Publication

Since the Fourth Republic was inaugurated in 1993, politics in Ghana have been increasingly characterized by competitive 'clientelism'. Ruling coalitions are highly vulnerable due to strong political opposition and small winning margins. Combined with a weak domestic capitalist class and high inflows of foreign aid, this has led the ruling elites across political parties to pursue and implement policies that have a short time horizon. The result has been growth without economic transformation. The country has witnessed recurrent macroeconomic instability and a haphazard process of privatization, without serious attempts to build up productive sectors outside of cocoa and gold.