Gerry Rice, Director of the International Monetary Fund’s (IMF) Communications Department, has reiterated how badly the Russia-Ukraine war and the Covid-19 pandemic have harmed Ghana’s economy.
Responding to former President John Dramani Mahama’s criticisms of the IMF’s assessment of Ghana’s economy at a press conference, Mr. Gerry Rice emphasized that the country’s plight has been exacerbated by the Russia-Ukraine war, which has already injected a significant amount of fiscal power into the pandemic.
“I would say, just to reiterate, the war in Ukraine has triggered a global economic shock that is affecting Ghana and, as I mentioned, many other countries, and all at a time when, for many of these countries, their room for fiscal maneuver, if I could put it that way, is already extremely limited because they have already used a lot of fiscal power in the pandemic.”
Also read: This Week: IMF to help Ghana stabilize the Economy
“And we’re well aware of it. And that is why, as I mentioned earlier, we are stepping up to assist countries where we can, including Ghana.”
Mr. Gerry Rice also stated that the IMF team would return to the country in the coming weeks.
“I don’t have a date for you yet,” he said, “but [it will be] in the coming weeks.”
After months of struggling with the economy and a cost-of-living crisis, Ghana returned to the IMF for assistance.
Ghana anticipates receiving $3 billion from the IMF.
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