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External shocks to blame for Ghana's economic woes - IMF boss

By Vincent Ashitey
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The President of the International Monetary Fund (IMF) Kristalina Georgina has emphasized that Ghana's current economic challenges are not locally generated but are from external shocks.

Speaking on the sidelines of the Fund’s engagements with the Ghanaian delegation, Kristalina Georgieva stated that contrary to the narrative that Ghana is not in these challenges because of any bad policies of the Akufo-Addo administration, the IMF boss stated that the factors are exogenous.

"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.

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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 also indicated that Ghana is a member of the IMF, “a strong country with fantastic people”, and as such it is incumbent on the Fund to lend the country support.

Kristalina Georgieva also indicated “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 to help the country navigate through the hostile economic crisis it finds itself in as a result of the adverse effects of the deadly coronavirus pandemic and the ongoing conflict between Russia and Ukraine.