Wednesday, May 6, 2020
Negative Impact Of World Bank Structural Adjustment Program
NEGATIVE IMPACTS OF WORLD BANKââ¬â¢S STRUCTURAL ADJUSTMENT PROGRAM (SAP) IN GHANA INTRODUCTION: Writing about the negative impacts of The World Bank Structural Adjustment Program in Ghana, my country of origin is something I can do with my eyes closed, because being an ordinary Ghanaian, born and raised in Ghana, I do not need a research to know what these institutions have done to the developing countries they impose their ill intended programs on. Even the blind can feel hunger, lack of access to good health care, high tariffs on basic utilities such as electricity and water which is as a result of privatization. This paper is going to highlight on the negative impacts of the World Bankââ¬â¢s sponsored Structural Adjustment Program implemented by the government of Ghana from 1982 to 2008. STRUCTURAL ADJUSTMENT PROGRAM 1982-2008 This is what a researcher could say about this program to paint the big picture for readers, ââ¬Å"Clearly, the World Bankââ¬â¢s structural adjustment of Ghana is a textbook example of how to ruin a country. The ruthless denial of mineral wealth, food, medical care, education and even water has made the population destitute spectators to the plunder of Ghana by foreigners.â⬠(Ismi. July, 2004). This program has been repackaged and renamed over the period under different government administrations but they say a decorated donkey is still an ass. At the beginning under the PNDC/NDC administration it was called The Structural Adjustment Program which aim wasShow MoreRelatedThe Structural Adjustment Program Project1001 Words à |à 5 PagesThe structural adjustment program project is one project of the World Bank that created substantial problems for the assisted nation, which in this case is Burundi. The structural adjustment program is a sort of lending program by the World Bank for countries whose economies are experiencing crisis. However, this lending program requires certain reforms and policies to be implemented by the receiving country in exchange for loans. In other words, the loans are strictly conditional, and these conditionalityRead MoreEconomic Structured Adjustment Program ( Esap )891 Words à |à 4 PagesEconomic Structured Adjustment Program (ESAP) It was a World Bank and IMF, 5 year inspired program that was used to counter any economic crisis arising in developing economies. It was a prescription to cure the economic mess, especially in developing countries, in my case Zimbabwe. ââ¬Å" ESAP is a top-down economic strategy which is designed to resuscitate an economy using massive doses of foreign exchange(acquired mostly through loans) and hugely increased exportsâ⬠(Coltart, 1992). In 1980, ZimbabweRead MoreStructural Adjustment Programs Have Led To The Increase1682 Words à |à 7 Pages Structural adjustment programs have led to the increase in poverty by reinforcing the peripheral status of these countries within the capitalist system. The international system in characterized by the domination of peripheral countries by core, developed nations (Afriyie, 2009, 51). This system is being reinforced by structural adjustment policies that make these peripheral countries dependent and indebted to the core. The first policy that helps reinforce this system is currency devaluation.Read MoreThe Impacts of the IMF and the World Bank Essay937 Words à |à 4 PagesThe Impacts of the IMF and the World Bank The World Bank and the International Monetary fund make up major parts of the UNs Economic sector. For both institutions the groundwork was laid in the Bretton Woods conference. The World Banks initial task was to facilitate reconstruction in the post- World War II Europe. It generates capital fund from member state contributions and from international financial markers. Its loans are not designed to replace private capitalRead MoreThe World Bank And Imf1096 Words à |à 5 PagesAs a result of the inadequacies of the World Bank and IMF, Uganda today appears to be no better off today then as they were in the year(s) prior to acquiring the assistance in debt relief in 1998. According to Ana Eiras; ââ¬Å"Despite such a monstrous display of resources, according to the index of economic freedom, the Bankââ¬â¢s money has done nothing to improve the economic freedom in recipient countriesâ⬠. Erias goes on to make it clear that many of the countryââ¬â¢s who have received assistance have seenRead MoreThe Negative Impacts Of International Financial Institutions In Africa, Africa991 Words à |à 4 PagesInternational Monetary Fund (IMF) and the World Bank (WB) ââ¬â to increase productivity and industrial capacities to boost their economic growth faster. However, there has been a huge negative impact on the conditions of local economy and agricultural productions, natural res ources, employment and the services of education and health care. This affects similarly to other developing nations who receive aids from these institutes and are affected by the structural adjustment policies (SAPs). The United NationsRead MoreInternational Monetary Fund ( Imf ) And World Bank1251 Words à |à 6 PagesMonetary Fund (IMF) and World Bank are both international financial institutes that where formed in July 1944 by the United Nation in Bretton Woods, United States. They are sometimes referred to as The Bretton Woods Institutes. They are both landers of last resort and they both offer loans and help countries design policy programs to solve balance of payments problems when sufficient finance cannot be obtained by the country. IMF offers short and medium term loans whilst World Bank offers long term loansRead MoreCapitalism, Globalization and the Perpetuation of Womenââ¬â¢s Oppression: a Vicious Cycle1138 Words à |à 5 PagesProvincial Youth Liason According to the World Bank, women make up 70% of the worldââ¬â¢s poor and their wages world wide are on average 50% to 80% of menââ¬â¢s. One third of all households word wide are headed by women, they are responsible for half the worldââ¬â¢s food production, and yet they own just one per cent of the worldââ¬â¢s property. The majority of workers in sweatshops are women and the majority of unpaid labour is done by women in every region of the world. Further, women make up two-thirds of theRead MoreThe International Monetary Fund And The World Bank Were1419 Words à |à 6 PagesThe International Monetary Fund and the World Bank were formed at the Britton Woods Conference in New Hampshire, United States, in 1944. They were designed as the mainstay of the post-war global economic order. The World Bank s focus is the provision of long-term loans to support development projects. The IMF concentrates on providing loans to stabilize countries with short-term financial crises Critics of the World Bank and IMF have argued that policies implemented by African Countries, intendedRead MoreImf And The World Bank896 Words à |à 4 PagesIMF and the World Bank were created after World War II. Rebuilding nations after the war was costly and this burden needed to be shared amongst nations. With global adherence in its agenda, UK and USA proposed the International Monetary Fund and the World Bank to help prevent nation in this rebuilding process. Having just experienced the Great Depression, they wanted a policy to help nations in certain crisis. One such policy was that countries that are in a financial crisis could request a short
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.