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.
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"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."
—Bülent Gökay, 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."
—Abraham Adu, University of Aberdeen"The book offers a comprehensive assessment of the nature and distinctive features of financialisation in the periphery, with a focus on Ghana. This book provides academics, professionals and policy makers with the understanding of policy response towards the alleviation of the overarching poverty in Ghana. Crucially, espousing an indispensable hypothetical approach to financialisation, the uniqueness of Ghana and its common features with the core. It is a must-read for supporters of both Keynesian and Marxism."
—Emmanuel Affum-Osei, Kwame Nkrumah University of Science and Technology
"All aspects of this book are fascinating to read. However, the one that fascinated me the most was the in-depth analysis on baking the unbanked, specifically the use of mobile money and how it still benefits the capitalists despite promises of relieving the poor. Frimpong’s analyses throughout are a very interesting read for researchers, students, and even Marx and Keynes enthusiasts. It is a must read."
—Leah Mwainyekule, University of Hull
"A book on this historically specific geographical setting contributes theoretically to studies on financialisation in general, helping to determine its prominent features better. It is a good source of information for researchers who want to explore the history of the political economy of Sub-Saharan Africa, and in particular, Ghana."
—Mato Magobe, The Open University of Tanzania
Other books of interest
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The Right to Development in Africa
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Controversies about History, Development and Revolution in Brazil
Edited by Carla Curty, Jaime León, et al.