International Monetary Fund 's -structural Adjustment Program Essay

International Monetary Fund 's -structural Adjustment Program Essay

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Growing up in Ghana in the early mid-1990s was very challenging for me and for most people I knew. Like other African countries then, Ghana started implementing International Monetary Fund’s –Structural Adjustment Program (SAP) that sought to address decades of economic decline and instability. However, the social costs of the SAP policies were huge for struggling families like mine. Sales taxes were increased to help widen the country 's historically narrow tax base that had resulted in unstable revenue because it excluded fast informal sectors of the economy. As a result, prices of all essential commodities surged. Given the hardship these price hikes imposed on ordinary people, civil unrest, demonstrations and riots were very frequent. As a teenager, I was particularly impacted by these developments and later on came to believe that the events surrounding these polices, led to my interest and passion for Economics.

I was formally introduced to Economics during my second year at the University for Development Studies in Ghana. I was indeed fascinated by how my instructor related Adam Smith 's ‘Invisible Hand’ concept to consumption. And how this ‘invisible hand’ guides free markets through competition for scarce resources. The Professor tried, on countless occasions, to convince us to major in Economics. “Economics students solve real societal problems”, he would always say. Given this persuasion, I chose to major in Economics during my third year. In the process, I enrolled in the following courses; Development Economics, Economic Theory, International Economics, Economic Analysis and Econometrics etc. I also took some Mathematics and Statistics courses. It was really a monumental task to grasp all these concepts at once, but ...


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