Ghana facing challenges because of combination of external shocks; not bad policies – IMF Director

Managing Director of the International Monetary Fund (IMF), Kristalina Georgina has shared her thoughts on why Ghana is facing an economic crisis.

According to her, the country is struggling due to external shocks related to the impact of the Covid-19 pandemic and the blowback of the Russia-Ukraine war, insisting that it is not because of bad policies of the government.

“Like everybody on this planet you have been hurt by exogenous shocks. First the pandemic, then Russia-Ukraine. And then we need to realise is not because of bad policies in the country, but because of this combination of shocks,” Kristalina Georgina shared.

Justifying the reason IMF has decided to support Ghana, she said it is not just because Ghana is its member.

“We have to support (Ghana) because you’re a member. You’re a strong country, you have fantastic people, but also we have to support Ghana because your strength contributes to the strength of your neighbours. It contributes to a stronger world,” Kristalina Georgina explained to journalists.

The IMF Managing Director said these on the sidelines of a closed-door meeting with President Akufo-Addo on Monday, September 5, 2022.

The President of Ghana is in the Netherlands with the IMF boss to attend the Africa Adaptation Summit.

Meanwhile, Kristalina Georgina says she is confident the IMF and government will soon finalise ongoing discussions to give help to Ghana.

“I am very determined for us to indeed reach an agreement by the end of this year,” she stated.