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

James Silverwood; Jeremy Moulton

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

James Silverwood, Jeremy Moulton

School of Strategy and Leadership

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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 language	English
Title of host publication	Sustainable Economy and Emerging Markets
Editors	Stefania Paladini, Suresh George
Place of Publication	London
Publisher	Routledge
Chapter	5
Edition	1st
ISBN (Print)	9780429437304, 9781138346413
Publication status	Published - 21 Nov 2019

Bibliographical note

Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders.

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AB - 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

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

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