Structural Adjustment Programs (SAPS) in Ghana: Interrogating NDC's Implementation

Abstract

Ghana's “economic miracle” under the Provisional National Defense Council (PNDC) led by Flt. Lt. J. J. Rawlings has earned profuse praises in many circles. This economic turnaround is attributed to the implementation of structural adjustment policies under the auspices of international financial institutions (IFIs), especially the twin Bretton Woods institutions: the IMF and the World Bank. However, “success” in this context must be thought of in relative terms. For sure, there have been an appreciable upswing in macroeconomic indicators on vital indices such as annual growth rate, reduction of the level of inflation, and an improvement in services (Government of Ghana, 1987; World Bank, 1993).