IMF director attributes Ghana's economic challenges to COVID-19 and election spending

The Director of the International Monetary Fund (IMF), Kristalina Georgieva, has attributed Ghana's recent economic difficulties to a combination of factors, including the impact of the COVID-19 pandemic and unwise fiscal practices during the 2020 election period.

In an interview on Citi TV, Georgieva emphasized the importance of drawing lessons from past experiences and applying them to future policy decisions.


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She underscored the effectiveness of sound macroeconomic and financial governance in navigating economic uncertainties and advocated for the implementation of robust fiscal and monetary strategies to withstand global financial pressures and foster sustainable growth.

"The most effective approach is to ensure that your policies are well-aligned, and your institutions operate transparently for the benefit of the economy and its people. Strong macroeconomic and financial performance is paramount in any country."

"In Ghana, we witnessed the hardships caused by the COVID-19 shock, compounded by excessive spending during the general election period. It's essential to learn from past mistakes and apply those lessons moving forward."

Furthermore, Georgieva emphasized the importance of inclusivity, particularly in light of Ghana's recent passage of the anti-gay bill in Parliament. She voiced support for a more inclusive society, asserting that greater inclusivity leads to greater national success.

"While I understand that there are legal challenges to the bill in Ghana, it's crucial to recognize that a more inclusive society tends to be more prosperous. To ensure Ghana's prosperity, it's imperative to create an environment where everyone can contribute fully to the nation's development," she said.