Purpose – The purpose of this paper is to examine the Ghanaian economy within the context of its
macro-economic indicators and the performance of the agricultural sector against the backdrop of the
exogenous economic explanation of the resource curse. This is aimed at equipping policy makers with
the tools needed in identifying symptoms of the Dutch disease as it transitions from an agrarian to an
oil economy.
Design/methodology/approach – This is a research paper, employing quantitative and qualitative
data of the macro-economic indicators in the last ten years (2000-2010) and policy initiatives since the
discovery of oil in commercial quantities in Ghana. Furthermore, it also examines theoretical
perspectives of the Dutch disease as frames of analysis to gauge the existence of any symptoms of the
latter.
Findings – The paper questions a previous World Bank (2009) report classifying the Ghanaian
economy as already showing signs of the Dutch disease. The paper suggests that the macro-economic
indicators show resilience and stability of the economy which is necessary for growth. It is observed
that various government policies are aimed at improving agriculture inspite of the emerging oil
industry. The paper recognizes some areas of concern and recommends further studies to observe the
changes in dynamics when the “petro-dollars” begin to flow into the economy.
Originality/value – This is a pioneering work which seeks to provide early warning signals of the
Dutch disease in an emerging oil economy.