A former staff of the International Finance Corporation, Dr Ekwow Spio-Garbrah has stated that the positive statements being made by the various International Monetary Fund (IMF) and World Bank officials about the current state of Ghana\u2019s economy are in conformity with their organizational culture.<\/strong><\/p>\n He said because of the financial commitments the IMF has made in the country\u2019s economy through the $3 billion bailout sought by the government, the officials of the Bretton Woods institutions have been coached on what to say.<\/p>\n \u201cI was part of that system, that\u2019s part of the work. I was in communication. I started with communication at the African Development Bank. I was the only black person in the Communication Department of the International Finance Corporation 30 years ago. That was part of my job. To make sure that the institutions said the right things about certain countries which were their clients,\u201d he said on the January 21 edition of Hot Issues with Keminni Amanor.<\/p>\n Keminni had asked him what he made of the positive comments being made by the IMF officials, despite the numerous complaints by members of the general public about hardship in the country.<\/p>\n It would be recalled that the International Monetary Fund (IMF) Mission Chief for Ghana, St\u00e9phane Roudet, posted on his x platform that Ghana\u2019s economy is improving.<\/p>\n He says despite a challenging global economic environment, Ghana\u2019s economic reforms are bearing fruit, and the economy is showing signs of stabilization.<\/p>\n \u201cGrowth has proven more resilient than it was envisaged, inflation is declining rapidly, the fiscal and external positions have improved, Bank of Ghana\u2018s international reserves have been increasing and exchange rate volatility has decreased,\u201d he said.<\/p>\n It would also be recalled that the at conclusion of the Executive Board\u2019s discussion on Ghana\u2019s application, Mr. Bo Li, Deputy Managing Director and Acting Chair, issued the following statement:<\/p>\n \u201cGhana\u2019s economic performance has been marked by significant volatility over the years. Most recently, severe external shocks compounded pre-existing fiscal and debt vulnerabilities, leading to acute economic and financial pressures in 2022. The authorities\u2019 efforts to reorient macroeconomic policies, restructure debt, and initiate wide ranging reforms are already generating positive results, with growth more resilient than initially envisaged,\u00a0inflation\u00a0declining, the fiscal and external positions improving, and international reserves increasing.\u201d<\/p>\n The Managing Director of the IMF, Kristalina Georgieva also posted this on her X platform, January 16, \u201cWonderful to see\u00a0@NAkufoAddo<\/a>\u00a0and\u00a0@oofmghana<\/a>\u00a0at\u00a0#WEF24<\/a>. The policy and reform commitments under\u00a0Ghana\u2019s economic program are starting to bear fruit.\u201d<\/p>\n IMF EXECUTIVE BOARD CONCLUDES 2023 ARTICLE IV CONSULTATION WITH GHANA AND COMPLETES FIRST REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT<\/p>\n<\/blockquote>\n However, Dr Spio-Garbrah, who is a stalwart of the\u00a0National Democratic Congress\u00a0(NDC) intimated that they are merely doing their jobs.<\/p>\n \u201cThat is what the\u00a0world bank\u00a0would say. I used to work there. So, that\u2019s what they would have to say. Because they have given us\u00a0money\u00a0through the IMF, they are all Bretton Woods institutions, the IMF, the World Bank Group, the International Financial Corporation, that\u2019s where I worked, have a reason to say the positives things about Ghana, because their money is now here.<\/p>\n When they did not have the $3 billion loan that Ghana has taken from IMF, they could say something else. But they now have a skin in the game, as Europeans or Americans will call it. So, they have an investment in Ghana, and they must therefore prop up the economy with language, with reports and conferences that say the right things, so that their monies don\u2019t get so bad,\u201d the former Information\u00a0Minister\u00a0disclosed.<\/p>\n![\"IMF](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/1697894416_maxresdefault-300x169.jpg\" "\\"IMF")
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