The IMF, International Monetary
Fund, provides funding to bail out governments whose
economies are supposed to be in distress. This funding
comes normally with conditions to the borrower.
Conditions like removal of subsidies on agriculture and
utilities, laying off of workers and freezing of
salaries to cut the wage bill and sustain some form of
prescribed structural adjustment. A quicksand is such
that when you step on it, unknowingly or mistakenly, it
sucks you in and the harder you struggle to come out of
it, the deeper you sink into it. The IMF (and its cousin
the World Bank) is like a quicksand, the harder you
struggle to get out of its debts, the more you get into
debts. There, they balance numbers on paper by
unbalancing number of lives on the ground.
example, when you remove subsidies on agriculture, it
would result in more expensive food prices for laid off
workers who cannot buy and for less paid workers who
would under feed themselves and would not be able to
look after their families and laid-off relatives. The
result would be a malnourished and generally sick
workforce that is unproductive and resorts to fraud to
survive. Meanwhile, the interest on the loan from IMF
grows to become larger than the amount borrowed and the
government will have to go for more loans to pay for the
interest, while the main amount borrowed remains to be
generating more interest. So you the borrower will
become a slave living in perpetual poverty.
should not let the so-called global credit crunch (or is
it developed countriesí credit crunch?) deceive us and
lead us into the IMF quicksand. Please, lead us not into
temptation but deliver us from evil. Rather, we should
see the current situation as God-given opportunity to
disentangle ourselves from this cycle of working and
tightening our belts to service other peoplesí comfort.
Provide us with all the facts and figures of the economy
and we shall provide you with home-grown solutions that
will put Ghana on the road to realistic economic
independence. What will it take to make us see that we
do not need IMF to develop? Please do not lead us into
slavery and poverty by borrowing from IMF.