Head of Chambers at Clinton Consultancy, Amanda Clinton, has delivered a critique of the global financial system and Ghana’s relationship with institutions like the International Monetary Fund (IMF), asserting emphatically that “IMF is not God and should not be seen as God.”
Speaking on JoyNews’ AM Show on Thursday, July 10, Ms Clinton, a private legal practitioner, challenged the prevailing narrative surrounding Ghana’s ongoing IMF support, advocating for a more assertive and strategic approach to leveraging the nation’s vast natural resources.
[embedded content]“We cannot treat the IMF as a god, and whether metaphorically or not, I would not say the IMF is a god, and we have seats at the table that might not be equal.”
Her argument suggests that the perceived power imbalance between nations seeking IMF support and the institution itself stems from a systemic structure akin to a “colonial” relationship, where some are “masters” and others “work under them”.
Ms Clinton continued by asserting Ghana’s sovereignty and the potential for self-reliance.
“You know that you have masters and then you work under them and there’s a sort of structure and so they’ve created this elusive idea of what you know about what an economy is and the money, where it comes from and so you are saying that we have sovereignty; we are not as self-reliant as we ought to be or would like to be, but we can learn and eventually get there take our losses take our wins and just do what we can and get there not necessarily on the whims and caprices of a god.”
Her message serves as a call for Ghana to pursue strategic economic independence and to challenge the existing global financial paradigm.
Ms Clinton framed the global financial system as a “bad algorithm”, arguing that its inherent design prevents resource-rich African nations from fully benefiting from their own wealth.
She pointed to Africa’s undeniable resource endowment, stating, “For instance, Africa has the most resources in the entire world. Nobody, including the IMF, will dispute the natural resources we have. But the way the financial algorithm has been set, it means that we cannot benefit as much with the narrative and with the rules and everything.”
Ghana, for instance, is Africa’s largest gold producer and holds significant oil and gas reserves, yet it frequently seeks external financial assistance.
The country is currently implementing a $3 billion Extended Credit Facility (ECF) programme with the IMF, approved in May 2023, aimed at restoring macroeconomic stability and debt sustainability.
Ms Clinton urged Ghana and other African nations to learn from models like China, which initially integrated into the global manufacturing system but eventually gained sufficient leverage to “turn the narrative and things around”.
“So, how can we slowly get out of that by knowing how to leverage off debt in a better way? By trying to get to the position where China is getting to where, ‘okay, fine, you guys used us for a while, but once we get to a certain stage, we’re going to turn the narrative and things around’. You know what I mean?” she questioned, suggesting a long-term strategy to shift from dependency to self-reliance.
Ms Clinton emphasised that Ghana, despite its challenges, is not without agency.
“We have the bad end of the deal. So, how do we get a better end? And how do we learn to come to the table, learning more and more and more and not treating them like gods, but we [get to a stage where] we have seats at the table and we start renegotiating our terms,” she stressed.
This call for renegotiation aligns with broader pan-African calls for a more equitable global economic order.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
