An African Perspective on Bretton Woods

If there was a referendum in Africa today, an overwhelming majority of the people would vote against their governments having anything to do with the Bretton Woods institutions, i.e. the World Bank and the International Monetary Fund (IMF). They know all too well that there has definitely been a considerable net welfare loss to them as a result of the way these two agencies have been operating in their countries during the past decade-and-a-half. There is no doubt that the overwhelming majority of the African people — and most African governments — would prefer to see fundamental changes in their countries’ relations with the Bretton Woods institutions. There is a virtual consensus among the general public, vocally expressed in the local media, as well as among officials, who naturally prefer putting forth their views in more private settings, that the relationship between Africa and the Bretton Woods institutions has been detrimental to the continent, that far from helping it to become economically viable, these two institutions have been capitalising on, exacerbating and perpetuating Africa’s crisis. Little wonder that there have been many IMF riots throughout Africa and that youth, workers and women have rebelled against structural adjustment programmes (SAP), the parade horses of the Bretton Woods institutions.