Rare 1988 footage captures JJ Rawlings speak on IMF reforms and Ghana's economic crisis

Rare footage from a 1988 interview has captured Ghana’s late former President, Flight Lieutenant Jerry John Rawlings, reflecting on the country’s economic difficulties, the impact of International Monetary Fund (IMF)-supported reforms and the need for strong institutions to prevent leaders from abusing power.

In the interview, Rawlings, who was then Ghana’s Head of State, expressed frustration over the country’s economic challenges and the pressure on African governments to depend on financial assistance from Western countries.

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He explained that Ghana had little choice but to seek support from the IMF and other international institutions because the country was facing serious economic difficulties and needed urgent measures to address the situation.

“We were suffering from a very serious economic malaise and we needed to do something about it,” he said.

Rawlings acknowledged that the IMF-supported reforms had come at a cost to ordinary Ghanaians, pointing to salary cuts, rising prices and the devaluation of the country’s currency.

While recognising the need for economic intervention, he expressed disappointment that the reforms had not attracted sufficient foreign investment to improve living conditions and create jobs.

He also touched on the tension between the need to stabilise the economy through external financial support and concerns about the social consequences of the measures introduced.

Rawlings during the interview questioned the conditions and pressures African governments faced when seeking assistance from international financial institutions and Western countries.

He expressed concern that governments could be compelled to exercise caution over their decisions and public statements for fear of jeopardising access to financial support.

“What kind of blackmail is this?” he questioned.

Beyond the economic challenges, Rawlings used the interview to emphasise the importance of building strong institutions and procedures that would prevent leaders from abusing their positions.

He argued that Ghana’s development should not depend on the character or intentions of an individual leader but on systems capable of ensuring accountability, regardless of who holds power.

“What we need to do in this country is to establish a situation where even if it was the devil who should come and sit on top of us in Ghana, by virtue of certain procedures, certain practises, the devil cannot get away with doing whatever he wants,” he stated.

He explained that such institutional safeguards would ensure that anyone who assumed leadership would be compelled to act in the interest of the people.

“He would necessarily have to do what the people expect of him,” JJ Rawlings added.

Watch the rare interview below:

Footage of Jerry John Rawlings in 1988 discussing Ghana’s economic hardships, IMF reforms, Western aid and the need for a system that would prevent even “the devil” from abusing power. https://t.co/9BXlB8oPKt

— GHANA FACTS & HISTORY (@GhanaianMuseum) November 3, 2026