IMF Applauds Ghana’s Living Standards Gains but Warns Jobs Remain a Challenge
IMF credits Ghanaian institutions and citizens for progress in living standards, but warns employment gaps persist
- Ghana has made significant improvements in living standards, including electricity access, now approaching 90%
- IMF credits the progress to the efforts of Ghanaians, government, businesses, and civil society—not IMF programs
- Challenges remain in job creation and economic stability, especially during election periods
The International Monetary Fund (IMF) has praised Ghana for significant improvements in living standards, particularly in electricity access and overall quality of life, while cautioning that job creation remains a major challenge.
Speaking in an interview on Wednesday, January 21, Abebe Aemro Selassie, Director of the IMF’s African Department, credited Ghana’s progress to the collective efforts of its people and institutions rather than IMF programs.
“There has been tremendous progress in Ghana. This is not on account of the IMF or its programmes, but what the Ghanaian people, governments, businesses, Parliament and civil society have done. When I look at Ghana’s record, there have been tremendous strengths in the improvement and development outcomes,” Mr. Selassie said.
He noted that sustaining these gains will require continued collective effort. “Indicators like electricity access used to be 30%, 40% twenty years ago, but now it’s closer to 90% or even more. There’s been progress in the quality of life in many cases,” he added.
Despite these achievements, Mr. Selassie pointed out that Ghana has yet to make comparable progress in job creation. He also highlighted ongoing volatility in key macroeconomic indicators, particularly around election periods.
“Where there hasn’t been much progress is job creation and volatility in macroeconomic indicators generally around the electoral cycle,” he said, emphasizing the need for policies that address employment and economic stability alongside continued development gains.
