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This study examines the structural transformation-inclusive growth nexus for Ghana. The data cover the post-independence period for Ghana and are phased into three periods: the post-independence period to the start of the economic recovery programme (ERP) and structural adjustment programme (SAP) (1957-83), the ERP/SAP period to the start of oil production (1984-2010), and the start of oil production to date (2010-17). The paper finds that structural transformation has been generally weak and also associated with limited inclusive growth. In part, the legacy problem relating to political settlements, and with its roots in the immediate post-independence policies, has been important in shaping these outcomes. The paper concludes by noting that there is potential for the country to move to a path where structural transformation will be more impactful for inclusive growth. However, the risk of adverse political settlements still mitigating this potential impact remains.

AbstractA key objective of development thought is to improve the welfare of people and enhance their satisfaction with life. This is important following literature that suggests that increasing incomes may not necessarily lead to happiness in the long term. In this regard, this study investigates the drivers of happiness in Ghana and the determinants of transitions into different happiness states. Using a nationwide panel dataset over three time periods and employing econometric techniques, the study found that among the key determinants of happiness in Ghana are assets, social capital/networks, health status, ethnicity, age and location of residence. The study further found that assets neutralize the effects of other vital drivers while social network has a moderating effect on how assets predict happiness. In contrast, an inverted U-shape was found for the importance of assets to happiness over one's age, suggesting that assets begin to matter less for one's happiness beyond a certain age threshold. Aside from assets and social network, which predict transitions from any state of happiness to the other, the importance of other correlates of the transitions largely varies by the initial state of happiness. The implications are discussed within the framework of the goals of development policy.