We have often heard that African countries are performing well and their GDP is high. Ghana is often cited as a glowing example of such a country rumoured to have a higher GDP than the UK. However, the following doesnt paint such a healthy and vibrant picture. myjoyonline/business/2014/March-31st/govt-may-turn-to-imf-for-a-bailout-terkper.php Who is benefitting from the resources in Ghana and where is that revenue going? When an African country turns to the IMF, it simply means the end of all pretence of sovereignity. They will be managed externally through the means of debt. That in a nutshell means there will be no democracy though people can still choose the leaders or parties they like. That will be a grand and expensive charade because the IMF will micromanage the economy and decide for the nation how and where they spend their money. Money that is supposed to develop or maintain infrastructure, social welfare programmes, social transformation, etc. will be diverted to service debts and the people of that nation will suffer. The irony is that the IMF will never turn to micromanaging the US even if it needed it because it is run by the US Treasury. This is colonisation by another name. Africa can celebrate flag flying independence but without economic independence, a flag is nothing but a worthless piece of cloth that is paid too much respect because too much has been given away as illustrated: IMF bail-outs come with significant strings attached, and sometimes put the Fund in a situation where it micro-manages a countrys economy. The IMF would probably demand a quicker pace of fiscal-tightening, for instance, if Ghana were to sign on to a programme with the Washington-based lender. If a clique of foreigners micro-manages your economy, what democracy do you have? Why are more African countries turning to the IMF? Dont believe everything you read about African countries doing well from Forbes and IMF data and lists. Always ask questions. As Tupac said Even the genius always asks questions and never settles for less.
Posted on: Tue, 01 Apr 2014 12:56:33 +0000
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