Ghana has been widely quoted as an example of successful adjustment in Africa. This has been followed by a successful adjustment to democracy. What factors have impelled these changes and how are they to be interpreted? Thisvolume examines questions such as: what would have been the difference in performance if adjustment had not been initiated? What is the actual role of policy changes in determining economic outcomes? What is the effect of time-lag? What is the relationship between macroeconomic and microeconomic performance and between stabilization and adjustment? Ghana has arguably been more successful with stabilization than with adjustment. In a nuanced and subtleanalysis, this study finally faces central questions: success in relation to what? Success from whose point of view? Published in association with UNRISD Ghana: Woeli Publishing Services