Essay on Failure of IMF and World Bank Policies in Sub-Saharan Africa

Essay on Failure of IMF and World Bank Policies in Sub-Saharan Africa

Length: 4503 words (12.9 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

Failure of IMF and World Bank Policies in Sub-Saharan Africa


Over the last several hundred years, Africa has been deprived of the peace that it so desperately needs. For over 400 years, Africa was subjected to the harsh trans-Atlantic slave trade. Europeans and Americans brutally uprooted millions of Africans and shipped them away. Torn away from their homes, Africans were inhumanely exploited for their labor. The slave trade had a devastating effect not only on those involved, but also on future generations to come. The exploitation of Africans continued even after slavery was abolished. A new form of slavery disguised as colonialism quickly took form as an institutionalized method of exploiting Africans. European countries quickly staked their claims to different parts of Africa. Over the course of about 90 years, Africa was subjected to colonial torture in the form of exploitation of natural resources, forced labor, terrorism, expropriation, unfair taxation, and genocide. After the end of colonialism, European nations and the U.S. developed a new method of exploiting Africa. The same countries that were victims to colonialism are now victims to debt. Commonly referred to as the ?debt trap? in the international community, the debt crisis in Africa is quickly becoming a major hindrance to the economic development of the region. The external debt in Sub-Saharan Africa is estimated to be around $230 billion. The World Bank categorizes 33 of the region?s 44 countries as heavily indebted poor countries. The IMF and World Bank have both stepped in to offer their assistance in the form of offering policy advice, structural adjustment programs, and financial assistance. However, initiatives formulated and ...


... middle of paper ...


...ww.rastafaritoday.com/sitefiles/speacknow02.html

Colgan, Ann-Louise. Africa?s Debt-Africa Action Position Paper. July 2001.
http://www.africaaction.org/action/debtpos.htm

Colgan, Ann-Louise. Hazardous to Health: The World Bank and IMF in Africa-Africa
Action Position Paper. April 2002. http://www.africaaction.org/action/sap0204.htm

Kousari, Kamran. Deep-rooted commodity trap lies behind Africa?s poverty. March 15,
2004. http://www.guardian.co.uk/globalisation/story/0,7369,1169341,00.html

Naiman, Robert and Watkins, Neil. A Survey of the Impacts of IMF Structural
Adjustment in Africa: Growth, Social Spending, and Debt Relief. April 1999.
http://www.cepr.net/IMFinAfrica.htm

Shah, Anup. The US and Foreign Aid Assistance. April 26, 2004.
http://www.globalissues.org/TradeRelated/Debt/USAid.asp

www.imf.org

www.worldbank.org

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

A Research Project On The World Bank Essay

- Recently the World Bank funded an effort in Ethiopia to help increase investments in their infrastructure. In May of 2015, $370,000,000 was committed to fund The Ethiopia Expressway Development Support Project. Reuters noted the project as a risky one. About a quarters way through the project, the World Bank admitted that something went very wrong. Many people were driven from their homelands by force as a result of the project. The World Bank advocates "Working for a World Free of Poverty". Reuters, however, reports that in this project the World Bank admits that to being flawed in its efforts....   [tags: Poverty, World Bank, Africa, Sub-Saharan Africa]

Strong Essays
725 words (2.1 pages)

How Did External Debt And / Or Remittances Impact The Politico Economic Development Of Sub Saharan Africa?

- (1) GENERAL AREA OF INVESTIGATION For this essay, my general area of investigation will be surrounding the impacts of colonization, as well as the process of decolonization on developing nations; namely, those in Sub-Saharan Africa. Furthermore, this paper will look into The World Bank, the IMF (International Monetary Fund), SAPs (Structural Adjustment Programs), and more institutional implementations within the continent of Africa that ultimately lead to a colossal number of remittances. This area of research is personally interesting to me as a first generation immigrant and child of the diaspora, wherein the aftereffects of colonialism and neo-colonialism are still felt....   [tags: Africa, World Bank, International Monetary Fund]

Strong Essays
1261 words (3.6 pages)

The Problem Of Sub Saharan Africa Essay

- Despite the improvements within the last decade the vast majority of sub-Saharan Africa remains corrupt. Corruption is a complex phenomenon. The inability for the country as a whole to solve their own issues is indeed the reason the country till this day is considered a developing nation. But as much as sub-Saharan is said to be ethical, stats and numbers illustrate many forms of corruption. Corruption within the country’s policies, bureaucratic traditions, political development, and social history....   [tags: Africa, Sub-Saharan Africa, Political corruption]

Strong Essays
2249 words (6.4 pages)

Essay on South African and the International Politics in sub-Saharan Africa

- The global network of super powers has claimed many regions through human security, political actions, and economic development. One of the largest landscapes is that of sub-Saharan Africa, in which 50 plus countries make up the geographical landscape (Library of Congress, 2010). In consideration of the long history of changing powers and the colonization of the different countries by Dutch, French, and British influences giving up power after WWII; the prospect of democracy for the sub-Saharan African countries is an ongoing battle (Braithwaite, 2014)....   [tags: political change, south africa, sub-saharan]

Strong Essays
1740 words (5 pages)

Essay on South African and the International Politics in sub-Saharan Africa

- In sub-Sahara Africa, previous U.S. Presidential administrations of 1996 and the 2000 era realized the importance of investing. Together Clinton and Bush provided millions and billions of dollars towards operations in aid, construction, conflict resolution, and political intervention (Braithwaite, 2014). Critics of the current administration say that the current President has not done enough investing in the African regions because Obama has made contact with a minimal three countries. Current policies are weak because only privatized small individual holders have access to open markets, while superpowers like China currently are trading 2 billion in capital....   [tags: sub sahara africa, south africa, africans]

Strong Essays
917 words (2.6 pages)

Childhood Mortality Rates in Sub-Saharan Africa Essay

- Since World War II, Sub-Saharan Africa has seen notable improvements in child survival; however, childhood mortality conditions continue to lag behind. Ghana is said to be “an island of peace and stability” in the volatile landscape of Sub-Saharan West Africa; a success story of the World Bank and International Monetary Fund (Atakpu, 2004). Its success has put Ghana as the leader in human development among the countries in that region. Although, the infant mortality rate and mortality rate of children under the age of five is still rather high compared to the rest of the world....   [tags: Health Services]

Strong Essays
1592 words (4.5 pages)

Why Does Poverty Persist?: A Look at International Aid in Sub-Saharan Africa

- In 2011, World Bank (2013) aided the amount equivalent to 54 US dollars per individual in sub-Saharan Africa. However, the question is if 910.4 million of people in sub-Saharan Africa have equally enjoyed its benefit. Despite the regional and international aid dedicated to eradicate poverty in the last 60 years, about 442 million, the half of population in sub-Saharan Africa, are still living on under 1.25 US dollars everyday (World Bank, 2013). Although the efficacy of international aid on poverty reduction has been questioned in a large number of public and academic discourses, many so called developed countries such as G8 are yet encouraged to provide more aid (Sachs, 2005) while less dev...   [tags: aid, international, poverty, consequences]

Strong Essays
1921 words (5.5 pages)

Essay about Developing Sub Saharan Africa

- ... In order for Sub Saharan to stabilize their flourishing population, they must enforce the need to slow down birth rates. To achieve this goal, couples must have easy access to a wide range of contraceptive methods (Bridge). In addition to reducing fertility, the use of family planning also has a direct and positive impact on reducing maternal deaths as well as preventing mother-to-child transmission of HIV. For the two past decades, Sub Saharan Africa has become synonymous for the spread of HIV and AIDS....   [tags: world´s poorest country, illiteracy rate, hiv]

Strong Essays
1153 words (3.3 pages)

Sub Saharan Africa Essay

- Over the last ten years, sub-Saharan Africa has come across economic growth of coarsely five percent per year. Today, 21 African countries are considered “middle income”(Christiaensen and Devarajan). Regardless of strong growth, the impact on poverty is much less than hoped. Today, many countries in Africa add up among the world’s poorest. To tackle this poverty problem the collective prescription is economic development. Economic development refers to the continuous actions of policy makers and societies that encourage the standard of living and economic health of a precise area....   [tags: Economic Growth, Middle Income, Poverty]

Strong Essays
1731 words (4.9 pages)

Hunger in Sub-Saharan Africa: The Astonishing Truth Behind Starvation Essay

- At this moment in sub-Saharan Africa, every 3 seconds a child under five dies from AIDS and hunger, and more than 90 percent of the people are suffering long term malnourishment. (World Health Organization) In addition to this, measles are taking the life of a boy almost every minute, when a measles vaccine cost less than $1. (WHO, World Health Organization) "Things are moving in the wrong direction," says Marc Cohen (International Food Policy Research Institute (IFPRI) Washington). "If we look at sub-Saharan Africa as a whole, all the projections are that poverty and hunger are going to get worse." There are 31.1 million food-deprived masses, scattered across the region surrounding Ethiopi...   [tags: World Hunger]

Strong Essays
1707 words (4.9 pages)