A Tale of Two Debt Crises: The IMF, World Bank and Sustainable Development of Sub-Saharan Africa

James Silverwood, Jeremy Moulton

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Ghana has been lauded by the International Monetary Fund (IMF) as a model nation in Sub-Saharan Africa for its achievements in economic development and transition to democracy. However, the sustainability of Ghanaian economic development in recent years has begun to be suspected. In this chapter, we delve into the international political economy literature to recover a critical approach that offers a fresh perspective when considering questions of sustainability and emerging markets in the contemporary era. In particular, we apply the dependent development concept, generated by Fernando Henrique Cardoso and Enzo Faletto, to deepen our understanding of how Ghana has followed an unsustainable developmental trajectory since the debt crisis of the 1980s, one that has maintained its financial dependency on multilateral and bilateral donors and led the country to the verge of another debt crisis four decades later
Original languageEnglish
Title of host publicationSustainable Economy and Emerging Markets
Editors Stefania Paladini, Suresh George
Place of PublicationLondon
PublisherRoutledge
Chapter5
Edition1st
ISBN (Print)9780429437304, 9781138346413
Publication statusPublished - 21 Nov 2019

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    Silverwood, J., & Moulton, J. (2019). A Tale of Two Debt Crises: The IMF, World Bank and Sustainable Development of Sub-Saharan Africa. In S. Paladini, & S. George (Eds.), Sustainable Economy and Emerging Markets (1st ed.). London: Routledge.