Former Finance Minister Seth Terkper has raised concerns about the historical role of global financial institutions in Africa’s development, arguing that their original design did not prioritise the continent.

Speaking on PM Express Business Edition on Joy News, he challenged the widely held assumption that institutions like the International Monetary Fund and the World Bank were created to support African economies.

“Let’s put it this way, the institutions that we mentioned - the World Bank and IMF - that helped during the crisis, you talk about it, that’s why I’m using them as examples. They were not set up to help Africa,” he said.

His comments come amid renewed concerns about the resilience of economies like Ghana, especially amid external shocks such as geopolitical tensions in the Middle East.

When pressed by the host to explain why his claim was debatable, Mr Terkper pointed to the historical context in which the institutions were formed.

“I am saying that at the time they were set up, Brenton Woods, a substantive flow went to the countries that were engaged in a war, Germany and the rest, which were devastated.

"Those are the first financing, but today they don’t go to those institutions to stabilise,” he explained.

His remarks suggest that Africa’s engagement with global financial institutions has always been shaped by structures that were not originally designed with the continent in mind.

The former minister’s intervention adds to ongoing debates about the fairness and effectiveness of the global financial architecture, particularly as African economies continue to navigate external vulnerabilities despite years of structural reforms.