Ghana's path to sustainable development: Evading the middle-income trap (MIT)
This paper seeks to highlight the stumbling blocks on the path to Sustainable Development and suggest how Ghana could address these challenges it faces in order to avoid being caught in the middle-income trap. Ghana's development agenda has been a priority for the country since its independence in 1957. At the time of independence, the Ghanaian economy was handed into the hands of indigenous leaders to drive the country towards prosperity. Ghana has since been on a continuum of slow
... Currently, the Gross Domestic Product (GDP) stands at USD 69.76 billion (2020), as the nation strives toward the attainment of the UN's Sustainable Development Goals (SDGs) adopted in 2015. Ghana was the first country to meet the 1st Millennium Development Goal (MDG1) in Sub-Saharan Africa by reducing poverty by half. That notwithstanding, people continue to live in abject poverty in most rural areas (especially in the northern regions of the country). This shows that Ghana must embrace sound policies and adjustments in order to overcome such developmental challenges. By reviewing the literature on what accounts for poor economic growth, the middle-income trap (MIT), and the plausible ways of escaping this trap, the paper seeks to provide an advisory note on how Ghana and other low-income countries (LICs) alike could achieve sustainable growth and endeavor to avoid the middle-income trap (MIT). The paper argues that through good governance and institutions, Inclusive Growth, Infrastructural Investment, and economic transformation, Ghana could address her developmental challenges and avoid being caught up in the middle-income trap.