in agriculture,  industry  and services have  also   remained   reasonably   positive.   However,  the   macro-economic performance has not facilitated the needed structural transformation of the economy ;  consequently,  the   economy    continues  to  depend   on   primary commodity   exports.   At  about   36   per  cent   of  GDP,   the  contribution  of agriculture has changed  little since  1961  when it reached  35 per cent. Primary commodities account  for 61 . 2 per cent of exports  on average  compared  to  II per cent  for  manufactured goods  (1997-2001). Ghana's  external   debt  grew from  41 .4  per  cent  of  GDP  to  132.2  per  cent  over  the  period  1983-2000, revealing  significant levels of dependence on external  financial  flows.

The   lack   of   structural   transformation   of   the   Ghanaian  economy  has constrained  the development of new and better employment opportunities and a   fuller   utilization  of   the   labour   force.   The   majority    of   employment opportunities continue to  consist   of  low-income agricultural  and  informal activities.  Formal   public  and  private  sector   jobs  have  declined .  Persistent unemployment, underemployment and   growth    of   precarious forms   of employment remain central features of the economy.


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