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International Monetary Fund. African Dept.
This Selected Issues paper discusses growth strategy for Ghana. Ghana has achieved impressive development gains over the last decades, with rising incomes, lower poverty, and better health, education, and gender outcomes. However, growth has recently become less inclusive, with high inequality and slower poverty reduction. In order to address these challenges, the authorities are pursuing a “Ghana beyond Aid” development strategy centered around agricultural modernization and export-led industrialization. Accelerating productivity growth calls for fostering competition, improving the business environment, strengthening human capital, taking advantage of growing regional markets and industrial policies that prioritize sectors that can export and innovate and where Ghana could achieve economies of scale. Consistent and predictable government policies can help increase long-term investment and improve public spending effectiveness. A key lesson from growth accelerations in other countries is that it is crucial to achieve economies of scale. In most cases, rapid economic growth required achieving export success in specific sectors.
International Monetary Fund. African Dept.

Ghana, but also poses a challenge of creating an economy that generates enough well-paying jobs to accommodate this growing labor force. The authorities are also seeking to diversify away from commodities to reduce Ghana’s exposure to the commodity cycle and make its economy more resilient and inclusive. 27. A key lesson from growth accelerations in other countries is that it is crucial to achieve economies of scale . In most cases, rapid economic growth required achieving export success in specific sectors. This was dependent on gaining economies of scale, which

International Monetary Fund

Lambert, Pescatori, and Toscani (2020) . 2 In this chapter, South America includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela. Central America includes Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Although Mexico behaves similarly to South American economies in certain aspects, it is included in the Central America group because of its close integration with the US economy and lower exposure to the commodity cycle. 3 Cross-sectional labor informality data

Mr. Antonio David, Frederic Lambert, and Mr. Frederik G Toscani

Werner for comments. Genevieve Lindow provided outstanding research assistance. 2 In this paper, South America (SA) includes Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Peru, Paraguay, Suriname, Uruguay, and Venezuela. Central America (CA) includes Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. While Mexico behaves similarly to South American economies in certain aspects, it is included in the Central America group because of its close integration with the U.S. economy and lower exposure to the commodity cycle

Mr. Antonio David, Frederic Lambert, and Mr. Frederik G Toscani
We analyze the performance of labor markets in Latin America since the late 1990s. Strong GDP growth during the commodity boom period led to important gains in employment and a fall in the unemployment rate as labor demand outpaced an increasing labor supply. We emphasize the role of informality in the dynamics of labor markets in Latin America. A re-examination of Okun’s law shows that informality dampens changes in unemployment accompanying output fluctuations. Moreover, we present some evidence that countries with higher redundancy costs and cumbersome dismissal regulations, exhibit “excess” informality over and above what would be expected based on their income and educational levels. Labor market reforms could thus contribute to reducing informality and increasing the responsiveness of labor markets to output growth. However, looking at selected case studies of reforms using the synthetic control method, we find mixed results in terms of labor market outcomes.