Excessive election spending in 2020 contributed to Ghana’s economic challenges– IMF
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has pointed to a combination of factors for Ghana’s recent economic challenges, including the impact of the COVID-19 pandemic and imprudent fiscal behavior during the 2020 election period.
On Monday, March 18th, Bernard Avle reported on Kristalina Georgieva’s emphasis on the importance of drawing lessons from past experiences and integrating them into future policy decisions.
Georgieva underscored the efficacy of implementing resilient macroeconomic and financial governance frameworks to navigate through economic uncertainties effectively.
Georgieva emphasized the necessity of implementing strong fiscal and monetary strategies capable of withstanding global financial pressures and promoting sustainable 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. But it was also the excessive spending during the general elections period. Learn lessons from the past, apply for the future.”
Furthermore, Georgieva placed significant emphasis on the necessity of inclusivity, particularly in the context of Ghana’s Parliament passing the anti-gay bill. She voiced her support for fostering a more inclusive society, stressing that greater inclusivity correlates with enhanced national prosperity and success.
“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.”
STORY BY ; PORTIA AKU SHIKA GAFAH
