Ghana : Bringing Savers and Investors Together

[摘要] After 10 years of successful adjustment,with real economic growth averaging 5 percent per year,Ghana's recorded savings and investment rates remainvery low - even by sub-Saharan African standards. However,survey evidence suggests that actual savings and investmentrates are much higher than recorded rates. National accountsstatistics do not capture a large part of the underlyingsavings and investment activities of the household, rural,and informal sectors. Comparative financial indicatorsconfirm that Ghana's financial system is not very deepand as a result not fully contributing to economic growth.Ghana's broad money holdings are small relative to GDPwhen compared to other countries with similar per capitaincome. Also, currency holdings are relatively large,suggesting that Ghanaians prefer cash to bank accounts.Meanwhile, the bulk of financial savings has financed publicsector deficits, leaving little for private investmentfinance. There is considerable evidence that many householdsavings are invested in real assets yielding zero, ornegative, returns. Widespread lack of trust in formalfinancial channels makes these nevertheless the preferredform of investment. Ghana can grow faster with existingsavings by improving the efficiency of investments throughenhanced finanical intermediation.

[发布机构] World Bank, Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] SAVINGS;INVESTMENT;HOUSEHOLDS;ECONOMIC GROWTH;FINANCIAL INSTITUTIONS