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Financialisation and Poverty Alleviation in Ghana

Myths and Realities
Book Hero Magic crafted this summary to help describe this book. While it's new and still learning, it may not be perfect - your feedback is welcome! Summary
In Financialisation and Poverty Alleviation in Ghana, Francis B. Frimpong examines the failure of neoliberal policies to reverse Ghana's economic decline. He argues these policies undermined the country's development by diverting resources from productive investments to financial assets, weakening industrial enterprise and real capital accumulation. The book explores how rising profits in the financial sector exacerbated poverty rather than alleviated it.
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Format: Paperback / softback
$10200

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Ideal for scholars and students of political economy, development studies and African economic history, as well as policymakers interested in poverty alleviation and financialisation impacts in emerging economies.

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This systematic, carefully argued analysis of Ghana's neoliberal economic policies reveals the abject failures of financialization to alleviate suffering.

Book Hero Magic formatted this description to make it easier to read. While it's new and still learning, it may not be perfect - your feedback is welcome! Description

The neoliberal policy response to the crisis in Ghana did not succeed in reversing the economic decline in either the medium or long term. In fact, quite the opposite: rather than undoing the economic decline, Francis Boateng Frimpong argues that these policy prescriptions further weakened the country's ability to develop.

This is because the policies intentionally and unintentionally encouraged factors that destabilised the possibility of the real productive assets earning commensurate returns that could facilitate the flow of capital to the real sectors and thus failed to ensure the survival of industrial enterprises.

Rising profit in the financial sector incentivised financial capitalists to divert capital into financial assets at the expense of productive investment, further decelerating the pace of real capital accumulation in the country, thereby exacerbating the crisis.

Financialisation and Poverty Alleviation in Ghana by Francis B. Frimpong explores these dynamics in depth, providing a critical analysis of Ghana's economic policies and their broader implications.

Series: Studies in Critical Social Science

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Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?

"Financial inclusion policy as a way of empowering the poor makes poverty a financial problem in Ghana – the financialisation of poverty. Francis Boateng Frimpong tackles this question with theoretical sophistication and vivid empirical detail. This is an original addition to our understanding of how-and-why neoliberal restructuring and its financialisation dimension work in a low middle-income country, the first country in Sub-Saharan Africa to achieve the Millennium Development Goal 1, which is the target of halving extreme poverty. Frimpong has authoritatively produced this important political economy contribution about the impact of the exponential growth of finance on poverty alleviation in Ghana. Highly recommended."
β€”BΓΌlent GΓΆkay, Professor of International Relations, Keele University "This book provides original theoretically sophisticated, historically sensitive and empirically grounded analysis. The political economy history of Ghana is narrated in a way that makes the reader understand what the country went through, and where it is headed. The author has done justice in his narration."
β€”Abraham Adu

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Book Details

INFORMATION

ISBN: 9781642598032

Publisher: Haymarket Books

Format: Paperback / softback

Date Published: 22 November 2022

Country: United States

Imprint: Haymarket Books

Illustration: Illustrations

Audience: General / adult

DIMENSIONS

Width: 152.0mm

Height: 228.0mm

Weight: 250g

Pages: 267

About the Author

Francis B. Frimpong is a Lecturer of Economics and Strategic Business Analytics at the University of East London (UEL). He is also Assistant to the Directors of the Centre for the Study of States, Markets and People (STAMP) at UEL. A recent (co-authored) publication is The Pandemic and the Economy of Africa: Conflicting Strategies between Tanzania and Ghana (2020).

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