Private sector participation in the Social Security and National Insurance Trust (SSNIT) scheme recorded a modest increase in May 2025, even as job advertisements dipped, according to the Bank of Ghana’s (BoG) July 2025 Monetary Policy Report.
The report showed that private sector SSNIT contributors rose by 2.1 percent year-on-year to 1,065,925 in May 2025, up from 1,044,111 during the same period in 2024. The figure, however, remained broadly stable on a month-to-month basis compared to 1,067,531 contributors in April.
The marginal growth in contributions, the BoG noted, signals a steady pace of formal employment growth and gradual formalisation within the private sector, despite broader labour market challenges.
While pension contributions edged up, the number of job adverts captured in selected print and online media declined by 15.7 percent year-on-year to 2,502 vacancies in June 2025, from 2,968 during the same month last year.
On a month-to-month basis, job openings also fell by 18.4 percent, dropping from 3,066 recorded in May 2025.
Nonetheless, cumulative job advertisements for the first half of 2025 increased by 7.7 percent to 18,604, reflecting continued recruitment momentum in some segments of the economy, particularly in the services, ICT, and construction sectors.
Despite the slowdown in recruitment during June, the BoG report highlighted encouraging signs across the wider economy.
The Composite Index of Economic Activity (CIEA) – a key measure of Ghana’s real sector performance expanded by 4.4 percent in May 2025, compared with 3.4 percent in the same month of 2024.
According to the Central Bank, the uptick in activity was driven by stronger trade volumes, increased household and business consumption, higher construction output, and a rebound in tourist arrivals.
Analysts interpret the data as reflecting gradual formalisation of employment and a cautiously optimistic outlook for the Ghanaian economy.
However, the persistent weakness in job creation points to lingering structural challenges in the labour market.
The Bank of Ghana stressed that sustaining the current momentum will depend on policy consistency, macroeconomic stability, and targeted support for high-employment sectors.
It noted that boosting private sector confidence and encouraging new investment remain essential to expanding job opportunities and securing the long-term viability of Ghana’s pension and social protection systems.
