RETHINKING THE DEVELOPMENT OF GHANA: THE ANSWER IS
                           HERE

                                             John TUMAKU


Abstract: Ghana is struggling to become a middle income economy even with discovery of oil
and gas in commercial quantity. The paper presented an alternative approach on how to rethink
and develop Ghana using mix approach. In this paper, the researcher attempt to compare
Ghana’s GNI to her cohort especially China in 1963 and 2016 and how China developed with
greater GNI than Ghana. We also examine the relationship between GDP growth and other
factors such as Inflation, Foreign Direct Investment (FDI), Import and Export in Ghana. The
researcher found FDI and Inflation to have negative relationship on GDP but Import and export
have positive impact on GDP. We concluded that, Ghana must learn from developed world and
tap from the experience of Chinese, should desist from exporting raw product and move from
import economy to an export one like China in other to improve our balance of trade.

Key words: Growth Domestic Product, Inflation, Foreign Direct Investment, Export, Import, Qualitative
analysis, Regression, Unit Root Test, Autocorrelation, Heteroscedasticity.

JEL Classification: N10