Financialisation and Poverty Alleviation in Ghana: Myths and Realities

The neoliberal policy response to the crisis in Ghana failed to reverse the economic decline and further weakened the country's ability to develop. This was due to the policies encouraging factors that destabilized the possibility of real productive assets earning commensurate returns, leading to a diversion of capital into financial assets and exacerbating the crisis.

Format: Paperback / softback
Length: 267 pages
Publication date: 05 January 2023
Publisher: Haymarket Books

The neoliberal policy response to the crisis in Ghana failed to reverse the economic decline in the medium or long term. In fact, it exacerbated the problem. Francis Boateng Frimpong argues that these policy prescriptions further weakened the country's ability to develop. The policies intentionally and unintentionally encouraged factors that destabilized the possibility of real productive assets earning commensurate returns, which could facilitate the flow of capital to the real sectors and ensure the survival of industrial enterprises.

Rising profit in the financial sector incentivized financial capitalists to divert capital into financial assets at the expense of productive investment, further decelerating the pace of real capital accumulation in the country. This, in turn, exacerbated the crisis.

The neoliberal policy response to the crisis in Ghana failed to address the root causes of the economic decline and instead exacerbated the problem. It is essential to take a more comprehensive and sustainable approach to economic development that focuses on promoting productive investment, creating job opportunities, and improving social welfare.

Weight: 426g
Dimension: 152 x 229 x 19 (mm)
ISBN-13: 9781642598032