Graduate School of International Studies Ajou University
Ghana under the Ministry of trade and industry has since independence in 1957 seen many trade regimes before arriving at the current liberalized trade and investment regime. This is the result of economic policies Ghana has pursued since independence. Ghana's first President Dr. Kwame Nkrumah influenced the rest of the African continent with his theories of Pan-African socialism. For Ghana this meant high tariffs on many import, an import substitution policy aimed at fostering Ghana into self-sufficiency in certain manufactured goods and policies that discouraged Ghana's enterprises from exporting. The results were an unmitigated disaster that transformed one of Africa's most prosperous and budding nations into one of the world？s poorest.
The Republic of Korea unlike Ghana focused on export-led growth strategy, which was the primary reason for the economic success of Korean economy. Korea's unprecedented record of economic growth started in the early 1960s when government policy shifted away from import substitution towards export orientation. Korea was mainly concerned with economic growth and not equity, the industry oriented strategy due to the lack of resources and outward approach. In sum, Korea imported raw material and then embarked upon massive exportation of manufactured goods that shot up her economy into a greater height to become a major world economic player as far as export -led growth development is concerned.