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National economic development.

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  • Type of document: PEF Research Report, PEF Newsletter, PEF Magazine, Business Development

During the 1960s and 1970s most developing countries including Ghana: - were of the strong convict­ion that governments alone reserved the right to promote and advance the cause of national economic development.In the 1980s and 1990s- however- the conviction yielded to the pursuit of a market economy as the vehicle for the promotion of entrepreneurial development- which leads to a more efficient allocation of resources and motivates business creation and expansion. Consequently developing countries are now relocating the drive of economic development from government to the private sector.

 

In Ghana- the failure of a government controlled economy resulted in the acknowledgement that the private sector is the way forward to the country's socio-economic development.In Ghana- the failure of a government controlled economy resulted in the acknowledgment that the private sector is the way forward to the country's socio-economic development.Constraints in the macro-economic environment it has been identified- tend to retard the growth of the private sector. For example- the instability of the cedi- high inflation and high interest rates and their underlying causes are major issues which demand the attention of government- the private sector itself- and the donor community and civil society.Within the private sector itself- there is a low level of managerial and entrepreneurial skills- low level of technology and techno-

 

Read 1431 times Last modified on Wednesday, 17 August 2016 16:20
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