Based on statistics published by the International Monetary Fund (IMF) in September 2006, the rate of growth of Ghana's economy from 1995 through 2002 is calculated at an average of 4.3 percent per year. The average rate of growth from 2003 through 2005 is 5.6 percent.
On November 30, 2006, the Accra Mail (Accra), citing as its source the government owned and operated Ghana News Agency (GNA), quoted the head of Ghana's official planning unit as saying that "the macroeconomic gains . . . from 2003-2005 stabilized the economy for growth rather than improvement in the standards of living."
The difference between the average rate of growth between 1995 and 2002 of 4.3 percent and the rate of growth from 2003 through 2005 of 5.6 percent-a difference of 1.3 percent-adds a certain amount of weight to this claim. The Ghanian government appears to have a clear perception of the policies required to stabilize the economy as opposed to those directed at graduating Ghana's consumers into the middle class.
Additionally, the government is going forward with a set of policies aimed at capitalizing on the growth its macroeconomic policies stimulated to raise the per capita income of its citizens. The IMF estimates that...