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Ghana achieved its independence in 1957 to become the first country in Sub-Saharan Africa to do away with colonialism. The country was favourably endowed in its economic and social life, and judged to have a considerable head start over many countries in Sub-Saharan Africa. So why did Ghana fail to promote and sustain development in the postcolonial era? This work offers a self-assessment of the postcolonial development experience and contends that governance, economic management and institution building are basic challenges without which the search for development may falter.