{"id":1199606,"date":"2022-09-06T15:50:30","date_gmt":"2022-09-06T15:50:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/06\/ghanas-economic-woes-due-to-external-shocks\/"},"modified":"2022-09-06T15:50:30","modified_gmt":"2022-09-06T15:50:30","slug":"ghanas-economic-woes-due-to-external-shocks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/06\/ghanas-economic-woes-due-to-external-shocks\/","title":{"rendered":"Ghana’s economic woes due to external shocks"},"content":{"rendered":"

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Ken Ofori-Atta and Kristalina Ivanova Georgieva-Kinova\/ Image Source: @KGeorgieva\/ Twitter<\/figcaption><\/figure>\n<\/div>\n

The Managing Director of the International Monetary Fund (IMF), Kristalina Ivanova Georgieva-Kinova, has attributed the current economic woes facing Ghana to external factors such as the\u00a0Russia-Ukraine war\u00a0and the\u00a0COVID-19\u00a0pandemic.<\/p>\n

She made this known at the ongoing\u00a0Africa Climate Change Adaptation Summit\u00a0in the Netherlands.<\/p>\n

According to the Bulgarian economist, the current global challenges have created serious debt crisis which calls for broader consultation among global leaders.<\/p>\n

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\u201cWe are also recognising that this shock has exhausted our people. People are tired of the pandemic and now they are hit a second time with inflation,\u201d she said as quoted by asaaseradio.com.<\/p>\n

\u201cIn many countries, the fiscal space is gone. When you look at the debt situation, for 25% of emerging markets that is not sustainable, just think of Sri Lanka and many countries that are in this position,\u201d Georgieva-Kinova said.<\/p>\n

\u201cActually, we see a country with strong\u00a0economy, with strong fundamentals like Ghana, in a situation, in which it is harder to tap into markets because of these exogenous shocks, and for poor countries, it is over 60% that are in debt stress,\u201d the IMF boss said.<\/p>\n

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