ABSTRACT
At independence in 1957, Ghana was a world leader in the production of cocoa, and its per capita income was at about the same level as that of Mexico or South Korea. The rate of inflation was a mere 1 per cent. However, positive real economic growth was not sustained for long; output fell between 1964 and 1966 and also from 1975 to the beginning of the Economic Recovery Programme in 1983.
