The impact of the Bretton Wood Institutions on Human...

Using a country of your choice, discuss the impact of the Bretton Wood Institutions on Human Development in Sub-Saharan Africa. Introduction The Bretton woods institutions are the International Monetary Fund (IMF) and the World Bank. They were setup at the end of the Second World War in order to rebuild the devastated post-war economy and to promote international economic cooperation. The main focus of the IMF is to maintain exchange stability by harmonising its members’ monetary policies1. The aim of the World Bank, on the other hand, is to advance reconstruction and promote longterm economic growth in less developed countries2. Ghana started to work with the IMF/World Bank in the sixties. Since then most of its governments,†¦show more content†¦On top of this a so-called ‘Cash and Carry’ policy, where the patients cannot be treated unless they have paid for all costs, is practiced in most hospitals and clinics in Ghana.9 As for education, social spending cuts mean that there are fewer funds available for schools, facilities, equipment and teachers. This lack of funds has led to an increase in class sizes, increase in school fees, and a drop in the standard of public education.10 This is particularly bad for the poorest, whose parents cannot afford to pay school fees for their children. In order to reduce government spending, the IMF/World Bank prescribe the reduction of wages in the public sector and cutting of subsidies (on food, petrol etc.). However, the reduction in subsidies has led to a rise in commodity prices. The cutting of subsidies on rice cultivation in Ghana is one example. The government once supported rice farming communities in the northern parts of Ghana so much so that they were able to produce enough rice to feed most of the population. However, cutting subsidies and opening trade barriers has ruined the Ghanaian rice farms, as they were unable to compete with heavily subsidised rice from abroad. Today as a result, Ghana imports most of its rice from Western 8 Colgan (2002), p.1 Kampfner (2001), p.1 10 Jauch (2009), p.1 9 Page 3 of 12 countries at higher prices.11 Higher prices on the one hand and lower wages on the other mean an overallShow MoreRelatedThe Impact Of Transnational Industries And Global Financial Institutions Such As The World Bank And International Monetary Fund2146 Words   |  9 Pagesessay aims to explore and critically analyse the impact of transnational industries and/or global financial institutions such as the World Bank and International Monetary Fund (IMF) in the sub-Sahara Africa. 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