IMF’s Mission To Ghana Has Been Constructive; Another Team Coming Soon

The International Monetary Fund (IMF) has described its mission to Ghana as constructive.

According to the Fund, another team from the Fund will visit Ghana in the coming weeks.

Speaking at a press conference, Director of Communications at the IMF, Gerry Rice, said “we had an IMF staff team in Accra in July [2022] to begin initial discussions with the Ghanaian authorities. And we characterized that mission as constructive, kick started the process, and laid the groundwork for engagement, which now continues”.

“Our Mission Chief for the IMF also recently visited Accra, again, to meet with key counterparts. And we’re hopeful for another visit in the coming weeks, I don’t have a date for you, but in the coming weeks”, he added.

On whether the economic challenges in Ghana was due to external factors particularly Russian/Ukraine war and Covid-19 pandemic, Mr. Rice affirmed his Managing Director, Kristalina Georgieva that Ghana’s economic problems is due to shocks from Covid-19 and the Russian/Ukraine war

“I would say, as just to repeat, the war in Ukraine has triggered a global economic shock that’s hitting Ghana and, as I said, many other countries, and all at a time when, for many of these countries, their room for fiscal maneuver, if I could put it that way, is already extremely limited because they’ve used a lot of fiscal power already, firepower already in the pandemic.”

“So, the shock coming from the war in Ukraine compounds other pressing policy challenges. And we’re very cognisant of that. And that’s why we are, as I described at the beginning, stepping up to help countries where we can, and that includes Ghana”.

The Managing Director of the IMF recently reiterated her outfit’s commitment to reaching agreement with the government by the end of this year for an economic programme.

According to her, Ghana’s current economic woes is not a self-inflicted one but exogenous shocks such as COVID-19 and the Russian/Ukraine War.

Speaking with Joy News’s Benjamin Akakpo at the Africa Adaptation Summit in Rotterdam, Holland, Madam Georgiva, said the present economic imbalances is not due to bad policies by the government.