Poverty is the main issue that defines nations in the developing world. It is understood that the populations in these countries grapple with ill health, food insecurity, low education levels and poor infrastructure. What is encouraging is that in collaboration with their international partners, the developing countries have taken steps to improve the welfare of their people. While all the nations are striving to create better conditions for their populations, the measures that the authorities in Ghana have adopted are most remarkable. Thanks to the efforts of the Ghanaian government, this country has made impressive progress in improving healthcare and enhancing the lives of its people.
Impact of Funding
The International Monetary Fund (IMF) and the World Bank are among the institutions that work closely with the governments of developing countries. While the partnership serves a number of crucial purposes, it is mainly designed to provide the developing countries with the funding needed to stimulate the economy. Thanks to the funding that Ghana has received from the IMF, the country has been able to stabilize its economy. For example, in 2016, the IMF extended $900 million to Ghana. This funding was intended to help the country tackle currency depreciation, high debt and to lower the rate of inflation (IMF, 2016). While it is still too early to determine if the funding has achieved its purpose, it is fair to expect that through the funding, Ghana will be able to inject energy into its economy.
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It is true that the funding that the IMF and the World Bank provide are meant to boost the economy of Ghana and other developing nations. However, there are many who believe that the funding helps to perpetuate neocolonialism while hindering the political liberation of the developing countries. For example, after borrowing money from the World Bank, Ghana registered a drastic decline in commodity prices (Elliott, 2016). Furthermore, the country’s currency shed half of its value. Another impact that borrowing from such international organizations as the World Bank has had on Ghana is that it has placed strains on the country’s budget. Ghana spends as much as one third of its budget on servicing debt provided by organizations like the World Bank (Elliott, 2016). Overall, while it has allowed Ghana to achieve some growth and invest in the welfare of its people, funding from international institutions continue to hold the country back from achieving total independence.
Healthy Population Strengthening Economy
The health of a country’s population is among the factors that shape the performance and strength of its economy. In recognition of the importance of a healthy population, the authorities in Ghana have invested huge amounts in the country’s healthcare system (Adua et al., 2017). Consequently, the country’s economy has become stronger. One of the impacts that a healthy Ghanaian population has had on strengthening the economy involves improving women participation. Today, more and more women are taking part in building the country’s economy thanks to investment in health and education (Chichester & Pluess, 2016). Providing the country’s industries with strong and capable workers is another effect that Ghana’s healthy population is having on the economy. Ghana relies heavily on such exports as cocoa and oil (McDonnell, 2018). The processing of these exports demands immense human input. As a result of the healthy population, the country’s industries enjoy access to adequate supply of competent labor.
It is understood that the life expectancy of a country’s people plays a critical role in influencing the rate of growth that the economy witnesses. People who live longer are able to spend a significant portion of their life working. Over the last few years, Ghana’s life expectancy has been on an upward trend. According to the World Health Organization (WHO), the life expectancy is 62 for females and 64 for males (WHO, n.d). Since Ghanaians are living longer, it is fair to say that they are able to make more meaningful contributions to strengthening the economy. According to the American Medical Association (AMA), healthy populations translate to equality and fairness (“Healthy Population”, 2015). This is true for Ghana. Today, Ghana is recognized as one of the most stable economies in Africa, and the developing world at large. The country’s stability has helped to drive its economy. It is fair to state that Ghana’s economic and political stability is the result of the role that its healthy population continues to play in holding the government accountable.
Foreign Aid to Improve Health Care System
As already noted above, the Ghanaian government has made significant investments into the country’s healthcare system. While some of the funding for running the system comes from internal sources, the country continues to rely on foreign aid. Since 1980, Ghana has collaborated with development partners to enhance access to quality care (Escribano-Ferrer et al., 2016). USAID is one of the development partners which have had the most profound impacts on Ghana’s healthcare system. Working with the country’s government, this agency has enhanced the healthcare system’s capacity to deliver nutritional support and interventions to such vulnerable patient populations as those ailing from HIV/AIDS (USAID, 2017). Tackling malaria and investing in maternal health are other ways that the Ghanaian government has improved the healthcare system through the support of development partners.
In conclusion, Ghana is among the developing countries which hold immense promise and potential. The country has witnessed encouraging economic growth over the last few decades. Moreover, Ghana enjoys political stability. It has set itself apart from other developing countries which grapple with such challenges as civil strife and political instability. The success that Ghana continues to enjoy is the result of capable leadership and strong relationships with international organizations such as the IMF and the World Bank. For Ghana’s growth to be sustained, the county needs to maintain the relationships that it has established with its development partners.
References
Adua, E., Frimpong, K., Li, X., & Wang, W. (2017). Emerging issues in public health: a Perspective on Ghana’s healthcare expenditure, policies and outcomes. EPMA Journal, 8 (3), 197-206.
Chichester, O., & Pluess, J. D. (2016). From women’s economic participation to empowerment: Insights from Ghana. BSR. Retrieved August 17, 2018 from https://www.bsr.org/our-insights/blog-view/from-womens-economic-participation-to-empowerment-insights-from-ghana
Elliott, L. (2016). The World Bank and the IMF won’t admit their policies are the problem. The Guardian. Retrieved August 17, 2018 from
https://www.theguardian.com/business/2016/oct/09/the-world-bank-and-the-imf-wont-admit-their-policies-are-the-problem
Escribano-Ferrer, B., Cluzeau, F., Cutler, D., Akufo, C., & Chalkidou, K. (2016). Quality of Health care in Ghana: mapping of interventions and the way forward. Ghana Medical Journal, 50 (4), 238-247.
Healthy population equals healthy economy. (2015). AMA. Retrieved August 17, 2018 from https://wire.ama-assn.org/ama-news/healthy-population-equals-healthy-economy
International Monetary Fund (IMF). IMF survey: Ghana: the bumpy road to economic recovery. Retrieved August 17, 2018 from https://www.imf.org/en/News/Articles/2015/09/28/04/53/socar012016a
McDonnell, T. (2018). What’s the world’s fastest-growing economy? Ghana contends for the Crown. The New York Times. Retrieved August 17, 2018 from https://www.nytimes.com/2018/03/10/world/africa/ghana-worlds-fastest-growing-economy.html
USAID. (2017). Global health. Retrieved August 17, 2018 from World Health Organization (WHO). (n.d). Ghana. Retrieved August 17, 2018 from http://www.who.int/countries/gha/en/
