Former Finance Minister Seth Terkper has raised concerns about the role of global financial institutions, arguing that Africa’s continued exposure to external shocks points to deeper structural imbalances in the international system.
Speaking, on Thursday, Mr Terkper was responding to questions about Ghana’s vulnerability to global disruptions, including geopolitical tensions in the Middle East, despite years of economic reforms.
The programme host questioned why past reforms have not done more to shield the country from such shocks. In response, Mr Terkper shifted focus to the historical foundations of institutions like the World Bank and the International Monetary Fund.
According to him, these institutions were not originally designed with Africa’s development needs in mind. “They were not set up to help Africa,” he said, acknowledging that the claim may be contentious.
He argued that his position is rooted in history, pointing to the Bretton Woods Conference, where the institutions were established. Mr Terkper noted that early financial support was largely directed at countries affected by World War II, particularly in Europe, to aid reconstruction.
While these institutions have since evolved, he suggested that their origins continue to influence how global financial support is structured today.