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The Director of the International Monetary Fund’s African Department, Abebe Aemro Selassie, has identified limited job creation and recurring macroeconomic instability as key constraints preventing Ghana from reducing its reliance on external financial support from institutions such as the IMF and the World Bank.

His remarks come at a time when Ghana is working to stabilise its economy, rebuild investor confidence and pursue inclusive growth aimed at strengthening resilience to external shocks.

In an interview on Channel One TV on Wednesday, January 21, Mr Selassie acknowledged Ghana’s notable development progress over the past two decades but cautioned that deep-rooted structural challenges continue to weigh on long-term economic sustainability.

He pointed to significant gains in social and infrastructure indicators, particularly in access to electricity, as evidence of the country’s development strides.

“Ghana has recorded tremendous improvements in development outcomes. Twenty years ago, electricity access was around 30 or 40 per cent. Today, it is close to 90 per cent or even higher, reflecting real progress in the quality of life in many respects,” he said.

Despite these advances, Mr Selassie noted that the pace of job creation has lagged behind population growth, while repeated episodes of macroeconomic volatility—often linked to election cycles—have undermined stability.

“Where progress has been less impressive is in employment generation, and secondly, in the volatility of macroeconomic indicators, particularly around electoral periods,” he observed.

He stressed that unless Ghana takes sustained and credible steps to tackle these challenges, the country will remain dependent on external financing during periods of economic pressure.

“In the long run, reducing reliance on support from the IMF and the World Bank will require durable solutions in these two areas,” Mr Selassie added.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.