By Francis Ntow
Washington D.C., USA - On April 28th, Bright Simons, who serves as the Vice President at the policy research institute IMANI Africa, advocated for changes to programs administered by both the International Monetary Fund (IMF) and the World Bank Group (WBG). He argued that these organizations require stronger sustainability measures due to their current shortcomings.
He contended that the current design of IMF lending programs and World Bank development initiatives lacks accountability and mechanisms to facilitate lasting structural changes for improved results.
In an exclusive interview with the Ghana News Agency during her visit for the recently concluded spring meetings of the IMF and World Bank Group in Washington D.C., USA, the Policy Analyst made these remarks.
Countries such as Ghana, which are considered developing nations, often turn to the IMF for financial assistance programs aimed at stabilizing their economies and ensuring sustainable levels of debt. This process helps lay the foundation for stronger economic resilience and broader-based development.
In contrast, the initiatives of the World Bank centered around reducing poverty, enhancing human capital, developing infrastructure, and promoting sustainable economic expansion along with employment generation.
Mr. Simons pointed out that the temporary nature of IMF-backed programs, combined with inadequate transition strategies to involve other development organizations and ensure ongoing government support, led to recurrent visits by Ghana and other nations to the Bretton Woods institutions for solutions to their economic crises.
"The World Bank’s accountability mechanism functions as a form of oversight over the very government it aims to supervise. To improve this, they should involve civil society in the process. This way, during the long-term structural changes, greater accountability can be ensured," he stated.
He mentioned that government officials hold considerable influence and frequently use it to advance political goals, which can include benefiting their business connections," adding that the procedures used by the IMF and World Bank unintentionally supported this accumulation of power.
Mr. Simons highlighted numerous instances of accountability failures in Ghana, such as costly drone initiatives aimed at drain inspections and illicit mining (galamsey) oversight, which vanished without proper monitoring.
“A fresh minister arrived and stated that these locations cannot be traced. No one seems to know their whereabouts,” he added, noting that comparable programs kept receiving financial support regardless of past setbacks.
He advocated for changes in the programs run by the Bretton Woods institutions to establish proper oversight via enhanced involvement from civil society organizations. This was aimed at ensuring robust implementation and amplifying internal voices within the nation.
He promoted intentional investments in policy education and strengthening civil society to close the gap between written reforms and their execution, aiming to enhance the impact of global development initiatives.
GNA
ABD