The World Bank and the International Monetary Fund have been accused of idly watching as Ghana borrows to unsustainable levels.

So far, there have been two accusations lodged. First, it was claimed that the World Bank participated actively in power purchasing agreements but only watched as the country negotiated several arrangements that were not in the country's best interests.

President of the policy think tank IMANI Africa, Franklin Cudjoe, claimed that while the World Bank is actively involved in Ghana's energy sector recovery program, the Bank's claim that a significant portion of the nation's debt originates from that sector is unfounded.

In a post on June 5, 2023, he wrote “It is true that some take or pay power contracts signed by the NDC were very expensive. The current government set up committees to review them. However, the terms of these contracts were extended.

“In effect, as ACEP's Ben Boakye puts it, the same power plants the World Bank director complains about have been extended to long-term agreements without caution from the Bank".

The World Bank in Ghana has been a very active financial supporter of Ghana's Energy Sector Recovery Programme for the past four years. So, there you are,” he added.

An Economist Dr. Yamson has also questioned the World Bank for not cautioning Ghana enough on reckless borrowing.

”I have always said that sometimes the Fund and the Bank have to share in the blame because they themselves don’t say it as it should be said. They were aware, long time, that the government was doing things that would push this country into a crisis."

“When we were borrowing literally every year were they not aware? All that they’ll put in their report is that excessive borrowing will lead you to debt distress, a simple sentence. And beyond that what else did they do? Did they say to government stop? Never,” he said.