June 10, 2023
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A Lecturer at the University for Development Studies Professor Michael Ayamga-Adongo says the Managing Director for the International Monetary Fund (IMF) spoke like a Banker selling a bad loan to a desperate client.

The current Managing Director (MD) and Chairwoman of the International Monetary Fund, Bulgarian economist Kristalina Georgieva, has said Ghana’s current economic difficulties are not as a result of bad domestic policies.

Georgieva who has led the IMF since October 1, 2019, says Ghana is facing knocks from external factors which is impacting every nation.

She mentioned the Russia-Ukraine war and the pandemic as the cause of these external shocks affecting Ghana.

She spoke in an interview monitored by MyNewsGh.com with JoyNews.

“The people of Ghana like everybody on the planet you have been hurt by exogenous shocks first by the pandemic then Russia’s war in Ukraine” She said.

“We need to realise it’s not because of policies in the country. It is because of a combination of shocks. You’re fantastic people. Your strength contributes to your neighbours” She added.

Ghana announced that it was reversing its policy decision not to seek financial help from the International Monetary Fund (IMF) and is asking the multilateral lender for $ 3 billion worth of loans after initially saying it wanted only US$1.5Billion.

But reacting to the position expressed by the Managing Director for IMF, Michael Ayamga-Adongo said the lady was not objective with her claims.

He said in a post shared on Facebook that “The least we expected from the IMF managing director was the truth and informed advice. I expected her to speak from the position of data and serve as a veneer of objectivity on Ghana“s economic woes. Instead, she spoke like a frustrated banker bent on selling a bad loan to a desperate client. If for nothing at all her smile explicitly conveys her desire to welcome Ghana back for an 18th bailout. What a shame!”


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