By Tony Killick
Half A - Nkrumah and his rapid Successors, 1960-72 1. creation 2. improvement, Disequilibrium and kingdom Interventionism three. the industrial innovations of Nkrumah and his Successors four. household financial functionality within the Sixties five. exterior functionality: The foreign currency Constraint and its explanations 6. making plans, Saving and financial administration 7. Modernization with out progress eight. The Unbalanced development of Agriculture and nine. The kingdom as Entrepreneur 10. The kingdom as Controller eleven. After Nkrumah: Interpretations of regulations, 1966-72 12. classes half B - The list because 1972 thirteen. From Implosion to increase, 1972-2008 14. Structural switch 1970-2008 15. Forces for swap 1983-2008
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But there was a dark side too. Mineral output was static and no new mines had been opened since the 1930s. 21 There were, it is true, large unexploited deposits of bauxite and iron ore of economic potential, but the quality of the ore was not high and there was no prospect of mining them in the near future. 22 In sum, Ghana’s known mineral resource base was substantial and diversiﬁed, but it was eroding and oﬀered few prospects for rapid expansion. Capital resources Fairly high rates of economic growth were observed in the later nineteen-ﬁfties, accompanied by an even faster expansion of the country’s stock of capital assets.
1966, contains a detailed description and analysis of the structure of Ghana’s economy at the beginning of the sixties. The bulk of this book was written by the late Robert Szereszewski and myself. 5 This is the mean of exports plus imports as a proportion of GDP. 6 For a fuller statement of this thesis see Szereszewski, 1965, passim. 3. 8 UN Economic Commission for Africa, 1966, Table 9. 9 Killick, 1966, pp. 130–1. 10 According to Bing, 1968, p. 386, 120 posts of the Ministry’s total establishment for Agricultural Assistants of 267 were unﬁlled in 1961.
The emphasis in the literature on the development strategies described Development, disequilibrium and state interventionism 25 in the previous section was placed heavily upon macro-economic magnitudes and this had its eﬀect on those who wrote in this period on the techniques of planning. Stress was placed upon aggregative concepts like saving and investment ratios, average and incremental capital : output ratios, and import propensities. 52 The task of planning included compensation for the distortions of actual prices, which characteristically over-valued labour (along the lines of the article by Lewis already cited), and under-valued capital and foreign exchange.