Ghanaians must realise that Ghana’s current economic woes are not a result of bad policies of the Akufo-Addo government, the Managing Director of the International Monetary Fund, Kristalina Georgieva, has said.
Speaking on the sidelines of the Fund’s engagement with the Ghanaian delegation in Rotterdam, Netherlands, on Monday, 5 September 2022, Kristalina Georgieva stated: “We have started very constructive discussions already and, to the people of Ghana, like everybody on this planet, you have been hurt by exogenous shocks”.
“Firstly, the pandemic, then Russia’s war in Ukraine. We need to realise that 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 explained.
She also indicated that Ghana is “a strong country with fantastic people”, and, as a member of the IMF, it was incumbent on the Fund to lend the country support in times of crisis.
The IMF MD added: “We have to support Ghana because your strength contributes to the strength of your neighbours; it contributes to a stronger world”.
Ghana is before the IMF for US$3 billion, a deal which Kristalina Georgieva said should be ready before the end of the year.
In a closed-door meeting with President Nana Addo Dankwa Akufo-Addo on the sidelines of the Africa Adaptation Summit in Rotterdam, Netherlands, the IMF boss told President Akufo-Addo: “We understand the urgency, and we will move as quickly as possible.”
Describing Ghana as a “superb country”, she reiterated the determination of the Fund to work with the government and the Ministry of Finance, and ensure that an agreement is in place before the end of the year.
For his part, President Akufo-Addo indicated to the IMF boss that a lot of work has been done by the Cabinet and the Ministry of Finance, and the document to be presented by the Ghana side “is ready for the scrutiny of the IMF.”
President Akufo-Addo has stated on many occasions: “We have decided to seek the collaboration of the International Monetary Fund (IMF) to repair, in the short run, our public finances, which have taken a severe hit in very recent times as a result, whilst we continue to work on the medium to long-term structural changes that are at the heart of our goal of creating a Ghana Beyond Aid, that is building a resilient, robust Ghanaian economy.”