Thursday, February 21, 2013

Reduction of Fuel Subsidies in Ghana and National Sovereignty

I am hoping that the recent removal of fuel subsidies imposed upon Ghana by the IMF and World Bank does not result in a chain reaction of price increases for everything else. The fact that almost all economic policies in African states are not in fact controlled by Africans, but by completely unaccountable IFIs representing US and European interests makes democracy on the continent rather lacking in content. What good is electing a leader if he only has symbolic sovereignty over the state while all the important decisions are made by the IMF and World Bank?

2 comments:

Walt Richmond said...

The western press is asserting that the Ghanaian government itself is responsible for the cuts: http://www.reuters.com/article/2013/02/17/ghana-subsidy-idUSL6N0BH0TZ20130217

J. Otto Pohl said...

Right, does anybody really believe that the government would have made the cuts without being ordered to do so by the IMF and World Bank? I mean one could also argue that the chiefs in the Gold Coast not the British colonial authority made actual decisions too. But, it would be an equally bad argument.