Strengthen policies to mitigate external risks – IMF advises emerging economies

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has emphasized the importance for emerging markets to strategically reform their policies to mitigate external vulnerabilities.

Georgieva emphasized the importance of institutions operating with transparency to meet citizens’ expectations, particularly in countries like Ghana.

During an interview on the Point of View on Citi TV, the IMF Managing Director attributed Ghana’s economic difficulties to not only the COVID-19 pandemic but also to the imprudent fiscal behavior observed during the 2020 election period.

She advised learning from past experiences and applying those lessons to future policy-making, highlighting the effectiveness of robust macroeconomic and financial governance.

The IMF Director underscored the need for robust fiscal and monetary strategies that can withstand global financial pressures and foster 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 macro-economic 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.”

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