Economic policy of the gold coast

Policies related to development economics Policies dealing with the redistribution of income, property and/or wealth Macroeconomic stabilization policy: Stabilization policy attempts to stimulate an economy out of recession or constrain the money supply to prevent excessive inflation. Contraction policy Expansion policy Fiscal policy uses government spending and taxes to guide the economy. Fiscal stance: The size of the deficit or surplus Tax policy: The taxes used to collect government income.

Government spending on Just about any area of government Monetary policy controls the value of currency by lowering the supply of money to intro inflation and raising it to stimulate economic growth. It is concerned with the amount of money in circulation and, consequently, interest rates and inflation. Interest rates, if set by the Government Incomes policies and price controls that aim at imposing non-monetary controls on inflation. Fiscal policy uses government spending and taxes to guide the economy. Fiscal stance: The size of the deficit or surplus Tax policy: The taxes used to collect government income.

Government spending on Just about any area of government Monetary policy controls the value of runners by lowering the supply of money to control inflation and raising it to stimulate economic growth. It is concerned with the amount of money in circulation and, consequently, interest rates and inflation. Interest rates, if set by the Government Incomes policies and price controls that aim at imposing non-monetary controls on inflation Policy is generally directed to achieve particular objectives, like targets for inflation, unemployment, or economic growth.

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The goal is to avoid erratic changes in total output as measured by gross domestic product (GAP) and large changes in inflation; stabilization of these factors nearly leads to moderate changes in the employment rate as well. As economies become more complex and advanced, top economist believe that maintaining a steady price level and pace of growth is the key to long-term prosperity. When any of the aforementioned variables become too volatile, there are unforeseen consequences and effects to the broad economy that keep markets from functioning at their optimum level of efficiency.

As we have a Fairview about the meaning of stabilization policy, this paper will now examine the stabilization policies in the Gold Coast which was mostly designed by the colonial masters. Many of the economic and civil improvements in the gold coast in the early part of the 20th century have been attributed to Frederick Gordon Submerged, governor from 1919-1927. At the beginning of his governorship of the Gold Coast, Submerged presented a arrear development program to the legislative council. He suggested first the improvement of transportation.

Then in order of priority, his prescribed improvements included water supply, drainage system, hydroelectric projects, public buildings, town improvements, schools, hospitals, communication lines, and other services. Submerged also set a goal of filling half of the colonies technical positions with Africans as soon as they could be trained. British colonization in the Gold Coast was all embracing; it involved economic, social and political infrastructural development. Economically, cash crop farming and the mining boom of the last decade of the 19th century promised great economic opportunities.

In 1890 and 1901, palm oil and palm kernels constituted 44% and 48% respectively of export revenue. From a modest export boss of cocoa beans worth 4 pounds in 1891, the gold coast became the oral's number one producer of cocoa in 1911 with an output of 88. 9 million lbs worth million pounds. In that year, cocoa accounted for 46% of Gold Coast total value of exports. The country also experienced a "gold rush" in 1901 with an estimated 3,000 concessions taken up. The promise of prosperity held out by cocoa and minerals underscored the need for a good infrastructure of railway and roads.

Between 1898 and 1901 the mining town of town footwork was linked by a 41 miles railroad to seconds. In 1902, the line was extended 168 miles to Kumara. Construction of Carry-Kumara railway begun in 1905 was completed in 1923. The 3rd railway branch linking Jade a diamond mining center to Hung' valley was completed in 1926. In terms of trade, early states in modern Ghana made every effort to participate in, or, if possible, to control trade with Europeans, who first arrived on the coast in the 1 5th century. These efforts in turn influenced state formation and development.

Much are important to the evolution to these states, however, were their responses to pre- European patterns of trade. This was particularly true of commercial relations between the Akin states of southern Ghana and trading centers in the western Sudan. Competition among the traditional societies ultimately facilitated British efforts to gain control of what Europeans called the "Gold Coast". Traditional authorities who with their elders had hitherto exercised autonomous control over their territories, became agents of the British to colonial governments under the policy of indirect rule.

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