<\/p>\n
The Managing Director of the\u00a0International Monetary Fund (IMF), Kristalina Georgieva, has stated that Ghana\u2019s current economic challenges are the result of external shocks, not domestic policy.\u00a0<\/p>\n
Speaking at the Africa Adaptation Summit in the Netherlands earlier this month, Georgieva said the following:<\/p>\n
\u201cTo the people of Ghana, like everybody on this planet, you have been hurt by exogenous (external) shocks.<\/p>\n
\u201cFirst the pandemic, then Russia\u2019s 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.\u201d\u00a0Georgieva said.<\/p>\n
Discussing Ghana\u2019s ongoing talks with the IMF, Georgieva highlighted that the Fund had \u2018started very constructive discussions\u2019, noting that she would support Ghana\u00a0\u201cbecause your (Ghana\u2019s) strength contributes to the strength of your neighbours; it contributes to a stronger world\u201d.<\/p>\n
In the face of the pandemic and the war in Ukraine, as stressed by Georgieva, Ghana proactively entered talks with the IMF for a $3 billion loan.<\/p>\n
The loan will be used to stabilise the economy in the face of global economic turbulence, supporting the cedi and helping to reduce the price of food and fuel.\u00a0<\/p>\n
In the past month, the IMF has provided loans to both Pakistan and Sri Lanka, showing the global nature of current economic challenges.\u00a0<\/p>\n
\u00a0President Akufo-Addo\u00a0and Vice President Bawumia have stressed that an IMF loan will serve to help Ghana\u2019s economy in the short-term, building a foundation for long-term resilience and prosperity.\u00a0<\/p>\n
Meanwhile, the IMF resident representative in Ghana, Dr Albert Touna Mama, said Ghana has dealt well with those external shocks and expressed confidence that it can deal with these ones too.<\/p>\n
\u201cThis country has known a lot of shocks and we have navigated those together. There is no reason it cannot navigate the current ones,\u201d\u00a0Dr Mama said.<\/p>\n
Source: Peacefmonline.com\/Ghana<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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