Economic growth in Ghana

At the time of independence in 1957, Ghana had a better legacy than many other countries in the sub-Saharan region
At the time of independence in 1957, Ghana had a better legacy than many other countries in the sub-Saharan region. It was the largest producer and exporter of cocoa in the world, exported one-tenth of the world's gold and had substantial foreign exchange reserves. Moreover, its infrastructure was relatively well developed coupled with the best-trained and skilled workforce in the region. 

Ghana's per capita income identified it as a middle-income country, comparable to South Korea. By the mid-to the late 1960s, however, the situation had changed radically: growth had fallen to 0.4 per cent, foreign exchange reserves had been hugely depleted, and the external debt had reached unsustainable levels. Standard of living fell, with the minimum wage at half the level of independence with considerably higher levels of poverty. 

This recession continued throughout the 1970s. Between 1970 and 1983 import volumes fell by 33 per cent whiles export earnings in real terms halved with domestic savings and investments falling from 12 per cent of gross domestic product (GDP) to effectively zero. Moreover, a severe drought in the late 1970s and early 1980s compounded by the repatriation of Ghanaians from Nigeria in 1983 added to the woes of the Ghanaian economy (Gockel and Amu, 2003). 

By the early 1980s inflation stood at more than 100 per cent and per capita incomes had fallen from US $1,009 in 1960, to US $739. From Figure 4.1, we observe that from 1960 to 1983, a youthful Ghana experienced very erratic growth. That period was considered the'dark years' recording low, sometimes negative, unstable GDP growth. After 1983, which marks the start of the Economic Recovery Programme (ERP), growth stabilized around the 5 per cent mark up until 2008 where growth began to fluctuate again. 

In the last decade Ghana has continued to register relatively commendable economic growth rates, but its recent experiences suggest major macroeconomic challenges in the form of a sharp currency depreciation, deepening energy crisis, deteriorating macroeconomic imbalance, rising inflation and interest rates. Over time, budget deficits and inflation have continued to remain high, with successive governments finding it quite a challenge to reduce them significantly. This is why,Over the last several decades of Ghana’s economic development, as considered in this study, two distinctly different economic strategies have been pursued by the government of the country. 

There existed some form of economic planning even before Ghana’s independence in 1957 and, over the years, government controls in resource allocation became marked, particularly so during the late 1970s and early 1980s. But, with the Economic Recovery Programme (ERP), initiated in 1983, a diametrically opposite policy regime was instituted. With the ERP, there began implementation of Structural Adjustment Programmes (SAPs) under close supervision by the IMF and the World Bank. This chapter presents a chronological account of the policies and reforms pursued by the country. 

In the next section (Sect. 2.2), we list the various development plans as prepared/implemented which, in the late 1970s and the early 1980s, left the economy labouring under a severe form of price controls. Section 2.3 deals with the initiation of the ERP, in particular, ERP I (1983–1986) and ERP II (1986–1989).

The economic benefits and costs of entrepreneurship

This article critically reviews the literature on the economic benefits of publicly funded basic research. In that literature, three main methodological approaches have been adopted — econometric studies, surveys and case studies. Econometric studies are subject to certain methodological

This article critically reviews the literature on the economic benefits of publicly funded basic research. In that literature, three main methodological approaches have been adopted — econometric studies, surveys and case studies. Econometric studies are subject to certain methodological limitations but they suggest that the economic benefits are very substantial. These studies have also highlighted the importance of spillovers and the existence of localisation effects in research. 

From the literature based on surveys and on case studies, it is clear that the benefits from public investment in basic research can take a variety of forms. We classify these into six main categories, reviewing the evidence on the nature and extent of each type. 

The relative importance of these different forms of benefit apparently varies with scientific field, technology and industrial sector.

 Consequently, no simple model of the economic benefits from basic research is possible. 

We reconsider the rationale for government funding of basic research, arguing that the traditional ‘market failure’ justification needs to be extended to take account of these different forms of benefit from basic research. 

The article concludes by identifying some of the policy implications that follow from this review

The Worst Air Disaster You’ve Never Heard Of

In the early days of flight, airships were hailed as the future of war. Then disaster struck the USS Akron.

It would be the greatest day in the history of Akron, Ohio. Forget the opening of the Ohio and Erie Canal, which allowed the budding metropolis to become an industrial center. No, the Rubber City—so-called because of the factories established there by Goodrich, Firestone, General Tire, and Goodyear—had never seen anything like this. Akron means “high” in Greek, and now, fittingly, the future was up in the sky.

The Worst Air Disaster You’ve Never Heard Of 

Before the sun rose on August 8, 1931, people poured into the streets. Lloyd Weil, Akron’s mayor, had declared a holiday, freeing from their desks and assembly lines those workers lucky enough to have jobs during the depths of the Great Depression. Cars converged from all directions, carrying people from Cleveland, Pittsburgh, Erie, Toledo, and farther afield. Many navigated epic traffic jams en route to their destination: the Goodyear-Zeppelin Airdock, where the day’s action would take place.
In all, some 250,000 people came to witness the official launch of the new U.S. Navy airship.

 It would be called the USS Akron, after the city where it was engineered and built over a span of nearly three years. Dubbed by the press “the Queen of the Skies,” it was the culmination of America’s effort to conquer the heavens using dirigibles—vessels steered through the atmosphere buoyed by gas that was lighter than air. Aviation leaders and enthusiasts were eager to see the new ship take flight; Amelia Earhart was among the luminaries who came to Akron for the launch.

The city had the air of a carnival. Goodyear offered an aerial view of the festivities in a small blimp, a technological predecessor of the mighty airship, for a dollar a ride. A music teacher for the city’s schools had written a song for the occasion, and now glee clubs stood ready to belt out “Ode to Akron.”

Thousands of people queued up in the bright sunshine to enter the egg-shaped hangar where the airship was moored. The building was so enormous it contained its own climate—rain occasionally fell inside. As the crowds streamed in, listening to no less than five brass bands blaring away, spectators blinked to adjust their eyes. Before them sat a behemoth.

Locals had seen Goodyear crafts drifting overhead before—the company had manufactured balloons since 1912 and its now famous blimps since 1925—but the Akron was an order of magnitude larger. It stood 14 stories high, ran 785 feet long, and weighed 400,000 pounds when fully loaded, dwarfing anything that had ever taken flight. The ship’s cavernous body, formed by a skeleton of curved metal sheathed in lacquered cotton, could have held everyone assembled, though the Akron’s official capacity was 2,200. It required fewer than 100 crew to fly.

As two radio broadcasters, James Wallington of NBC and Ted Husing of CBS, competed for superlatives to describe the ship to rapt audiences around the nation, the guest of honor arrived—the First Lady of the United States, Mrs. Lou Hoover, Herbert’s vivacious wife. She would perform the christening.
Preceding her at the microphone was the man most responsible for the day: Rear Admiral William Moffett, known in military circles as the “air admiral.” He reached out his hand and placed it gently on the Akron’s nose as he spoke. “We do not lead the world in our merchant marine, nor, alas, in our navy,” he said, “but we do, by the construction of this great airship, now take the lead in lighter-than-air in the world.” A roar went up from the crowd.

Moffett then quoted Henry Wadsworth Longfellow—“Sail on, not fear to breast the sea!”—before Mrs. Hoover stepped forward. “I christen thee Akron!” she declared. She pulled a red, white, and blue cord, and the front hatch of the airship opened. With a shriek, out flew 48 racing pigeons—the exact number of states in the Union.

As the brass bands struck up “The Star-Spangled Banner,” crewmen untethered a rope, and without a sound the Akron floated a few feet off the ground. When the crowd noticed that the ship had risen, a deep “oooohhh” rippled through the hangar. After a few minutes, the ship was pulled back to the ground, its brief maiden voyage over. Great success would surely follow—even if believing so meant ignoring tragedies that had gone before.

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THE LIFE OF OSAGYEFO DR. KWAME NKRUMAH

This article talks about the life story of Dr. Kwame Nkrumah and the significant role he played in the survival of the country of Ghana.

Kwame Nkrumah, born 21 September 1909 and died 27 April 1972, was a Ghanaian politician and revolutionary. He was the first Prime Minister and President of Ghana, having led the Gold Coast to independence from Britain in 1957. An influential advocate of pan-Africanism, Nkrumah was a founding member of the Organisation of African Unity and winner of the Lenin Peace Prize in 1962. After twelve years abroad pursuing higher education, developing his political philosophy and organising with other diasporic pan-Africanists, Nkrumah returned to the Gold Coast to begin his political career as an advocate of national independence. He formed the Convention People's Party, which achieved rapid success through its unprecedented appeal to the common voter. He became Prime Minister in 1952 and retained the position when Ghana declared independence from Britain in 1957. In 1960, Ghanaians approved a new constitution and elected Nkrumah President.

LIFE OF OSAGYEFO DR. KWAME NKRUMAH

His administration was both nationalist and socialist. Thus, it funded national industrial and energy projects, developed a strong national education system and promoted a national and pan-African culture. Under Nkrumah, Ghana played a leading role in African international relations during the decolonisation period. In 1964, a constitutional amendment made Ghana a One-party state, with Nkrumah as president for life of both the nation and party. Nkrumah was deposed in 1966 by the National Liberation Council, which, under the supervision of international financial institutions, privatised many of the country's state corporations. Nkrumah lived the rest of his life in Guinea, of which he was named honorary co-president.

Kwame Nkrumah was born on 21 September 1912 in Nkroful, Gold Coast (now in Ghana) to a poor and illiterate family. Nkroful was a small village in the Nzema area, in the far southwest of the Gold Coast, close to the frontier with the French colony of the Ivory Coast. His father did not live with the family but worked in Half Assini, where he pursued his goldsmith business until his death. Kwame Nkrumah was raised by his mother and his extended family, who lived together traditionally, with more distant relatives often visiting. He lived a carefree childhood, spent in the village, in the bush, and on the nearby sea. By the naming customs of the Akan people, he was given the name Kwame, the name given to males born on a Saturday. During his years as a student in the United States, though, he was known as Francis Nwia Kofi Nkrumah, Kofi being a name given to males born on Friday. He later changed his name to Kwame Nkrumah in 1945 in the UK, preferring the name "Kwame". According to Ebenezer Obiri Addo in his study of the future president, the name "Nkrumah", a name traditionally given to a ninth child, indicates that Kwame likely held that place in the house of his father, who had several wives.

His father, Opanyin Kofi Nwiana Ngolomah, came from Nkroful, belonging to the Akan tribe of the Asona clan. Sources indicated that Ngolomah stayed at Tarkwa-Nsuaem and dealt in the goldsmith business. In addition, Ngolomah was respected for his wise counsel by those who sought his advice on traditional issues and domestic affairs. He died in 1927

How the Asante Kingdom started.

The article talks about how the Asantes became dominant and popular in Ghana (Gold Coast), and also how the Asante Kingdom started.

The Early Asantes

Asantes fleeing Denkyira’s hegemony, many smaller Akan tribes moved eastward and settled around the city of Kumasi. By the late 17th century, these Akan peoples were drawn together and were ruled by a single leader, called the Kumasehene. Eventually, the Kumasehene became the Asantehene, and the Asante saw themselves as a single, united people. Obiri Yeboa was the first prominent Kumasehene, and he enlarged the power of his Oyoko clan (yeboa) by incorporating other local Akan nobility into his family, through a combination of force and diplomacy.

How the Asante Kingdom started

The Reign of Osei Tutu and the Golden Stool

Osei Tutu (1680-1717) was the first king of Kumasi to claim the title Asantehene. He would lead the people of Asante and Kumasi to become the dominant power of the Gold Coast. Osei Tutu had the vision and statesmanship to transform the Asante from a subordinate vassal of Denkirya to the paramount Akan kingdom. Osei Tutu had spent some time as a resident prince of the Akwamu court, learned of their military tactics, and was able to ally with that tribe. With the support of the Akwamu king, Osei Tutu revolted against Denkyira. In battle, the Asante developed a pincher formation that aimed to flank the enemy force from the sides and rear. The revolt met with success.

In 1698, the favourite wife of Osei was sent to negotiate at the Denkyira court as a sign of goodwill; instead of receiving her honourably, the enemy king raped her. After that, the war between the two kingdoms became much more savage. At the Battle of Feyiase (1701), the Asante triumphed decisively over Denkyira, bringing total victory. The Denkyirahene was killed, and that nation would persist only as a shadow of its former self. The Asante Empire was now the dominant Akan kingdom, and soon monopolised trade in the Gold Coast region.  Osei used a consultative body of the Kotoko Council to integrate the leadership of new peoples into the Asante State. As the empire expanded, incorporated peoples were allowed to join the Asante union directly or exist as semi-autonomous client states. With Osei Tutu began the tradition of the Golden Stool, a gold-glad ceremonial chair which was the physical embodiment of the entire Asante nation. It was an ancient Akan custom for each family to have a stool signifying the authority of elders, as well as stools indicating a chief’s authority in each tribe. The Golden Stool developed a spiritual and political significance beyond all proportion of this earlier tradition, and was said to have a miraculous origin. It was so sacred that even the Asantehene could not sit on it. 

The chief priest and spiritual leader of the Asante, Okomfo Anokye, was believed to have called the golden stool down from heaven. The stool houses the soul of the Asante nation and is believed to connect all Asante individuals- those dead, those living, and those yet to be born. As a political symbol, the Golden Stool was seen to transcend the power of all other stools in the Akan tradition. As Akan tribes were absorbed into the Asante union, they were made to bury their stools in a sign of deference.

The Silent Cost of Unemployment: Beyond the Paycheck

Unemployment is often measured in numbers, but its true impact stretches far beyond economic statistics. This article explores the hidden psychological, social, and structural consequences of joblessness, especially in developing economies, and argues for a more holistic approach to policy

Unemployment is typically framed as a loss of income, but its ripple effects extend deep into the fabric of society. In regions like sub-Saharan Africa, where informal economies dominate and social safety nets are thin, joblessness can trigger a cascade of personal and communal challenges.

Psychologically, prolonged unemployment erodes self-worth and identity. Work is not just a means of survival—it’s a source of structure, purpose, and social connection. Without it, individuals often experience anxiety, depression, and a sense of isolation. These effects are amplified in cultures where employment is tied to social status or familial responsibility.

Socially, unemployment can destabilize communities. Young adults without work are more vulnerable to exploitation, crime, or migration pressures. Families may fracture under financial strain, and local economies suffer as purchasing power declines. The result is a feedback loop where poverty and unemployment reinforce each other.

Structurally, the absence of inclusive labor policies and vocational training programs leaves many trapped in cycles of underemployment or informal work. Governments often focus on macroeconomic growth without addressing the mismatch between education and market demand.

To truly address unemployment, interventions must go beyond job creation. Mental health support, skills retraining, and community-based initiatives are essential. A paycheck solves one problem—but restoring dignity, purpose, and opportunity solves many.

The History of the Internet: From Military Project to Global Network

The Internet, a transformative force in modern life, began as a military research project in the late 1960s. Originally known as ARPANET, it was developed by the U.S. Department of Defense to enable secure communication between computers across

The History of the Internet: From Military Project to Global Network

The internet has become an indispensable part of modern life. From sending emails to streaming movies, shopping online to accessing world news in real-time, the internet connects billions of people across the globe. But how did it all begin? The history of the internet is a fascinating journey that spans decades of technological innovation, government collaboration, and private enterprise.

The history of the internet 

Origins in the Cold War

The story of the internet begins in the late 1950s, in the midst of the Cold War. After the Soviet Union launched Sputnik in 1957, the U.S. government felt an urgent need to invest in science and technology. This led to the creation of the Advanced Research Projects Agency (ARPA) in 1958, a branch of the U.S. Department of Defense [1].

In the 1960s, ARPA began developing a way for military and research computers to communicate even if parts of the system were destroyed in a nuclear attack. The result was ARPANET, launched in 1969. It connected four universities—UCLA, Stanford, UC Santa Barbara, and the University of Utah—and allowed them to share data and research [2].

The Birth of Networking

ARPANET introduced a revolutionary idea: packet switching. Unlike traditional telephone lines, which require a dedicated circuit between callers, packet switching breaks data into small "packets" that travel independently and reassemble at the destination. This made communication faster, more efficient, and resilient to failure.

By the 1970s, more institutions joined ARPANET, forming a growing network of computers. Researchers Vinton Cerf and Robert Kahn developed a communication protocol called TCP/IP (Transmission Control Protocol/Internet Protocol) in 1974, which allowed different networks to connect seamlessly [3]. TCP/IP became the foundation for what we now call the internet.

Going Public

In the 1980s, the internet began to expand beyond government and academic institutions. In 1983, the ARPANET officially adopted TCP/IP, and the Domain Name System (DNS) was introduced, making it easier to identify websites through names (like “www.example.com”) instead of numeric IP addresses [4].

By the late 1980s, private companies and universities started building their own networks. In 1990, ARPANET was officially decommissioned, having served its purpose as the prototype for the global internet.

The World Wide Web

While the internet provided the infrastructure for global communication, it was the World Wide Web, invented in 1989 by British computer scientist Tim Berners-Lee, that made the internet accessible to the average person [5]. Berners-Lee created the first web browser and web server, and in 1991, the first website went live.

The web allowed users to navigate through links and pages using a graphical interface. Suddenly, the internet was no longer just for scientists and researchers—it was for everyone.

The Dot-Com Boom and Beyond

In the mid-1990s, the internet rapidly commercialized. Companies launched websites, search engines like Yahoo! and Google emerged, and the era of dot-com startups began. By the year 2000, millions of people had internet access in their homes.

Despite the crash of many internet startups in the dot-com bust of 2000–2001, the internet continued to grow. Broadband replaced dial-up, smartphones brought the web to our pockets, and platforms like Facebook, YouTube, and Amazon revolutionized how we communicate, consume content, and shop.

Today’s Internet

As of 2025, the internet connects more than 5 billion people worldwide [6]. It has transformed every aspect of life—education, healthcare, politics, entertainment, and work. Technologies like cloud computing, social media, artificial intelligence, and the Internet of Things (IoT) have expanded its capabilities in ways early pioneers could hardly have imagined. Yet the internet also brings challenges: digital privacy concerns, misinformation, cybersecurity threats, and the digital divide between those with and without access.

Conclusion

The internet began as a military project designed to withstand nuclear attacks and evolved into the most powerful communication tool in human history. Its development was driven by visionaries, engineers, and researchers who believed in the power of connecting people. As we look to the future—with innovations like 6G, quantum computing, and decentralized networks—the internet’s story is still being written.