COVID, Russia-Ukraine War Adversely Affected Ghana – IMF Top Official Insists

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The Director of the Communications Department of the International Monetary Fund (IMF), Gerry Rice, has re-echoed the devasting effects of the global pandemic COVID-19 and the Russia-Ukraine conflict on Ghana’s economy, just like other economies around the world.

According to him, many countries, including Ghana, were already at the mercy of the COVID-19 pandemic when the Russia-Ukraine conflict struck, which is the reason they have been plunged into more distress.

“I would say, as just to repeat, the war in Ukraine has triggered a global economic shock that’s hitting Ghana and, as I said, 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’ve used a lot of fiscal power already in the pandemic,” he is quoted by citinewsroom.com.

His comments come after some Ghanaians, including the former president, John Mahama, disagreed with assertions by the IMF’s MD that Ghana’s economic problems have been due to external factors.

According to Gerry Rice, the IMF has noted the challenges countries are going through and is taking steps to aid their recovery.

“And we’re very cognizant of that. And that’s why we are, as I described at the beginning, stepping up to help countries where we can, and that includes Ghana,” he stressed.

On the timelines during which Ghana should expect the projected $3bllion from the Bretton Woods institution, he said, “I don’t have a date for you, but [it will be] in the coming weeks.”

By:Peacefmonline.com