Between 1987 and 1999, Ghana's privatisation programme generated revenues for the government equivalent to about 14 per cent of GDP from a moribund public sector which had previously been dependent on state subventions, and thus succeeded in fulfilling a key role in easing the fiscal crisis and in fostering the Structural Adjustment Programme. The big question remained, however, whether the privatisation process would help the growth of Ghana's economy and help maximise political gains. This article reviews the experience of Ghana in privatising public enterprises, and assesses the impact of the ongoing privatisation programme on the Ghanaian economy. It suggests that, in spite of the high proceeds, the net direct revenues from privatisation have been relatively modest, due to the high outstanding credit sales, the high costs of divestiture and high outstanding liabilities of privatised firms. It also appears that the programme has placed too much emphasis on public finance rationalisation and faith in the market system, and too little on sociopolitical and regulatory issues. Equally, the inadequate attention given to post-privatisation regulation of privatised businesses, and the use of the divestiture programme as a political patronage instrument to reward the regime's friends and political insiders, has conferred limited success for privatisation in achieving its goal of enhancing efficiency, private sector investment and employment.