Bright Simons calls for structural reform in IMF, World Bank programmes 

The Vice President of IMANI Africa has called for reforms. He criticized the IMF and World Bank Group for lacking sustainability mechanisms.

Bright Simons stated that current loan-supported programs lack accountability. He believes they do not ensure durable structural reforms for better outcomes.

Simons shared his views in an interview with the Ghana News Agency. This took place during the recent spring meetings of the IMF and WBG in Washington, DC.

Developing countries like Ghana often seek IMF loans. These loans aim to restore macroeconomic stability and debt sustainability. They help pave the way for economic resilience and inclusive growth.

The World Bank focuses on poverty reduction and human capital development. Their initiatives also include infrastructure development and sustainable economic growth.

Mr. Simons noted that short-term IMF programs are problematic. They lack clear transition plans to other development agencies. This leads to repeated returns to Bretton Woods institutions during crises.

He pointed out that the World Bank's accountability is primarily to governments. These governments are often under scrutiny themselves, which raises concerns about oversight.

Simons emphasized the need for civil society involvement in these processes. This would enhance long-term structural transitions and increase accountability.

He mentioned issues with government officials misusing their authority for political interests. The processes of the IMF and World Bank can unintentionally reinforce this power concentration.

Simons cited examples of failed accountability in Ghana, such as drone programs for monitoring drainage and illegal mining activities. These projects disappeared without proper tracking or follow-up.

“A new minister came and said you can’t find them,” he explained, highlighting ongoing funding despite failures.

He urged reforms in Bretton Woods programs to create checks and balances. Strengthening civil society participation is essential for effective enforcement within countries.

Simons encouraged investment in policy literacy and civil society capacity building. This would help bridge gaps between proposed reforms and actual implementation, enhancing international development efforts.