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The structural adjustment program in Ghana has been one of the most enduring programs in Africa, and it has been viewed as the model of success. Within a decade Ghana has succeeded in dismantling and eliminating most of the controls and distortions in the economy, and it now boasts one of the most liberal trade and payments regimes with some of the lowest tariffs on international trade in Africa. Most Ghanaians will admit that the program has succeeded in removing the distortions in the economy and moving to market-based policy instruments. At the household level, however, the impact of the program is less visible. Agricultural production, the mainstay of the majority of the population, has lagged behind population growth. Cost recovery measures in health and education are biting hard. The objective of this study is to examine the relationship between governance and economic reform. The first section of this report offers a brief review of the political economy of decline and successful reform. The first attempted reform of 1967-71 is then examined, followed by a look at the current program, starting from 1983. Finally, the last section draws together the evidence from the two economic reform experiences and offers some conclusions.
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