Chartered banker and financial analyst Nana Obiri Yeboah has asserted that the International Monetary Fund (IMF) and the World Bank are fundamentally uninterested in supporting industrialization initiatives across Africa.
He argues that these institutions avoid such support because industrial growth would grant African nations greater economic independence.
Institutional Resistance to State Growth
To illustrate his point, Yeboah recounted an incident from the administration of former President John Agyekum Kufuor.
He noted that the World Bank Country Director at the time advised against the revitalization of collapsed state companies, suggesting instead that investment be directed solely toward the private sector.
Mr Yeboah drew a sharp comparison between the IMF’s tactics and partisan politics, suggesting the organization’s true aim is to undermine incumbent administrations.
“The IMF operates like political parties, particularly an opposition that undermines the sitting government just to take over from the government. It has no interest in seeing African countries achieve economic independence. The IMF and World Bank have never supported the call for industrialisation. They don’t want the government to embark on an industrialisation agenda. They believe the economy should grow in a manner that will make the private sector the engine of growth. They don’t want Africa to develop or transform.”
Speaking on the program As It Is In Ghana on Rainbow Radio (87.5FM Ghana and 92.4FM UK), Yeboah emphasized that the recurring factors driving Ghana toward IMF intervention have remained unchanged.
He urged African leaders to be more discerning regarding the true motives of international financial bodies.
Despite these systemic challenges, Nana Obiri Yeboah expressed optimism regarding former President John Dramani Mahama’s pledge that Ghana’s 17th IMF bailout would be its last.
He believe this goal is attainable if the nation remains committed to deep-seated structural lessons.
“It is possible that this will be the final one for Ghana from the IMF. We have to remain committed to ensuring that we do not go back to the IMF. We need to learn lessons from the past and avoid going back to the IMF. I think Ghanaians have to be proud and support President John Mahama in his quest to ensure that our 17th IMF deal will be our final one.”
By: Rainbowradioonline.com/Ghana
