Why Regimes Adjust: The World Bank Ponders Its "Star Pupil"

Abstract

As expected, Ghana has once again been identified by the World Bank as the best case of adjustment in Africa (albeit more guardedly than in the past). This is ironic, since in several respects the Bank's understanding of the process of adjustment in Ghana has been shaky. I want to argue that while in public, the Bank has celebrated Ghana as a triumph of neo-liberalism, in private, it has not infrequently struggled to comprehend the nature of the miracle it is sponsoring in Ghana and the motivations of the political forces driving adjustment there. This raises broader questions about the extent of the Bank's understanding of similar processes elsewhere in Africa. The genesis of the Ghanaian programme is well known. A left coalition

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