Comparing two surveys conducted in Ghana (1987/88 and 1998/99), this study examines whether there has been a substantial decline in fertility over the decade. Oaxaca – Ransom, 1994 decomposition method is employed in the analysis. The method determines the change in fertility and whether the difference is attributed to observed characteristics of individual women or coefficients. The study finds that, fertility has indeed declined; but the change is very small. This confirms doubts expressed in studies like Bongaart et al, 1984, Caldwell, 1992 and others. They noted that, although transition has begun in SSA, the continent is not likely to see any substantial decline before the beginning of the next century. This study further finds that, the decline in fertility albeit small is mainly attributed to differences in characteristics (80.5%) and the most important of these characteristics, is expenditure. The findings suggest that, an increase in expenditure per adult significantly contributes to fertility decline. This particular result concurs with the quantity – quality trade-off theory expounded by Becker, 1960. It also mimics the kind of effect that is normally observed in developed countries and some developing countries that are far into their fertility transition. The main determinant of the study, education, is also found to contribute to fertility decline; but not as much as earnings.