Former Finance Minister Seth Terkper has raised concerns about the historical role of global financial institutions in Africa’s development, arguing that they were not originally designed to prioritise the continent.
Speaking on PM Express Business Edition on Joy News, Mr. Terkper challenged the common perception that institutions such as the International Monetary Fund and the World Bank were established primarily to support African economies.
“Let’s put it this way, the institutions that we mentioned—the World Bank and IMF—that helped during the crisis, you talk about it, that’s why I’m using them as examples. They were not set up to help Africa,” he said.
His remarks come at a time when discussions about the resilience of economies such as Ghana have intensified, particularly in light of external pressures including geopolitical tensions in the Middle East.
When asked to clarify his position, Mr. Terkper pointed to the historical context surrounding the establishment of the Bretton Woods institutions. According to him, the primary aim at the time was to support countries devastated by war.
“I am saying that at the time they were set up, Bretton Woods, a substantive flow went to the countries that were engaged in a war—Germany and the rest—which were devastated,” he explained.
He added that those early financial flows were directed mainly toward reconstruction in war-affected economies, rather than toward developing regions such as Africa.
Mr. Terkper’s comments contribute to the broader debate about the fairness and effectiveness of the global financial architecture, particularly as African economies continue to face external vulnerabilities despite decades of structural reforms and engagement with international financial institutions.
