This paper focuses on economic policies in Ghana since the return to multiparty democracy in 1992. It explores the key relationships between participatory democracy and successful economic development and reviews the early steps of participatory decision making in Ghana. It discusses Ghana's main achievements and failures since 1992 in raising the standard of the population and reducing poverty. Poverty reduction has been the overarching objective of macroeconomic policy and report concludes that significant progress has been made but that more remains to be achieved. Chapters cover: the poverty reduction strategy; patterns of growth; cocoa reforms; fiscal performance and reforms; public sector reforms; divestiture; financial sector issues and external competitiveness. The final chapter looks at Ghana-Vision 2020, the National Policy Development Framework.