Question

In: Economics

1. Assuming that you have been employed by the government of Ghana to develop a 10-year...

1. Assuming that you have been employed by the government of Ghana to develop a 10-year development plan for Ghana.
(a) Describe the steps you would follow to design the plan by using any one of the following planning models
i. Rational planning
ii. Transactive planning
iii. Bargaining planning
(b) Discuss the potential benefits and challenges associated with the use of your chosen planning model to perform the task above.

Solutions

Expert Solution

I would choose rational planning for developing a 10 - year development plan for Ghana as this method of planning has emerged out to be the best development plan in modern times.

Rational planning involves understanding the current issues ( problems ) in the economy, which is followed by evaluation and formulation of alternative plans its execution and at the end monitoring the progress of the alternatively executed plan. It is the one of the most logical and scientific planning model with no emotion involved.

First of all, I would identify the current problems in the economy. Along with other ministers, I would work towards setting a goal, along with other objectives, and growth targets for different sectors in the economy.

If the chosen plan seems to be successful in meeting targets, I would continue with it, and if not, I would look for alternative plans, and continue monitoring the progress and repeat the process till the development plan succeeds.

( b ) Potential benefits with rational planning method is that it is scientific and logical, if followed well, it ensures development of all the sectors of the economy. Its flexibilityis also an added advantage as it allows to look for alternative planning options if one plan is not working.

The challenges with this model is that it is accused of being abstract “offering just an extended definition of planning and not saying anything about how planning in practice can be operated".


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