ABSTRACT
Historically, Ghana's economic development policies have been directed by the production and pricing of cocoa which has remained a lead export crop and contributed significantly to the country's foreign exchange earnings since independence. Gold is now Ghana's lead export but exports of timber, bauxite and a host of other products are less prominent in terms of foreign exchange revenues. At independence in 1957, Ghana was the world's leading producer of cocoa and was considered to be the most developed country in the sub-region with huge foreign exchange reserves, and a relatively developed infrastructure and educational systems. The state played a lead role in ensuring this level of growth and performance in the cocoa industry. During the period 1950–1957 world cocoa production declined, resulting in higher prices on the world market. Ghana benefited greatly from this development.
