‘The ‘primary reason’ for Ghana’s return to the International Monetary Fund (IMF) is the COVID-19 pandemic and the Russia-Ukraine war, Information Minister Kojo Oppong Nkrumah has revealed.
The Minister says despite the attacks on the government, the reasons why we have gone back to the IMF are justified.
Speaking to Accra-based Citi Fm, the Minister stated that the twin crisis [Covid and Russia-Ukraine war] derailed the work the government did in putting the ailing economy back on track immediately after it assumed office.
“COVID-19 is the primary reason. It was a global challenge…the twin crisis [also affected us], and it’s a matter that is well-known problem”.
Ghana’s economy was performing comparatively better but was fme major macroeconomic distortions, thereby throwing the economic buffers created off gear.”
“Beyond the twin crisis, our domestic program which was what will ordinarily help us respond, so we do not go for a balance of payment support, has also been challenged. One of the major things that have affected us is our downgrade [by international rating agencies], therefore our inability to get access to the international market.”
“The Fund is not a single bullet to answer all the questions that we have but if they can come to support the program that we have on the table. The President has made that decision and we have started putting in place the mechanisms”, Mr. Oppong Nkrumah added.