IMF/WB: How the NPP Boxed Itself Into A Corner

Great was the euphoria that greeted the crushing defeat of the NDC in the 2000 elections. Never since the attainment of Independence had a nation been filled with so much hope and excitement. Yes, the "Intellectuals" had taken over Government. "Intellectuals" who would not kowtow to EVERY whim and caprice of the WB/IMF, but rather chart a course which would make Ghana self-sufficient; or so we thought given that they had on several occasions, criticized the NDC for following IMF/WB Policies.

In wondrous bewilderment, Ghanaians soon discovered that the NPP Gov’t was a greater IMF/WB fanatic than the NDC itself, when it adopted a more EXTREME version of IMF/WB policy known as HIPC. With HIPC, the NPP in principle, gave the IMF more control over Gov’t in exchange for debt relief.

On Ghanaweb’s SayItLoud, many were those who urged Gov’t to be cautious. The tendency was however to give them the benefit of the doubt since there was still the general perception that they were the "intellectuals with the plan ". SayItLoud features like one Kweku Azar sang praises (as usual) to the NPP Gov’t for their decision to swallow whole, the IMF/WB HIPC policy.

With time, it dawned on the Gov’t that they had over-estimated the "benefits" of HIPC. Desperation started setting in.

Enter IF’C’. The NPP Gov’t stated that IF’C’ was the same as the World Bank’s IFC. The World Bank issued a statement denying any association with IF’C’. The World Bank then "invited" (more or less ordered) Osafo-Marfo to send the IF’C’ contract to them for scrutiny.

Osafo-Marfo said, "look here (WB/IMF), you are no longer my master. I have a new master called IF’C’, so I do not have to take your orders any more."

The WB/IMF obviously got ticked off and decided to blacklist Ghana. (That was about 4 months ago.) Now it seems the NPP Gov’t has realized that their new master (IF’C’), may not be all that, so they decide to go and beg the former master for forgiveness.

Infact, from sources, the WB officials did not even want to see Osafo-Marfo’s face. They made him beg for days before they finally decided to grant him audience. Then they decided to taunt him, "Ah, you say you want more help? Go and wait for your $1 Billion from your new found master."

Aluta continua.

DECEMBER IS LOOMING LARGE!! (Gov’t has promised that the IF’C’ monies would be in by December.)

Patriot Turncoat
Social Commentator
Ghanaweb’s SayItLoud

Views expressed by the author(s) do not necessarily reflect those of Ghanaweb.