The Perils Of “A Guggisberg Economy”
"More than half a century after independence, the Ghanaian economy remains dependent on cocoa and gold for its survival. The country has failed to diversify the economy's production base all these years. In essence, the economy has retained its colonial “Guggisberg structure.” The endurance of the Guggisberg economy has come with considerable costs. These include direct costs such as near-stagnation of export receipts, import dependency, aid dependency and external debt burden as well as indirect costs, including high unemployment, high cost of living, and weak currency. Unless a serious effort is made to break away from the Guggisberg economic structure, Ghana will continue to suffer its perils and fail to achieve true middle-income status. This article suggests ways of making this break and placing the economy on a path of growth and development."