The process of adjusting the balance between the public and private sectors, an essential part of structural reforms launched in Ghana, took place in an improved macroeconomic environment. The policies pursued, Economic Recovery Programme I (1983-86) and II (1987-89), have followed so far a consensual scheme, "stabilization first then structural adjustment". In the following study, the author points out the probability of success for this second step, by analysing the components of one of the most successful experiences on the African continent ...