Tag: Economy

Business & Economy

AI Will Transform Jobs, Not Replace Them – MTN Ghana CIO Assures

Bernard Acquah says AI will enhance jobs, not replace them, urging businesses…

4 Min Read
Business & Economy

SME Growth Takes Centre Stage As MTN, Nova Business School Roll Out Scaling Programme

MTN Ghana and Nova Business School Africa launch a sponsored programme to…

4 Min Read
Chickens feed in an egg production farm
Business & Economy

Egg Export Disruptions Deepen Glut, Leave Ghana’s Poultry Farmers Counting Losses

Export restrictions to Burkina Faso, including seizure of Ghanaian eggs over disputed…

5 Min Read
Business & Economy

Profit Pressures, Rigid Pricing Deepen Ghana’s Egg Glut, Farmers Say

GAPFA blames profit-driven pricing and rigid retail practices for Ghana’s egg glut,…

4 Min Read
Business & Economy

NDPC To Unveil Consolidated National Development Framework By September

NDPC plans to launch a unified national development framework by September to…

3 Min Read
EXPLAINER: How the BoG Incurred Losses in Managing Inflation, Cedi Stability & Gold Trade
Business & Economy

BoG Sets Rules to Accelerate Rollout of Non-Interest Banking in Ghana

Bank of Ghana has introduced non-interest banking guidelines to expand financial inclusion,…

3 Min Read
Strait of Hormuz Sees First Break in Weeks as Key Vessels Transit
News

Maritime Experts Urge Global Protocol To Protect Seafarers In Conflict Zones

Maritime experts are urging global protocols to protect seafarers in conflict zones,…

3 Min Read
Business & Economy

GPHA Secures Environmental Approval, Advances Keta Port Investment Drive

GPHA has secured EPA approval for the Keta Port project, enabling investor…

3 Min Read
The Church & Tax: How Church Affiliations of Top Politicians are Becoming an Avenue to Evade Tax
News

GRA Pushes Record-Keeping and Voluntary Compliance to Boost Revenue Mobilisation

GRA is urging businesses to improve record-keeping and embrace voluntary tax compliance…

2 Min Read
“We Are Solving the Wrong Problem” — Joe Jackson Challenges Ghana’s Economic Narratives
Business & Economy

Extractive Sector Leakages Driving Cedi Volatility – Dalex CEO

Joe Jackson links cedi volatility to extractive sector leakages, urging Ghana to…

4 Min Read
Ghana’s headline unemployment rate is expected to hold steady at 3.1% through 2025 and 2026, according to a new report by Fitch Solutions' Country Risk team. However, the seemingly low rate masks a deeper set of structural issues within the Ghanaian labour market issues that continue to weigh on the country’s economic resilience and social fabric. Fitch’s projection signals a continuation of the gradual upward trend observed since 2017, suggesting that while unemployment may appear stable, underlying vulnerabilities in labour quality and workforce sustainability remain unaddressed. “A significant constraint stems from the country’s low life expectancy estimated at just 64.3 years which dampens the productive capacity of the labour force,” the report stated. The short life expectancy, Fitch notes, is a result of chronic underinvestment in public healthcare and a persistent burden of waterborne diseases and illnesses such as HIV/AIDS. These health challenges erode long-term productivity and workforce stability. Compounding the issue is a widening skills gap. The report highlights a growing reliance on expatriate professionals across key sectors, as the local talent pool struggles to meet demand for highly skilled labour. This talent deficit limits Ghana’s ability to drive innovation and growth from within. Contradiction with Local Data Fitch’s unemployment forecast stands in stark contrast to data published by the Ghana Statistical Service (GSS). According to the GSS Q3 2023 Labour Statistics report, Ghana’s average unemployment rate for the first three quarters of 2023 stood at a significantly higher 14.7%. The report also underscored persistent gender and urban-rural disparities: Gender Gap: Female unemployment has consistently outpaced male rates, with the gap widening through 2023. Urban-Rural Divide: Urban unemployment was nearly double that of rural areas in Q2 and Q3 of 2023. These discrepancies raise questions about the methodology used in various labour statistics and highlight the complexity of capturing Ghana’s employment realities, particularly in an economy heavily marked by informality and underemployment. Ghana’s job market is a flashpoint for public discontent. A recent 2024 Afrobarometer survey identified unemployment as the top national concern—ranking higher than infrastructure deficits and healthcare gaps. This sentiment reflects deep frustration, particularly among the youth, who face limited prospects for formal employment despite high education levels. “While the unemployment rate may appear modest by international standards, the data masks underemployment and informality both of which are endemic in Ghana’s economy,” the Fitch report warns. Indeed, a vast portion of Ghana’s working population remains trapped in low-income, informal jobs with little social protection or upward mobility. Amid these structural imbalances, Fitch advocates for long-term reform to boost employment opportunities and create a more inclusive economy. Public sentiment remains cautiously optimistic, with support for government-led initiatives aimed at improving access to education, healthcare, and job opportunities. However, Fitch warns that without meaningful change, Ghana’s potential demographic dividend may become a demographic burden. The need for a coherent jobs strategy one that addresses both formal employment creation and the quality of work is more urgent than ever. Tackling informality, enhancing vocational training, and investing in public health could yield the workforce transformation Ghana requires for inclusive and sustainable growth. As Ghana holds steady on paper, the real labour market story lies beneath the surface demanding urgent attention from both policymakers and private sector stakeholders.
Business & Economy

Government Creates Over 86,000 Youth Jobs – YEA Director

Government says over 86,000 youth have gained jobs through YEA programmes, with…

2 Min Read
Fisheries
News

Minister Seeks Stakeholder Backing For Fisheries Reforms

Fisheries Minister Emelia Arthur has urged stakeholders to support reforms and the…

4 Min Read