The International Monetary Fund’s (IMF) managing director, Kristalina Georgieva, has said that an agreement between Ghana and the IMF should be negotiated and signed before the year is through.
She said, “We realize the urgency, and we will respond as swiftly as possible,” to President Nana Addo Dankwa Akufo-Addo at a private discussion on Monday, September 5, outside the Africa Adaptation Summit in Rotterdam, Netherlands.
She referred to Ghana as a “superb country” and reaffirmed the Fund’s commitment to working with the government and the ministry of finance to secure a deal before the year’s end.
President Akufo-Addo, for his part, told the IMF director that the Ministry of Finance and Cabinet had put a lot of work into the document that the Ghanaian side would give, and that it was “ready for the IMF’s examination.”
However, Kristalina Georgieva has underlined 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.
“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,” she said.
She mentioned the extraneous factors which have contributed to Ghana’s economic woes, leading to the West African country seeking a programme from the IMF.
“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.”
In order to help the country get through the harsh economic dilemma it is in as a result of the negative impacts of the fatal coronavirus pandemic and the ongoing conflict between Russia and Ukraine, Ghana has petitioned the IMF for $3 billion.
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