Lecture 10-Development and Economic Planning in Ghana.pptx - Economy of Ghana Lecture 10 Development and Economic Planning in Ghana Lecturer Forster

Lecture 10-Development and Economic Planning in Ghana.pptx...

This preview shows page 1 - 8 out of 22 pages.

Economy of Ghana Lecture 10: Development and Economic Planning in Ghana Lecturer: Forster Shitsi Jnr.
Image of page 1
Course Objectives At the end of this lesson students should be able to: 1. Explain the meaning of economic planning 2. Describe an economic planning process 3. Determine the rational for economic planning 4. Discuss why some development plans have failed in Ghana. 5. Analyze one of the development plans that Ghana has had, bring out its main objectives, targets and achievements.
Image of page 2
Definition of Economic Planning Economic planning is a term used to describe the long term plan of government to manage the economy. It is undertaken with the aim of influencing or controlling the rate of change in macroeconomic variables such as income, consumption, employment, investment and inflation in order to achieve the set developmental goals.
Image of page 3
Definition of Economic Planning Economic planning has time dimension and sets targets to be achieved within a specified time period. With respect to timing, the time could be one year, two years, five years or even more. Targets could be reducing inflation to say 10%, reducing interest rate to say 15%, and reducing poverty by say 5% just to mention a few.
Image of page 4
Difference between Economic Plan & Economic Planning An economic plan is simply a specific set of economic targets to be achieved in a given period of time. Whiles Economic planning refers to the implementation process of an economic plan (Todaro & Smith, 2003)
Image of page 5
Types of Economic Plans Basically, there are two types of economic plans. These are: Partial and Comprehensive economic plans Partial economic plans cover some part of the economy whiles the comprehensive economic plan covers the whole economy.
Image of page 6
Economic Planning Process The process of economic planning in Ghana entails the following key economic activities: 1. Government identification of its social and economic objectives. Eg. To reduce unemployment, inflation and deficits. 2. Setting of various targets to realize the set objectives.
Image of page 7
Image of page 8

You've reached the end of your free preview.

Want to read all 22 pages?

  • Spring '17

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors