Washington DC: Bright Simons, the Vice President of policy think tank, IMANI Africa, has called for reforms to programmes of the International Monetary Fund (IMF) and the World Bank Group (WBG), criticising them for lack of sustainability mechanisms.
According to Ghana News Agency, Simons argued that the recent architecture of loan-supported programmes of the IMF and development initiatives of the World Bank lacked accountability and transition to ensure durable structural reforms for better outcomes. The Policy Analyst made these remarks in an exclusive interview on the sidelines of the just ended spring meetings of the IMF and WBG, in Washington DC, USA.
Developing countries like Ghana often resort to the IMF for loan-supported programmes aimed at restoring macroeconomic stability and debt sustainability, which are essential for economic resilience and inclusive growth. On the other hand, the World Bank programmes focus on poverty reduction, human capital development, infrastructure development, and sustainable economic growth and job creation.
Simons noted that the short-term nature of IMF loan-supported programmes, coupled with the lack of clear transition plans to other development agencies and proper continuation by governments, were responsible for the periodic return of Ghana and other countries to the Bretton Woods institutions for solutions to their economic crises.
He highlighted that the World Bank's accountability mechanism is primarily directed towards the government, the same entity they are supposed to supervise. Simons suggested the incorporation of civil society into the process to enhance accountability during long-term structural transitions.
Simons further criticized the concentration of power among government officials, who often deploy it to serve political interests, including those of their business associates. He noted that the IMF and World Bank processes inadvertently reinforced such concentration of power. He cited examples of failed accountability in Ghana, such as expensive drone programmes for drainage monitoring and illegal mining surveillance that disappeared without adequate tracking.
He called for structural reforms in the programmes of the Bretton Woods institutions to create necessary checks and balances through strengthened civil society participation, ensuring effective enforcement and empowering voices within the country. Simons encouraged deliberate investment in policy literacy and civil society capacity to bridge the gap between paper reforms and actual implementation, enhancing the effectiveness of international development programmes.