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The Programme Of Action To Mitigate The Social Cost Of Adjustment: Objectives And Assessment Of Failures And Achievements

3202 words - 13 pages

TOPIC:
The Programme of Action to Mitigate the Social Cost of Adjustment: Objectives and Assessment of Failures and Achievements.

Page
Abbreviation 1
List of Tables 1
1. Background of PAMSCAD 2
2. Objectives of PAMSCAD 3
a. Projects under PAMSCAD 4
3. Assessment of Success and Failure of PAMSCAD 5
b. Community Initiative Project 5
c. Employment Generation Project 6
d. Redeployment 7
e. Provision of Basic Needs and Services 10
f. Education Infrastructure 11
4. Conclusion 12
5. References 13

ABBREVIATIONS
1. SAP - ...view middle of the document...

In short, the government hoped to create an economic climate conducive to the generation of capital.
The ERP was carried out in roughly three phases. Beginning in 1983, the government focused on reducing its expenditures while creating incentives for private production. Initial expenditure cuts and improved tax collection brought the budget deficit down from 6.3 percent of GDP in 1982 to 0.1 percent by 1986, relieving government pressure on the banking system, while a series of cedi devaluations boosted export activity. During the second phase, which lasted from 1987 to 1989, the government moved to divest itself of many assets through privatization and to institute radical foreign exchange reforms to devalue the cedi further. Although privatization was sluggish, the hard-currency black market was nearly eliminated with the introduction of foreign exchange bureaus in 1988. In the ERP's third phase, the government intensified monetary reforms and reduced private corporate taxes to boost private-sector growth.
By the end of 1991, ERP efforts had improved the country's international financial reputation because of its ability to make loan repayments; although not wipe out foreign debt, and its first entry onto the international capital market in almost two decades. Critics maintained, however, that the ERP had failed to bring about a fundamental transformation of the economy, which still relied on income earned from cocoa and other agricultural commodities. Critics also contended that many Ghanaians had seen few of the benefits from the program such as; the stabilization of the country’s financial structure, promotion of production especially in export sectors, infrastructure rehabilitation for industry, mining, utilities, and agriculture.
2
Although the ERP was geared primarily toward restoring the country's international economic standing, it came under popular criticism inside Ghana for ignoring the plight of those not involved in the export sector. The overwhelming shift in resources was toward cocoa rehabilitation and other export sectors, not toward food production. Government employees, especially those in state enterprises, were actively targeted, and many lost their jobs. Farmers suffered as the percentage of the total budget devoted to agriculture fell from 10 percent in 1983 to 4.2 percent in 1986 and to 3.5 percent in 1988, excluding foreign aid projects. Although cocoa contributed less to Ghana's GDP than food crops, cocoa nonetheless received 9 percent of capital expenditures in the late 1980s; at the same time it received roughly 67 percent of recurrent agricultural expenditures because of its export value.
In response to criticism of such policies, the government initiated the US$85 million Program of Action to Mitigate the Social Costs of Adjustment (PAMSCAD).

THE OBJECTIVES OF PAMSCAD

Ghana was one of the first countries to attempt to put a “human face” to structural adjustment. In 1987, on realizing the social...

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