Between June 1995 and October 2006 Ghana had three
arrangements with IMF under various disguise phrases such as Enhance Structural
Adjustment Facility and Poverty and Growth facility. It again recently agreed
with the Ghana Government a programme worth $940 million said to aim at
overcoming the country's economic challenges, supporting stronger economic
growth and lower inflation.
It is worth mentioning that no singular institution in our
time has facilitated the devastating spread of poverty in Ghana and for that
matter in other African countries than the International Monetary Fund. IMF,
other Western financial institutions and donor agencies have remain mere fronts
for Western profiteers instead of being a genuine partner in our development
agenda that aim at taking our people out of vicious cycle of poverty.
It has always been the IMF policy to perpetually keep its
'business partners' in debts. This is the only way, it believes the business it
does, that is making money for its owners, can be sustained. Over the years the
IMF has hook on unto its crooked system of compound interest which has made
countries in developing world perpetually poor. Such policies and strategies
should be a source of concern to our leaders and those conduct business with
the IMF on our behalf. The conduct of IMF and other Western financial
institution is becoming increasingly questionable.
It is important that as a country we do all that it takes to
wean our country from the control of IMF, the World Bank and other Western
financial institutions that continue exploit our country for their comfort and
pleasure. The imperialist agenda is relentless and the system they put in place
to subjugate developing countries and importantly Africa countries so many
years ago is still on course.
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