Introduction
The project on which I have chosen to conduct research is the case of Ghana where in 2009 it sought financial aid from the global economic doctor the IMF for its economic ailments. All the findings on the IMF-Ghana case in this essay are based on a report carried out by ActionAid Ghana (Addo et al, 2010). I cite all the following ideas, information and claims made in the following paragraphs related to the IMF –Ghana case as being from (Addo et al, 2010) in order to prevent accusations of plagiarism.
Ghana and IMF Project (Background and Historical Development)
Ghana and the IMF are no strangers to each other as their relationship dates as far back as 1966 with Ghana having to seek IMF aid on numerous occasions. Most of Ghana’s …show more content…
The country was already in a precarious situation so it couldn’t borrow from external markets due to negative international credit ratings. The conditions attached to the IMF loan would be that the government would have to put ceilings on borrowing, ceilings on government investment , and ceilings on financing of government.
These restrictions imposed by the IMF led to the government imposing hiring freezes and deferring payments to the educational and healthcare …show more content…
Some countries economic systems are not as advanced as others and may require policies to be implemented in appropriate sequences as mentioned in Levin Institute (n.d.). It might be more practicable for the IMF to first focus on policies that help to reduce or eliminate corruption. I am adamant that IMF restrictive loans will not succeed in benefitting all countries in economic difficulty unless it valorizes the unique traits and characteristics of each country so that they can become empowered (Ismail, 2009). The IMF itself needs to become more transparent as many key decisions are made behind closed doors leading to distrust among citizens of the world (Stavros
The project on which I have chosen to conduct research is the case of Ghana where in 2009 it sought financial aid from the global economic doctor the IMF for its economic ailments. All the findings on the IMF-Ghana case in this essay are based on a report carried out by ActionAid Ghana (Addo et al, 2010). I cite all the following ideas, information and claims made in the following paragraphs related to the IMF –Ghana case as being from (Addo et al, 2010) in order to prevent accusations of plagiarism.
Ghana and IMF Project (Background and Historical Development)
Ghana and the IMF are no strangers to each other as their relationship dates as far back as 1966 with Ghana having to seek IMF aid on numerous occasions. Most of Ghana’s …show more content…
The country was already in a precarious situation so it couldn’t borrow from external markets due to negative international credit ratings. The conditions attached to the IMF loan would be that the government would have to put ceilings on borrowing, ceilings on government investment , and ceilings on financing of government.
These restrictions imposed by the IMF led to the government imposing hiring freezes and deferring payments to the educational and healthcare …show more content…
Some countries economic systems are not as advanced as others and may require policies to be implemented in appropriate sequences as mentioned in Levin Institute (n.d.). It might be more practicable for the IMF to first focus on policies that help to reduce or eliminate corruption. I am adamant that IMF restrictive loans will not succeed in benefitting all countries in economic difficulty unless it valorizes the unique traits and characteristics of each country so that they can become empowered (Ismail, 2009). The IMF itself needs to become more transparent as many key decisions are made behind closed doors leading to distrust among citizens of the world (Stavros