Ghana-Korea Economic Relations – The Record after 40 Years and the Future
Date
2019-04
Authors
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Journal ISSN
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Publisher
African and Asian Studies
Abstract
Over the last sixty years the economic and industrial fortunes of Ghana and Korea
have proved worryingly divergent. Though Ghana and South Korea had comparatively
similar per capita in the 1960s, South Korea in 2017 ($29,742.839) has been able
to attain a per capita that is about ten times that of Ghana ($1,641.487). This work
critically examines the economic relationship between Ghana and South Korea in the
last forty years. It focuses on the economic miracle of South Korea and the lessons for
developing countries like Ghana. The article utilizes economic, historical and policy
data drawn from primary and secondary sources in an attempt to examine the eco-
nomic relations between the two countries thus far and prescribe ways in which Ghana
can benet far more than ever before from her economic co-operation with Korea. The
paper argues that for Ghana to benet from its economic relations with South Korea
the ideational example of this East Asian state in constructing a developmental state
(DS) is critical. Flowing from this, it is recommended that this West African nation be-
comes more diligent and innovative in her economic relations with Korea as a matter
of strategic necessity in pursuit of Ghana’s long held industrialization dream.
Description
Keywords
Ghana, Korea, The developmental state, Ghana-Korea economic relations, Strategy