The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development

Dominic Anyan Twumasi; Chen Xiangman

doi:doi:10.11648/j.jwer.20160505.14

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The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development

Dominic Anyan Twumasi, Chen Xiangman

Published in Journal of World Economic Research (Volume 5, Issue 5)

Received: 2 November 2016 Published: 3 November 2016

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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.

Published in	Journal of World Economic Research (Volume 5, Issue 5)
DOI	10.11648/j.jwer.20160505.14
Page(s)	72-76
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2016. Published by Science Publishing Group

Keywords

Gross Domestic Product (GDP), Information and Communication Technology (ICT), Multinational Corporations (MNC), Research and Development (R & D), Small and Medium Enterprise (SME)

References

[1]	Todaro, M. P. (1997). Economics Development. Massachusetts: Addisob-Wesley. Pp. 5.
[2]	Ghana Statistical Service. (2015). Annual Gross Domestic Product. September 2015 edition. Retrieved from:http://www.statsghana.gov.gh/docfiles/GDP/GDP2015/2015_Annual_GDP_September_2015_Edition.pdf
[3]	CIA, World Fact book (2008). Rate Order-Industrial Production growth rate, pp. 16-30
[4]	Michael Gyamerah, (2002). Nkrumah’s Industrialization Policy Feature article on ghanaweb. Retrieved from: http://www.ghanaweb.com/GhanaHomePage/NewsArchive/Nkrumah-s-Industrialization-Policy-27626
[5]	Boateng and Ofori-Sarpong (2002), Analytical Study of the labour market for Tertiary Graduates in Ghana, pp.15-20.
[6]	Modern Ghana. (2002). Did Ghana Lose a Great Vision or Not? Retrieved from: http://www.modernghana.com/news/111361/1/nkrumahs-industrialization-policy-.html
[7]	Asuako E. L, (2015). Constraints of Industrialization and Technology Transfer in Ghana. Pp 52.
[8]	Ghana Statistical Service. (2014). Digest of International Merchandise Trade Statistics (2009-2013). Retrieved from: http://www.statsghana.gov.gh/docfiles/Econs_Stats/DigestExtTrade_Final5%20-8%20Jan.pdf
[9]	Maskus, K. E (2003). Encouraging International Technology Transfer. UNCTAD/ICTSD Capacity Building Project. On Intellectual Property Rightsand Sustainable Development.
[10]	Ramanathan, K. (1994). The Polytrophic Components of Manufacturing Technology. Technological Forcasting and Social Change, 221-258.
[11]	Ramanathan, K. (2000). A Taxonomy of International Technology Transfer Modes, Proceedings of the Third International Conference on Operations and Quantitative Management, Sydney, pp. 17-20.

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APA Style

Dominic Anyan Twumasi, Chen Xiangman. (2016). The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. Journal of World Economic Research, 5(5), 72-76. https://doi.org/10.11648/j.jwer.20160505.14

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ACS Style

Dominic Anyan Twumasi; Chen Xiangman. The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. J. World Econ. Res. 2016, 5(5), 72-76. doi: 10.11648/j.jwer.20160505.14

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AMA Style

Dominic Anyan Twumasi, Chen Xiangman. The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. J World Econ Res. 2016;5(5):72-76. doi: 10.11648/j.jwer.20160505.14

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@article{10.11648/j.jwer.20160505.14,
  author = {Dominic Anyan Twumasi and Chen Xiangman},
  title = {The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development},
  journal = {Journal of World Economic Research},
  volume = {5},
  number = {5},
  pages = {72-76},
  doi = {10.11648/j.jwer.20160505.14},
  url = {https://doi.org/10.11648/j.jwer.20160505.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20160505.14},
  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.},
 year = {2016}
}

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TY  - JOUR
T1  - The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development
AU  - Dominic Anyan Twumasi
AU  - Chen Xiangman
Y1  - 2016/11/03
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DO  - 10.11648/j.jwer.20160505.14
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
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AB  - 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.
VL  - 5
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Author Information

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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APA Style

Dominic Anyan Twumasi, Chen Xiangman. (2016). The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. Journal of World Economic Research, 5(5), 72-76. https://doi.org/10.11648/j.jwer.20160505.14

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ACS Style

Dominic Anyan Twumasi; Chen Xiangman. The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. J. World Econ. Res. 2016, 5(5), 72-76. doi: 10.11648/j.jwer.20160505.14

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AMA Style

Dominic Anyan Twumasi, Chen Xiangman. The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development. J World Econ Res. 2016;5(5):72-76. doi: 10.11648/j.jwer.20160505.14

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@article{10.11648/j.jwer.20160505.14,
  author = {Dominic Anyan Twumasi and Chen Xiangman},
  title = {The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development},
  journal = {Journal of World Economic Research},
  volume = {5},
  number = {5},
  pages = {72-76},
  doi = {10.11648/j.jwer.20160505.14},
  url = {https://doi.org/10.11648/j.jwer.20160505.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jwer.20160505.14},
  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.},
 year = {2016}
}

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TY  - JOUR
T1  - The Measures Needed to Reshape Ghana’s Industrial Sector for the Country’s Economic Development
AU  - Dominic Anyan Twumasi
AU  - Chen Xiangman
Y1  - 2016/11/03
PY  - 2016
N1  - https://doi.org/10.11648/j.jwer.20160505.14
DO  - 10.11648/j.jwer.20160505.14
T2  - Journal of World Economic Research
JF  - Journal of World Economic Research
JO  - Journal of World Economic Research
SP  - 72
EP  - 76
PB  - Science Publishing Group
SN  - 2328-7748
UR  - https://doi.org/10.11648/j.jwer.20160505.14
AB  - 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.
VL  - 5
IS  - 5
ER  -

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