Home
/
RELIGION & LIBERTY ONLINE
/
‘Central World Bank’ Would Hurt Cardinal Turkson’s Native Ghana
‘Central World Bank’ Would Hurt Cardinal Turkson’s Native Ghana
Jan 18, 2026 11:45 PM

Last summer, Acton’s PovertyCure team traveled to Ghana to meet with its economists and entrepreneurs — the men and women who are helping the country develop. It just so happens that they also met briefly with Peter Cardinal Turkson, president of the Vatican’s Pontifical Council for Peace and Justice and co-author of the note released yesterday that has stirred up a global controversy.

Cardinal Turkson, a native of Ghana, calls for the establishment of a central world bank in his note to the G-20, published in anticipation of next month’s summit in Cannes. Drawing from the first world’s obligation in solidarity to the developing world, he says:

Specific attention should be paid to the reform of the international monetary system and, in particular, mitment to create some form of global monetary management, something that is already implicit in the Statues of the International Monetary Fund. It is obvious that to some extent this is equivalent to putting the existing exchange systems up for discussion in order to find effective means of coordination and supervision. This process must also involve the emerging and developing countries in defining the stages of a gradual adaptation of the existing instruments.

On that trip to Ghana, PovertyCure sat down for an interview with entrepreneur Herman Chinery-Hesse, a Ghanaian software developer who writes programs that can handle frequent power outages and primitive technology. (“Everybody builds Rolls Royces, but we’re in Africa; we build Land Rovers,” he explains.) His experience with a heavily nationalized economy that is dependent on foreign aid has taught him much:

I have never heard of a country that developed on aid. If you have heard of one, let me know! I know about countries that developed on trade, and innovation, and business. I don’t know of any country that got so much aid that it suddenly became a first world country. I have never heard of such a country.

Chinery-Hesse has plenty of experience with engines of economic progress created by well-meaning Western nations:

You cannot imagine how petty the political parties could get [in Ghana]… and they can do this because they are not depending on tax revenue. They are more interested in a smile on the World Bank country director’s face than the success of my business.

A truly human program of development must take into account the fallen nature of developing countries’ rulers — they’re human too, after all. The World Bank is disruptive enough as it is: ask Herman Chinery-Hesse whether Ghana would improve if we merged it into a behemoth financial overlord.

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Fear the Boom and Bust — rappin’ with Hayek and Keynes
From Econstories.tv: In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th e back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it. Lyrics sample (written by John...
Recall Aristide to Haiti? No way.
Jean-Bertrand Aristide, the ex-president of Haiti who has lived lavishly in exile as a guest of the South African government for the past six years, recently announced he was ready to go back and help Haiti rebuild from its catastrophic earthquake. Allowing the former despot Aristide — a long time proponent of liberation theology — back into the country would be the worst thing we could do to Haiti right now. The American government must resist any move by Aristide...
A Reminder
Children are not the property of the state: A Christian family from Germany have been granted political asylum in the US after facing the threat of prison for home schooling their children. Uwe and Hannelore Romeike, who are evangelical Christians, were forced to flee Germany as they wished to educate their five children at home. Home schooling is still illegal in Germany under laws introduced during the Nazi era. The German law means that parents who choose to home school...
Forgive us our deficits
This week’s mentary: As 2010 unfolds, many countries are confronting a public deficit crisis of disturbing proportions. Since 2008, countless politicians have underscored that a cavalier attitude to debt on the part of Main St. and Wall St. contributed significantly to the recent financial crisis. It’s therefore ironic to observe these contemporary preachers of thrift plunging developed economies into an abyss of public liabilities. In 2009, for example, the Obama Administration spent more money on new programs in nine months...
Psychologists confirm: Power corrupts
The Economist reports on a new study by psychologists that looks into the problem of abuse of power. The researchers attempt to “answer the question of whether power tends to corrupt, as Lord Acton’s dictum has it, or whether it merely attracts the corruptible.” These results, then, suggest that the powerful do indeed behave hypocritically, condemning the transgressions of others more than they condemn their own. es as no great surprise, although it is always nice to have everyday observation...
The Audacity of the Savior State
The current issue of Touchstone magazine features an impressive cover essay by Douglas Farrow, Professor of Christian Thought at McGill University in Montreal, Quebec. In “The Audacity of the State,” Farrow uses the biblical Ichabod motif to examine the crumbling pillars of the family and church, which when properly respected form critical foundations for a flourishing society. In their place, writes Farrow, is the “savior state,” which “presents itself as the people’s guardian, as the guarantor of the citizen’s well-being....
Latin America: After the Left
This week’s mentary: The left is in trouble in Latin America. Sebastián Piñera’s recent election as Chile’s first elected center-right president in decades owes much to the inability of the center-left coalition that governed Chile after 1990 to rejuvenate itself. Yet across Latin America there is, as the Washington Post’s Jackson Diel perceptively observes, a sense that the left’s decade of dominance is unraveling. Future historians may trace the beginning of this decline to the refusal of Honduras’s Congress, Supreme...
Bernanke bad for limited government and the little guy
This week’s reappointment vote for Fed Chairman Ben Bernanke has created some strange bedfellows in Washington. A muddled middle of Republicans and Democrats supports the Keynesian’s reappointment, but the real odd couples are among the opposition. For different if overlapping reasons, free market proponents and far-left figures such as democratic-socialist Bernie Sanders of Vermont are both convinced that Bernanke has done much to hurt our economy, particularly those in the bottom half of our economy. Desmond Lachman of The Enterprise...
Ineffective Compassion?
Writers on this blog have pointed to a lot of examples of passion when es to charity and public policy. But what can passion, or maybe just a passion, look like? The Lieutenant Governor of South Carolina Andre Bauer made ment saying government assistance programs for the poor was akin to “feeding stray animals.” I’m not highlighting ment just to bash Bauer and you can watch the clip where he clarifies ments. He continues in a follow up interview by...
A ‘reckless’ Green Patriarch?
Over at the American Orthodox Institute’s Observer blog, Fr. Hans Jacobse takes Ecumenical Patriarch Bartholomew to task for jumping on the global warming bandwagon: We warned the Ecumenical Patriarch that endorsing the global warming agenda was reckless. Anyone with eyes to see saw clearly that global warming (since renamed “climate change” — a harbinger that the effort might freeze over) was a political, not scientific, enterprise calculated to centralize the control of the economies of nation-states under bureaucracies. New evidence...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved