IMF boss was being diplomatic, any negative comment from her will collapse Ghana’s economy – Sammy Gyamfi

National Communications Officer of the NDC, Sammy Gyamfi, has said that the Managing Director of the International Monetary Fund was only being diplomatic when she said the current difficulties in Ghana are not due to the government's bad policies but due to the COVID-19 pandemic and the Russia-Ukraine war.

According to Gyamfi, Kristalina Georgieva was not

Read full articlestating the true cause of Ghana’s challenges because she was trying to create a good impression of the leadership of the country, as any negative statement she makes has the potential to collapse the country, he added.

“Once we apply to the fund seeking to enrol on a bailout programme, they (the IMF) have a certain duty of care to us. And anybody who understands how these things work in international diplomacy can relate to the narratives being put out by the IMF boss now.

“A member country (Ghana) has now applied to join your programme, they are now your client. The problem that the country is presently faced with, the alarming rate of depreciation of their currency, unsustainable debt position and all that is largely confidence based, is largely an issue of investor confidence,” Sammy Gyamfi said when he appeared on Metro TV’s ‘Good Morning Ghana’.

“And so, what the fund says about that country … can make or break the country, it can even render the whole IMF programme that it is yet to be rolled out negatory. And that is why no IMF boss after a country has applied to the fund for a programme or a bailout will say negative things about that country,” he added.

He further noted that the fact that government communicators are now spinning this to mean the government cannot be blamed for the challenges means they are very ignorant.

Speaking on the side-lines of the Fund's engagement with the Ghanaian delegation, Kristalina Georgieva stated that contrary to the narrative by some opposition elements, Ghana is not in these situation because of any bad policies of the Akufo-Addo administration.

"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.

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 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 said.

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