“the Rise of Neoliberalism and the Imposition of Structural Adjustment Policies (Saps) Has Been Less Destructive for Ghana’s Economy Than Its Critics Claim.” Discuss. [Your Essay Requires You to Discuss Competing

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After gaining independence, Ghana’s economy had reached a state of crisis and therefore, certain International Financial Institutions (International Monetary Fund and World Bank) had intervened. The goal for Ghana was to pursue economic growth at all costs and seek to achieve through the increase of the Growth Domestic Product and the Growth National Product. Structural adjustment programs (SAP) (designed by the World Bank and IMF) had begun being implemented by the Provisional National Defense Council (PNDC) and National Democratic Congress (NDC). SAPs can be defined as “the process by which key institutions and policies are reconstructed with the intent on advancing economic growth”. This involves increasing economic dependency and diversifying economic resources. While looking at Peter Arthur’s opposing argument that the IFIs and their strategies were detrimental to Ghana’s economy - Kwadwo Kanadu-Agyemang and Darko Kwabena Opoku believe that these strategies and SAPs were beneficial to Ghana’s economy, only to a certain extent. This essay will aim to identify certain criticisms of Ghana undergoing the SAP as well as which sectors of the SAP were beneficial to Ghana. Furthermore, this essay will identify that the ‘imposition’ of the SAPs was indeed necessary and less destructive than its critics state.

Colonial rule ended for Ghana in 1957 and they became politically independent and they were “the first country in sub-Saharan Africa to do so”. Ghana had ebeen the world’s leading supplier of gold, cocoa and timber and this lead to Ghana possessing a thriving economy. Columnist Kimberly Louis describes Ghana’s social and economical situation at the time as “promising” and explains that Ghana had “high per capita income and low national debt”. The later years saw Ghana plummet economically and they failed to realize any development after gaining their…...

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