Ghana’s economic problems are due to external shocks – IMF President

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IMF President Kristalina Georgina has stressed that external shocks, rather than domestic factors, are to blame for Ghana’s current economic difficulties.

Speaking outside of the Fund’s meetings with the Ghanaian team, Kristalina Georgieva said that, contrary to popular belief, the exogenous forces are what are causing Ghana’s problems, not any faulty policies of the Akufo-Addo administration.

She remarked, “To the people of Ghana, like everyone on this globe, you have been wounded by exogenous shocks. We have already started extremely productive dialogues.”

She discussed the unrelated variables that have exacerbated Ghana’s economic problems and caused the West African nation to request an IMF program.

“First the pandemic, then Russia’s war in Ukraine. We need to realize thar it is not because of bad policies in the country but because of this combination of shocks, and, therefore, we have to support Ghana”, she said.

She added that because Ghana is a member of the IMF and is “a powerful country with great people,” the Fund is obligated to provide aid to the nation.

Additionally, Kristalina Georgieva said, “We must help Ghana since its strength strengthens its neighbors’ and strengthens the entire world.”

To help the country get through the harsh economic dilemma it is in as a result of the negative impacts of the fatal coronavirus outbreak and the ongoing conflict between Russia and Ukraine, Ghana is asking the IMF for US$3 billion.


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