2006年-世界发展银行全球_Ghana___An_Analysis_of_Firm_Productivity_72页_1mb

Summary of "Ghana: An Analysis of Firm Productivity"

Core Content

This document provides an analysis of firm productivity in Ghana, focusing on the dynamics of the private sector, the rise of the informal sector, and the implications for poverty and income distribution. The study is part of the Regional Program for Enterprise Development (RPED) and is conducted by the Africa Private Sector Group (AFTPS) and the World Bank. It is based on a panel of firms surveyed between 1996 and 2002, along with macroeconomic and household survey data.

Main Findings

1.1 Introduction and Motivation

• The objective of the Ghanaian government is to achieve a middle-income status by 2020, requiring a per capita income of US$6,000.
• From 2000 to 2020, Ghana needs an average annual growth rate of more than 5% to meet this target.
• The growth rate of the private sector has been lower than that of the public sector, and the rate of investment is insufficient to meet the required growth targets.
• The study aims to identify key hypotheses about the investment climate to be tested in the forthcoming Investment Climate Assessment.

1.2 Growth and Investment

• The growth rate of aggregate investment has been significantly higher than that of consumption.
• Private investment in export-oriented activities is seen as crucial for achieving higher growth rates.
• The composition of investment is more important than the rate, as the growth in the non-tradeable sector has not been sufficient to absorb labor into new large enterprises.

1.3 The Rise of the Informal Sector

• There has been a significant increase in self-employment relative to wage employment.
• The total labor force expanded from 6.5 to 8.8 million, with wage employment decreasing from 17% to 13%.
• The informal sector, particularly non-agricultural self-employment, has grown substantially, with urban areas seeing a doubling of self-employment jobs.
• This shift has led to a decline in average wages across enterprises, as small firms pay less than larger ones.
• The rise in informalization is attributed to the failure of private investment to expand sufficiently.

1.4 Implications for Poverty and Incomes

• Households headed by wage employees have higher per capita consumption than those headed by farmers or self-employed individuals.
• The growth in self-employment has been more significant than that in wage employment, leading to increased income opportunities for small-scale self-employed individuals.
• However, the growth of self-employment has not been sufficient to meet the income targets set by the government.
• The informalization of the economy is seen as a short-term transition, but it may not be sustainable for long-term growth.

Key Points

• Growth and Investment: The key to achieving higher growth is an increase in both the rate and returns of investment, particularly in the tradeable sector.
• Informal Sector Expansion: The informal sector, especially self-employment, has grown rapidly, leading to a shift in the labor market and a decline in average wages.
• Labor Market Dynamics: The labor market in Ghana is characterized by a significant rise in self-employment and a decline in wage employment, particularly in the public sector.
• Income Distribution: There is a substantial gap in income levels between wage employees and self-employed individuals, with the latter having lower per capita consumption.
• Productivity Differences: Labor productivity and capital intensity vary significantly by firm size, with large firms being more productive than small ones.
• Policy Implications: The study suggests that the investment climate needs to be reformed to encourage private sector investment in the tradeable sector, which could lead to higher growth and better income distribution.

Key Data Highlights

• From 1987/88 to 1998/99, GDP per capita grew by 1.8% annually, while investment grew by 10.6%.
• The informal sector's share in non-agricultural self-employment increased from 19.5% to 27.3%.
• The growth in self-employment expenditures was higher than that for wage employees.
• The average firm size in South Africa is much larger than in Ghana and Tanzania, contributing to higher productivity.
• The study highlights the importance of firm size in determining productivity and investment patterns.

Conclusion

The analysis indicates that the informalization of the economy and the lack of expansion in the private sector are significant barriers to achieving the government's growth targets. The focus should be on reforming the investment climate to encourage private investment in export-oriented and tradeable sectors, which could lead to higher productivity and better income distribution. The study also emphasizes the need for policy reforms that address the limitations in the labor market and credit availability, which are key factors in the performance of firms in Ghana.