The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has admonished the government to learn lessons from excessive spending during general election years.
Georgieva, in an interview on Accra-based Citi TV, underscored the adverse impact of the COVID-19 pandemic, which derailed some gains made in the economy but was quick to add, “But it was also the excessive spending during the general elections period. Learn lessons from the past, apply for the future.”
She, however, emphasised the importance of developing robust fiscal and monetary measures that can resist global financial pressures while encouraging long-term 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 macroeconomic 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”, she stressed.
Georgieva also emphasised the necessity of inclusivity in light of Ghana’s parliament enacting an anti-gay law.
She advocated for a more inclusive culture, pointing out that more inclusivity leads to better national success.
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“I understand that people in Ghana have taken the bill to the court. All I can say is that a more inclusive society is a more successful society. You want Ghana to flourish, make it so that everybody can contribute to the fullest of this country.”
Two-day working visit
The IMF Managing Director and her delegation are on a two-day working visit to Ghana. She has engaged with President Akufo-Addo at the Jubilee House.
She also had some interactions with the Vice President, Dr. Mahamudu Bawumia, head of the Economic Management Team (EMT).
Meanwhile, the Minister for Finance, Dr. Amin Adam, assured the Managing Director of the government’s commitment to following through with the ongoing extended credit facility programme with the Fund.
Ghana’s three-year-IMF programme is in its first year of implementation, with the nation so far, receiving a total of 1.2 billion United States dollars from the IMF in two payment tranches of 600 million dollars each.