Divergent Development Paths: A Comparative Study of South Korea and Ghana's Economic Strategies.

Danso, Felix; Owusu, Abigail; McApreko, Prize F. Y.; Odame, Micheal Larbi

The paper analyses the socio-economic development trajectories of Ghana and South Korea, offering significant academic contributions to understanding how different strategies and governance models affect national development. Utilising a qualitative research approach, the study reveals that while Ghana and South Korea had similar economic standings in the 1960s, their subsequent paths diverged markedly due to differing policy decisions. South Korea's state-led, export-oriented industrialisation, supported by strategic partnerships with large domestic conglomerates, resulted in substantial economic growth and industrial diversification. Conversely, Ghana's inwardlooking import substitution industrialisation and inconsistent policy implementation led to economic stagnation and increased socio-economic disparities. The research highlights the critical role of state intervention in economic development, the importance of vocational and technical education, and the need for transparent governance to reduce corruption and ensure equitable growth. The findings underscore the necessity for Ghana to adopt more outward-looking economic policies and foster stronger public-private partnerships to enhance its competitiveness in the global market. This study contributes to the broader discourse on development economics by illustrating the impact of governance and strategic policy choices on national development outcomes.

ECONOMIC development; DEVELOPMENT economics; ECONOMIC policy; BUSINESS partnerships; DIVERSIFICATION in industry

African Renaissance (1744-2532), 2024, Vol 21, Issue 3, p419

1744-2532

Academic Journal

10.31920/2516-5305/2024/21n3a20