Trade, payments liberalization, and economic performance in Ghana

Abstract

All over Africa, countries are adopting structural adjustment policies with the hope of arresting two decades of economic deterioration. This deterioration has been attributed, among other things, to inappropriate trade and payments policies, such as overvalued exchange rates and exchange controls, high tariffs and quantitative restrictions which result in a divergence between world prices and domestic prices leading to policy-induced distortions with considerable macroeconomic implications (World Bank, 1990a). Central to these structural adjustment programmes has been the liberalization of trade and payments.

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