President Akufo- Addo's at the UN about a lopsided international financial framework that disadvantages developing and rising economies are not convincing, according to Prof. John Gatsi, dean of the University of Cape Coast Business School (UCCBS).

His remarks follow President Akufo- Addo's speech at the 77th UN General Assembly, in which he accused foreign financial market participants and framers of prejudice towards African nations.

The President said that obstacles are purposefully put up to deny Africa the assistance given to other emerging nations during times of crises.

But speaking on the Morning Starr with Francis Abban Thursday, the UCCBS Dean stated that the International Community is aware of the modus operandi of African leaders and how they do not take governance seriously on the continent.

“In 2000 and 2001 the International market led by the IMF and World Bank granted debt forgiveness and many other packages in terms of managing their debt. As soon as African countries got out of the HIPC initiative they were doing worse than what led them to apply for the HIPC initiative.

“The market is aware of the corruption and the power-drunk nature of most African countries and their leaders. The market is aware of how they don’t take any instruction even from the World Bank in their fiscal management. They (International market) know how they (Africa) conduct their elections.

“They know how they spend State money to win elections and after that they go back to difficulties. The market is aware that when we borrow we do not show value for the borrowing. We borrow for things that are not necessary,” Prof John Gatsi argued.

The UCCBS Dean also mentioned how most African countries mismanaged COVID-19 funds that were disbursed by the World Bank and the International Monetary Fund including the West African nation.

“The IMF is not satisfied with the way African countries including Ghana spend that money. So to the extent that in the Article 4 Registration report in 2021 they demanded Ghana to do COVID-19 expenditure audit,” Prof. Gatsi added.