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| Kojo Twum Boafo, CEO, Ghana Freezones Board |
By
Duke Nii Amartey Tagoe
Mr
Kojo Twum Boafo, Chief Executive Officer of the Ghana Free zones Board has
thrown some heavy punches at the World Bank and the International Monetary Fund
(IMF).
He
accuses the Bretton Woods institutions of failing to bring about long term
economic stability to developing countries adding that the World Bank does not invest
in capital projects that will lead to the structural transformation of
developing countries.
“Show
me just one country the World Bank and IMF have been able to help out of
economic difficulties?” he questioned.
In
an angry tone he expressed his mistrust for the United States controlled
institutions.“ I don’t trust the World Bank and the IMF because they do not
invest in projects that will help create jobs. I am waiting for the day they
will invest in roads, factories and other projects that will bring real comfort
to our people,” he said.
Mr
Boafo explained that the effect of the Structural Adjustment Programme of the
World Bank on the economy of debtor states were that their capacity to produce
for the domestic market was seriously hampered, small and medium enterprises
were pushed into bankruptcy, state enterprises were privatized or closed down and
the economy was opened up to an influx of goods from abroad.
According
to him the demand for reduction in state expenditure by the World Bank in the
early eighties was a means to ensure future loan repayments to the creditors
The
World Bank and IMF were founded in 1945 as agencies representing the interest
of the world’s financial institutions. The Bank seeks to shape the
macro-economic policy in the South through taxation, freeze in public spending
and trade.
Kojo
Twum Boafo was speaking on Asempa Fm’s
Ekosiisen programme.
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