Ghana’s Supreme Court ruled in January that the International Finance Corporation (IFC), the Bank’s private sector lending arm, is not immune from legal action in the country. This is believed to be one of the first times an IFI has been made liable to prosecution in a developing country. However, the Court conceded that IFC officials are immune under the Vienna Convention, to which Ghana is a signatory. The decision came in the case of Tsatsu Tsikata, the former head of the Ghana National Petroleum Corporation, who was convicted in 2008 for a corruption scandal involving a project in the offshore Jubilee oil field, which was subsequently funded by the IFC (see Update 72, 65).
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.