Ghana’s economic struggles not solely due to Covid pandemic, election spending also a factor – IMF boss says
In a candid assessment, the International Monetary Fund (IMF) has drawn attention to Ghana’s enduring economic challenges, attributing them not solely to the COVID-19 pandemic but also to lavish spending during electoral cycles.
Speaking to Accra-based Citi TV, Kristalina Georgieva, Managing Director of the Bretton Woods Institution, underscored the detrimental impact of such profligacy, suggesting that the pandemic’s toll could have been mitigated with more prudent fiscal management.
Ms Georgieva’s remarks underscored a broader call for introspection and reform among emerging markets, urging strategic policy overhauls to fortify against external vulnerabilities. Central to this, she emphasized, was a commitment to transparency, essential for meeting citizen expectations and fostering sustainable economic growth.
Reflecting on Ghana’s predicament, she stressed the imperative of aligning policies and institutions to ensure transparent and effective economic governance.
“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,” Ms Georgieva remarked, underlining the pivotal role of strong macroeconomic and financial performance in fostering resilience.
As Ghana grapples with the fallout from both the pandemic and past spending excesses, Georgieva’s counsel serves as a stark reminder of the imperative to glean lessons from the past and chart a course towards a more robust and transparent economic future.
