Speaker Calls For Review Of Bank, Fund Policies

Accra, (Greater Accra) 31 Oct.,

Accra, (Greater Accra) 31 Oct., Mr Justice Daniel Francis Annan, Speaker of Parliament, today called for a review of the policies of the World Bank and the International Monetary Fund to streamline areas that have not worked. He said the suggestion should not be seen as a rejection of their policies but is aimed at strengthening them. Mr Justice Annan was speaking to a six member delegation from the Committee of Cooperation and Development of the European Parliament. It attended the 25th session of the African Caribbean Pacific (ACP) and European Union (EU) assembly which has just ended in Lome, Togo. The Speaker stressed the negative aspects of the structural adjustment programme which has had adverse effects on the economy. These negative tendencies call for some form of protection. He said structural adjustment by Ghana has been difficult and yet the country has persevered. "so when Ghana speaks about some negative aspects of adjustment, it should be listened to." Mr Justice Annan said new short-term and specific instruments are needed as part of a review to turn things around. He said Ghana has firmly rooted itself on the road of democracy but this should not be at the expense of the economy. The Speaker said a conducive environment has been created in the country for investment to help gain a growth rate of eight per cent. Mr J.H. Owusu-Acheampong, Majority Leader, was of the view that the investment needed after adjustment are yet to be felt. Apart from this, the Ghanaian private sector has not grown as expected. Mr Owusu-Acheampong said much as Ghana will like to develop within the context of sub-regional integration, the turmoil in West Africa makes this impossible. Mr J.H. Mensah, Minority Leader, called for EU support in building infrastructure and the capacity of Ghana's parliament. Mr J.H. Mensah said democracy should be used as a positive instrument for economic development. The Minority Leader said countries yet to embark on the road to democratic governance will then see the need to open up their political institutions and develop. Mr Micheal Macgowar, a member of the delegation, said Ghana needs to develop and to be in good stead to play a bigger role in international relations during the next century. He said Ghana has most of its best human resources abroad and ''these need to come home to help the country to develop''. Mr Javier Puyol, head of the EU delegation in Ghana, said Ghana's inflation of 30 per cent and high interest rate should be reduced to make the economic climate more attractive.