NEOLIBERALISM AND IMPOVERISHMENT OF THE GLOBAL SOUTH: A CASE OF NIGERIA AND GHANA

Résumé

Neoliberal policies such as free trade, privatization and lack of spending on health and education have not always been the desire of countries of the Global South. In so many cases, these policies were shoved down their throats through a process known as 'Structural Adjustment' which is an initiative off the Bretton woods institutions. Using the historical analysis method, this paper sought to investigate the extent to which the application of neoliberal policies has impacted the economies of Nigeria and Ghana. In a bid to achieve this, journal articles and other online sources were consulted to trace the introduction, application and consequences of neoliberalism in Nigeria and Ghana. This paper found that even though Nigeria and Ghana (the latter more than the former) experienced some economic relief as a result of the implementation of the Bretton wood's Structural Adjustment policies, on the long run, no enduring economic gains were recorded.This paper concluded that while in various respects, the neo-liberal policies of the west were advantageously framed to serve Nigerians and Ghanaians alike; they were hardly suitable to help to ameliorate the economic problems of the countries largely because they lacked the political will to formulate workable policies and see them through to maturity. This paper therefore recommends that a homegrown neoliberal approach be utilized to help solve Nigerian and Ghanaian economic problems.