ghana: Ghana faces IMF arm-twisting

After the IMF intensified retaliatory measures on Ghana for failing to comply with its requirements, the country appears eager to appease the Washington institution, probably at a high social cost. Having been portrayed as an adjustment success story in the 1990s, Ghana was denied renewal of IMF financial assistance at the end of 2002 after failing to implement conditions in its Poverty Reduction and Growth Facility agreement with the Fund. Now, to get the funding renewed, the government is implementing conditions for which Ghanaian people will have to pay a high price.