External Co-Optation of a Less Developed Country's Policy Making: The Case of Ghana, 1969–1972

Abstract

The author advances the thesis that the World Bank, the International Monetary Fund, and creditor countries structured the context in which their client, Ghana—a less developed country—formulated its economic policy between 1969 and 1972. The intergovernmental organizations and creditor countries failed to take Ghana's domestic political situation into account, however. When the country became heavily dependent upon the IGO's and creditors for financial assistance to enable the government to survive a disastrous shortfall in foreign exchange earnings, it was forced to accept extreme and politically dangerous measures in order to secure assistance. The policies that were adopted were catastrophic, and destroyed what remained of the democratic government's public support. This dramatic change in public climate made the government fatally vulnerable to a military coup d'etat.

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