Publikationen der Stiftung → The fading star?
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  • Ghana has long been considered the »shining star of Africa«. However, it was almost declared bankrupt in 2014 due to its inability to pay bills and public sector workers’ wages. The financial and economic crisis not only resulted from lower state revenues, but also from the increasing corruption, mismanagement of public funds and immense overspending. Moreover, the lack of structural transformation of the Ghanaian economy, which depends heavily on exports of primary commodities and imports of manufactured goods, creates a persistent trade deficit and makes it vulnerable to macroeconomic fluctuations. The Ghanaian government, despite a long insistence on »home-grown« solutions to the crisis, reached out to the International Monetary Fund for help.

    But IMF recommendations do not seem to address these structural issues, and neither does the government’s home-grown recovery plan. Both seem to focus on addressing macroeconomic vulnerabilities and not what causes them. Without this focus the »shining star of Africa« may soon fade away. The structural changes needed to ensure long-term, sustainable development are unlikely to be implemented as they require that decision-makers disturb the status quo, from which they often benefit personally. Without these changes, however – particularly in the area of good governance – the IMF and other donors can inject money into the current system without any guarantee that it will contribute to the long-term development of the country.