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The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development
Journal of World Economic Research
Volume 5, Issue 5, October 2016, Pages: 72-76
Received: Nov. 2, 2016; Published: Nov. 3, 2016
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Authors
Dominic Anyan Twumasi, The Business School, Economics Department, Xiangtan University, Xiangtan City, China
Chen Xiangman, The Business School, Economics Department, Xiangtan University, Xiangtan City, China
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Abstract
Ghana, a West African country often prides herself as the country with abundant natural resources. However the country’s economy is yet to benefit from these resources. In the attempt to gain an understanding of the underlying reasons why this is so, the writer employs qualitative research methods by observing the performance of the country’s industrial sector. Particularly looking at the contributions that comes from the industrial sector to the country’s GDP annually. The writer finds that two major subsectors are contributing negatively to the country’s GDP whiles the country mostly records trade deficits. In view of this, the writer concludes that the country should employ advance technology in all areas of economic activities. There should also be good trade policies, promotion and acceptance of science, technology, vocational and technical education as well as an increase in the share of R&D expenditure in the country’s GDP expenditure annually.
Keywords
Gross Domestic Product (GDP), Information and Communication Technology (ICT), Multinational Corporations (MNC), Research and Development (R & D), Small and Medium Enterprise (SME)
To cite this article
Dominic Anyan Twumasi, Chen Xiangman, The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development, Journal of World Economic Research. Vol. 5, No. 5, 2016, pp. 72-76. doi: 10.11648/j.jwer.20160505.14
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