The Managing Director of the International Monetary Fund, Kristalina Georgieva has corroborated Ghana claim that Ukraine-Russia war and Covid-19 has contributed to its economic woes.
The country Managing director has said Ghana’s current economic difficulties are not as a result of bad domestic policies.
The IMF Boss who has led the Instituton since October 1, 2019 says Ghana is facing knocks from external factors which is impacting every nation.
She mentioned the Russia-Ukraine war and the pandemic as the cause of these external shocks affecting Ghana.
In an interview with Joynews, monitored by this theGhanaianvoice.com, Kristalina Georgieva
Said “The people of Ghana like everybody on the planet you have been hurt by exogenous shocks first by the pandemic then Russia’s war in Ukraine”
“We need to realise it’s not because of policies in the country. It is because of a combination of shocks. You’re fantastic people. Your strength contributes to your neighbours” She added.
Ghana has resorted to the IMF for bailout as the country’s economy reels under the difficulties.
Ghana announced that it was reversing its policy decision not to seek financial help from the International Monetary Fund (IMF) and is asking the multilateral lender for $ 3 billion worth of loans after initially saying it wanted only US$1.5Billion.
Ghanaian Government officials met with IMF representatives in Accra to discuss the modalities of the loan. If the IMF is convinced by Ghana’s economic plan, the $ 3 billion the country is seeking could help strengthen Bank of Ghana’s monetary policy whilst enabling it to build the much-needed buffers that would help restore macroeconomic stability as well as restore debt sustainability.
source: theGhanaianvoice.com
