IMF backs Ghana in global tariff tensions
The International Monetary Fund Managing Director, Kristalina Georgieva, has reaffirmed the Fund’s commitment to assist Ghana and other countries impacted by the ongoing global tariff war.
Speaking at the launch of the Global Policy Agenda during the IMF/World Bank Spring Meetings in Washington, D.C., Georgieva emphasised that the IMF stands ready to respond with the necessary tools and resources whenever member countries request support.
Addressing journalists at a press conference, the IMF boss noted that while the direct effects of the tariff war may be minimal for many African countries, she is concerned about the broader consequences.
“I am worried about the indirect impact. Every country in the region must take steps to build more buffers and press ahead with programs that will help cushion expected shocks,” Georgieva said.
Georgieva encouraged Ghana and other African nations to take proactive short-term measures to mitigate potential fallout.
“There is still a lot that can be done on the fiscal side, while building the required buffers for a moment of shock,” she stated. “Continue strengthening Ghana’s fundamentals.”
She also emphasised tax reforms: “Don’t use any excuses. Do more to broaden the tax base by reducing tax evasion and tax avoidance.”
The IMF chief said the global tariff war presents both risks and opportunities, depending on each country’s economic structure.
“For oil producers like Nigeria, falling oil prices strain budgets. But for oil importers, it’s a welcome relief,” she noted.
She cautioned that the trade-offs will be especially tough for low-income countries and stressed the urgency of boosting domestic revenue.
Georgieva urged central banks to closely monitor inflation expectations while supporting growth.
She emphasised central bank independence, calling credibility “a vital asset that must be protected.”
On Africa’s broader economic potential, she called for stronger regional cooperation: “Africa has the minerals, the resources, and the youth. A more unified, collaborative continent can become a global economic powerhouse.”