Ghana’s economic downturn not only due to COVID-19 but also excessive spending – IMF

The International Monetary Fund (IMF) has said that Ghana’s ongoing economic challenges stem not only from the COVID-19 pandemic but also from excessive spending during election periods.

The Managing Director of the Bretton Woods Institution, Kristalina Georgieva, pointed out that the impact of the pandemic could have been better managed without such spending.

In an interview with Accra-based Citi TV on Monday, March 18, Madam Georgieva highlighted the importance of learning lessons from this situation.

She underscored the need for emerging markets to strategically reform their policies to address external vulnerabilities.

Furthermore, she emphasised the significance of operating transparently to meet citizens’ expectations, particularly in countries 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 macro-economic 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.”

-Joy

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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