Africa and IMF Conditionality: The Unevenness of Compliance, by Kwame Akonor

By Kwame Akonor

Ghana was once one of many first African international locations to undertake a finished IMF reform application and the one who has sustained adjustment longest. but, questions of Ghana's compliance - to what volume did it comply, how did it deal with compliance, what styles of non-compliance existed, and why? - haven't been systematically investigated and stay poorly understood. This booklet argues that realizing the household political setting is important in explaining why compliance, or the shortcoming thereof, happens. Akonor continues that compliance with IMF conditionality in Ghana has had excessive political charges and therefore, non-compliance happened as soon as the political survival of a regime was once at stake.

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Extra resources for Africa and IMF Conditionality: The Unevenness of Compliance, 1983-2000 (African Studies: History, Politics, Economics and Culture)

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Indd 17 5/31/2006 11:07:56 AM 18 Africa and IMF Conditionality I argue that the post-independent Ghanaian political regimes, particularly Nkrumah’s (1957–1966) made an ideological and nationalistic investment against IMF conditionality. I also show that the negative association with IMF conditionality was also intertwined with leadership fears of losing political power (usually through a coup). I argue further that Ghana’s changing political economy, for the worse, (and changes in government) caused the negative association with IMF conditionality to gradually (if reluctantly) change.

This overvaluation leads to heavy smuggling. It also leads to the fact that export producers are hard put to it to cover their costs of production with the Cedi yields of their foreign exchange earnings. Price and financial irrationality has never helped any economy. It only leads to [in]stability and ruin. The Cedi will have to be devalued. The new rate has to be thoroughly realistic. It is useless fixing a Dollar-Cedi rate of 1:10, for instance, if the actual situation is that only 1:30 can correct the imbalances.

Prominent among them were Dr. Joe Abbey, an economist who had been financial advisor to Generals Acheampong and Akuffo, Dr. Ato Ahwoi, Dr. Abudu and Dr. Erbynn both economists, and Mr. Kwesi Amoako-Atta (who had been Nkrumah’s Finance Minister), Dr. Kwesi Botchwey, and the governor of the central bank, Dr. J. S. 30 The NERC concluded that the ad hoc populist mobilization measures being carried by the Government was wrong-headed, and that the Government had no choice but to embark on stabilization and adjustment policies with assistance from the IFIs (Kraus, 1991: 124–125).

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