On 31 January, the IFC approved a $125 million loan to Newmont Mining Corporation for the development of the Ahafo gold mine project in western Ghana. Ghanaian and international NGOs say the project has displaced 9,500 people and will displace a further 20,000. A number of people have been injured over compensation rows. Environmental concerns include depleted groundwater, contamination of water sources, and threats to biodiversity. “Newmont has not addressed the community concerns. Instead it has spent resources on research to support its public stance that the community problems are nonexistent”, said Daniel Owusu-Koranteng, executive director of the Wassa Association of Communities Affected by Mining.
World Bank & IMF in the news
Briefing examines the shortcomings of the current SDRs allocation system and calls to reform SDRs to ensure their targeted, needs-based and equitable distribution.
This briefing explains how the IMF and World Bank have driven the financialisation of MENA states, and the pervasive negative effects this has had on the region’s societies and economies.