Barriers to Economic Development in Ghana - 1431 Words

Economic development has to occur after a period of sustained economic growth. It is therefore the growth in total economic output accompanied by changes in the structure of the economy. There are many barriers to economic development in Ghana. Eight of them are discussed below: First and foremost, Ghana like most developing countries is enriched with natural resources or deposits but the human capital is not able to transform them to achieve rapid economic growth and development. For economic development to take off in any country, the human resource of the country should be in a position to harness the country’s endowed natural resources to fuel this economic development process. The skills and requisite know how that the human capital†¦show more content†¦Moreover, people who are in government and for that matter have access to huge sums of money usually do their savings outside the country because of fear. This is what is termed capital flight. Many government officials find it convenient to have their savings accounts outside the country in order not to stand the chance of losing everything should any political instability occurs. Many expatriates who work in the country also remit their earnings back into their countries of origin inste ad of saving at least part of it here for the business community to get access to capital so that they can expand their businesses to enhance growth. Also, lack of technological advancement is a barrier to economic growth and development in Ghana. Many countries that are experiencing rapid economic growth are technologically inclined. For instance, South Korea, China, Malaysia and Singapore are developing rapidly due to their advancement in technology. Ghana as a country still relies on traditional methods of doing things, example, using cutlasses and hoes in farming instead of tractors, ploughs and combined harvesters. All these traditional ways of doing things retard economic development. Industrialization which is the backbone of any rapid economic growth is not pursued much in the country mostly because Ghana lacks the required technology to support it. It is the industrial sector that will increase certain macro economic indicators like employmentShow MoreRelatedAnalysis Of The Board Of Directors For Tullow Oil Company1693 Words   |  7 Pagesin 22 different countries, 66 producing fields and has a workforce in excess of 2,000 worldwide. Tullow Oil has primary listing on the London Stock Exchange (LSE:TLW) and is a constituent of the FTSE 100 Index. It also has secondary listing on the Ghana Stock Exchange and Irish Stock Exchange. The company has a market capitalisation of  £29,526.95 (GoogleFinance, 2015). 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