Ghana’s Economic Crisis Is Not Only COVID-19 But Also Over Spending – IMF

The International Monetary Fund (IMF) has said that Ghana’s current economic challenges can not only be attributed to the COVID-19 pandemic but also to too much spending amid election periods.

The 12th managing director of the IMF, Kristalina Ivanova Georgieva-Kinova, indicates that the repercussions of the pandemic could have been better managed without such spending.

During an interview with Citi TV on March 18, 2024, the former European Commissioner for Budget and Administration outlined the importance of learning lessons from this situation.

She emphasized the need for increasing markets to strategically reform their policies to address external vulnerabilities.

Additionally, she underlined the importance of operating transparently to meet citizens’ projections in a country like Ghana, as a crucial aspect of fostering economic growth.

“The best avenue to pursue that is to get your policies in good order, get your institutions to deliver transparently for the economy for people. Nothing is more effective than strong macroeconomic and financial performance in a country.

“We have seen in Ghana, yes it was the COVID-19 shock that brought so much hardship on people. But it was also the excessive spending during the general elections period. Learn lessons from the past, apply for the future.”