The Ghana Employers’ Association (GEA) has called for urgent implementation of robust monetary and exchange rate policies to curb the cedi’s depreciation, reduce inflation, and push it down to single-digit levels. Despite consumer inflation falling to 20.4 percent in August 2024 ;its fifth consecutive month of easing ,the GEA insists a lower inflation rate is necessary to stimulate consumer spending, which is critical for job creation and economic growth.
Speaking at the association’s 64th Annual General Meeting in Accra, GEA President Dr. Emmanuel Adu-Sarkodee Afriyie emphasized the need for prudent fiscal policies to control government spending and ensure fiscal consolidation. He argued that stabilizing the economy through sound monetary and fiscal measures would set the stage for sustained economic growth of at least five percent annually, which in turn would foster employment creation.
The GEA’s call is timely, given recent data from the Ghana Statistical Service which indicates an unemployment rate of 14.7 percent, with the urban labour market experiencing 18.3 percent joblessness.
Dr. Afriyie highlighted international research showing that stable economies, such as those in the OECD, experience higher job creation, drawing on data that links GDP growth to employment rates.
Furthermore, the association urged the government to consider post-election economic stability, cautioning against fiscal slippages that could undermine the progress made in restoring the economy. Dr. Afriyie stressed the importance of maintaining employer confidence, which is crucial for business expansion and sustainable job growth.
In a speech read on his behalf, Employment Minister Ignatius Baffour Awuah reiterated the government’s commitment to job creation, noting that efforts are underway to implement reforms aimed at attracting investment and boosting employment opportunities.
