GROUP 1 ECONOMIC PLANNING

JOSEPH HENRY MENSAH He was a member in a council for Development Planning, Projection and Policies. He contributed in the drawing and the implementation of the 7 year development plan of Ghana(Work and Happiness Plan) in 1963-1970 under Dr. Kwame Nkrumah. Also, He was a Minister of Finance and Economic Planning in President Busia’s time. Served in the Parliament as a minority leader in 2000.

ECONOMIC PLANNING What is a Plan? A plan refers to setting out goals and identifying means of reaching them or a decision in advance of what is to have done. Plans are the framework of actions to be taken hence, the gap between the now and the vision. Why should we plan? To ensure development of an individual, group, firm, institution or a Nation.

ECONOMIC PLANNING CTD.. Economic Planning is a branch of Planning. Economic Planning is a deliberate government effort to coordinate economic decision making over a specific period of time. “it is undertaken with the aim of influencing, directing and in some cases controlling the level and growth of key macro-economic variables such as income, consumption, employment, investment and inflation in order to achieve programmed development objectives.”(Michael Todaro and Stephen C. Smith; 2003).

TYPES OF PLANNING Financial Planning Describes the long-term plan of an entity or a nation. Takes into consideration the available assets and resources and their allocation and optimization. Example is the NDPC’s(National Development Plan Commission) 40 year plan for Ghana.

TYPES OF PLANNING CTD.. Strategic Planning Involves the breaking down of long-term goal to short-medium term goals. Contingency Planning Also known as “Plan B” Succession Planning Plans to fill the void of key leadership positions when they occur.

DIMENSIONS OF ECONOMIC PLANNING Spatial dimension Involves spelling out the developments necessary for every geographic area. Time dimension Outlines the time period that would be used in plan execution. Sectoral dimension Pays attention to the various sectors of the economy. Especially the poor sectors.

DIMENSIONS OF ECONOMIC PLANNING CTD.. Cohesion between the regional and local development planning It guarantees the unity the economic planning brings remains unchallenged.

PROCESSES OF ECONOMIC PLANNING This is an essential aspect of a successful development plan. There are four fundamental procedures before reaching its completion Firstly, Formulation of the Plan Here, two plans are proposed. One from the National Development Plan Commission and the other from the Locals and stakeholders.

PROCESSES OF ECONOMIC PLANNING CTD.. Followed by; Execution and implementation of the plan. The government organisations take up the mantle of working tirelessly towards bringing the plan into reality And; Supervision of the plan This is an important process which helps in the detection of shortcomings from time to time.

PROCESSES OF ECONOMIC PLANNING CTD.. And lastly; The program evaluation organisation. Here, the work done is rechecked by regional, local and sectoral evaluation department.

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