Finance

COVID-19, Russia-Ukraine war affecting Ghana’s economy – IMF delegation head

Carlo Sdralevich, Leader of IMF Mission to Ghana

IMF concludes negotiations, reaffirms support for Ghana

Ghanaians suffering economic hardship

Government signs up for an IMF programme

Carlo Sdralevich, leader of the IMF negotiation team in Ghana, has reaffirmed the government’s narrative that Ghana’s economic hardship is partly a result of the ongoing Ukraine-Russia war as well as the COVID-19 pandemic.

Sdralevich, after meeting the various stakeholders in the country concluded that Ghana’s fiscal and debt situation has severely worsened following the COVID-19 pandemic.

He admitted that Russia’s invasion of the territories of Ukraine is also hitting hard at a time when the country is still recovering from the COVID-19 pandemic shock.

Carlo Sdralevich said, “Ghana is facing a challenging economic and social situation amid an increasingly difficult global environment. The fiscal and debt situation has severely worsened following the COVID-19 pandemic. At the same time, investors’ concerns have triggered credit rating downgrades, capital outflows, loss of external market access, and rising domestic borrowing costs.

“In addition, the global economic shock caused by the war in Ukraine is hitting Ghana at a time when the country is still recovering from the Covid-19 pandemic shock and with limited room for manoeuvre. These adverse developments have contributed to slowing economic growth, accumulation of unpaid bills, a large exchange rate depreciation, and a surge in inflation.

Sdralevich expressed commitment “to support Ghana at this difficult time, consistent with the IMF’s policies”.

The team from the International Monetary Fund (IMF) have been in Ghana after President Nana Addo Dankwa Akufo-Addo called the Managing Director, Kristalina Georgieva, seeking an extended credit facility for the country.

The Carlo Sdralevich-led team arrived in Ghana on Tuesday, July 5 and started engagements the following day.

They met Vice President Dr Alhaji Mahamudu Bawumia, staff of the Ministry of Finance, and the sector minister, Ken Ofori-Atta.

 

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The team also met with the Parliament’s Finance Committee, civil society organisations, and development partners, including UNICEF and the World Bank, to engage in social spending.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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