IMF bailout: Ghana's Current Economic Crisis Not Result Of Bad Policies, But Of External Factors - Georgieva

• The International Monetary Fund (IMF) has attributed Ghana's current economic crisis to external influences and not bad policies
• This is contrary to claims by some members of the opposition NDC who insist it is a result of bad economic decision
• The IMF boss, Kristalina Georgieva, assures that an economic program between the Fund and Ghana will be negotiated by the end of the year

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has attributed Ghana's current economic crisis to external shocks and not bad economic decisions by the governing NPP.

This is contrary to claims by some members of the opposition NDC and a section of the populace. Instead, they insist that bad policies implemented by the Akufo-Addo-led administration are to blame for the worsening economic conditions in the country.

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According to the Managing Director of the IMF, Kristalina Georgieva, external factors have contributed to the current challenges.

Speaking to newsmen on the sidelines of the Fund's engagements with a high-powered delegation from Ghana led by President Akufo-Addo, she said, "like everybody on this planet, you have been hurt by exogenous shocks."

Some factors she mentioned as contributors to Ghana's economic woes include COVID-19 and the Russian-Ukrainian war.

"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."

She also added constructive discussions had been initiated to ensure the country receives a package that will accelerate economic growth.

Touching on the timelines for the conclusion of the negotiation, Kristalina expressed optimism that the two parties would finalise a deal before the end of the year.

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$3 Billion IMF Deal To Be Finalised Before End Of Year – IMF Boss

The Akufo-Addo-led government is currently before the Bretton Woods Institute for US$3 billion to help it navigate the country through its current economic crisis. The local currency, the cedi, is depreciating faster against the US dollar culminating in it being tagged the worst-performing currency by Bloomberg. In addition, the cost of living is skyrocketing due to what experts describe as Ghana's galloping inflation.

Government officials are full of hope that these challenges will be a thing of the past following the successful negotiations with the IMF.

IMF Bailout: Isaac Adongo Doubts Ofori-Atta Would Get Ghana A Good Financial Programme

Earlier, YEN.com.gh published that the member of parliament for bolgatanga central, Isaac Adongo had cast doubts on Finance Minister Ken Ofori-Atta’s ability to negotiate a suitable IMF deal for Ghana.

Source: YEN.com.gh