By Kwame Akonor
Ghana used to be one of many first African nations to undertake a entire IMF reform software 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 e-book argues that figuring out the household political atmosphere is important in explaining why compliance, or the inability thereof, happens. Akonor keeps that compliance with IMF conditionality in Ghana has had excessive political expenses and therefore, non-compliance happened as soon as the political survival of a regime used to be at stake.
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Additional resources for Africa and IMF Conditionality: The Unevenness of Compliance, 1983-2000 (African Studies: History, Politics, Economics and Culture)
35 Export volume was only about half of its level in the mid 1970s while cocoa production was about 40% of its level in the mid 1970s. Mining and Manufacturing production had fallen by 1983 to about 50% and 40% respectively of the mid 1970 levels. 9% in 1981. 3% of GDP by 1983, a little more than half the level of 1970. 1% annually. 36 To make matters worse, the country witnessed one of its worse national disasters, evidenced in the form of bush fires and severe droughts. Still, an estimated one million Ghanaians working in Nigeria were affected by a Nigerian Government announcement on Jan.
Import licensing should be based on a strict system of priorities. Some global quotas should be introduced, and licenses issued should be honored promptly by all relevant agencies of the Government. 8. The bilateral and barter arrangements should be reconsidered with a view to reducing their harmful impact on the Ghana economy (Ghana, 1965: 3–4; Hutchful, 1987: 42–45) Nkrumah’s government reacted to the IMF conditionalities in three ways. First, it kept its negotiations with the Fund a secret, for five months.
Most of these stabilization measures were not implemented as the country was reeling from mass protests and strikes. The SMCII in 1978 for example, had to declare a two-month state of emergency to contain striking workers (Chazan, 1988: 110). In the environment of social unrest and strife, a group of junior and noncommissioned officers—the Armed Forces Revolutionary Council (AFRC), with Flt. Lt. Jerry John Rawlings as its chairman—deposed General Akuffo’s government in a violent coup on June 4, 1979.
Africa and IMF Conditionality: The Unevenness of Compliance, 1983-2000 (African Studies: History, Politics, Economics and Culture) by Kwame Akonor