Corruption In Ghana

980 Words4 Pages
Ghana is a country of west Africa. Between the years 2007 and 2013, it recorded remarkable economic growth of 8.6%. Politically stable and relatively untouched by the corruption that affects most African countries, Ghana was attractive for many foreign investors. One reason of this great economic development was the discovery of offshore oilfields, which made Ghana a significant oil producer. This country, rich in minerals, exports gold, cocoa beans and by-products of coconut.

But in 2013, Ghana had to face a drop in raw materials prices. The growth was significantly slowed, reaching 4.2% in 2014. This was also caused by a loose fiscal policy and a devalued currency. A great inflation and a rising debt forced the government to turn to the
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The peasants were expropriated from their lands, with ridiculous compensation. They were condemned to choose between rural exodus and work for foreign mining companies for very low wages. The state stopped subsidizing agriculture, fertilizers, machinery etc. condemning peasants, who once were living from their farm and their field, to poverty. These subsistence farms were razed to allow gold mining by multinationals. Also a “cash and carry” policy was developed: the policy of cost sharing. The government cannot invest in social services. So people must buy them. Thus the price of water has more than doubled since the national water company was privatized and sold to foreigners. Medical care and hospitals have become paying and well out of reach of many people. One area that suffers most is the education…show more content…
Some have therefore proposed to increase taxes on land ownership, generally the richest.

The IMF should also provide a technical-economic assistance that would train leaders to better manage and allocate funds. One of the great problems of Africa country is corruption, which diverts these funds to the detriments of the population. This corruption is also present in “North countries”. Effectively combating this corruption ensures that the money can be better directed towards a development which benefits the entire population, not just the most privileged.
Experts believe that the way decisions are made in the IMF is also one of the reasons for its failures. In the current system the votes and decisions are taken based on shares. USA holds power of veto with a share of more than 17%. The disproportion between the countries of the North and South are very large. It is usual to say that at the IMF one dollar equals one vote. This model should be reformed to: one country equals one vote, to make South countries ‘s representation fair and equitable. But the United States has opposed such
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