The latest report by the Ghana Statistical Service has revealed that the real future of Ghana’s economy and its ability to create decent and sustainable jobs lies in the manufacturing, commercial agriculture, transportation and utilities sectors.
This comes as a surprise as sectors such as mining and oil & gas are often perceived to hold the key to the country’s economic prosperity.
However, the recently published 2024 National Report on Productivity, Employment and Growth has revealed that although the mining and oil sectors have seen remarkable growth and productivity, they have failed to create decent and sustainable jobs.
On the contrary, sectors such as manufacturing, commercial agriculture, transportation, and the utilities over the period have not only seen productivity and growth but have also created net new jobs. This, GSS says offers a crucial path toward economic resilience and long-term growth that can transform the lives of Ghanaians.
The report cited by The High Street Journal indicated that between 2013 and 2022, productivity in manufacturing grew by 14%, while employment increased by 2.5%. Though the job growth may seem modest, the potential for industrial expansion is enormous.
Unlike traditional agriculture, the report specified commercial agriculture as proving to be both productive and a job creator. Per these findings, it is very clear that the mantra that agriculture is the backbone of Ghana’s economy is not a fluke.
Interestingly, the Ghana Statistical Service’s study further uncovered that the transportation and utilities sectors which are often overlooked in economic discussions, are the glue holding Ghana’s industrial aspirations together.
Efficient roads, railways, and power supply aren’t just conveniences but they are job creators. The GSS report indicates that these sectors are steadily adding jobs while increasing their economic contribution, signalling that investing in infrastructure is a direct investment in employment and productivity.
“Commercial agriculture, transportation, utilities and manufacturing have generated both net job creation and productivity growth. In manufacturing, productivity has increased by 14 percent over the period 2013-2022, while employment has grown by 2.5 percent over the same period,” portions of the report indicated.
It further added: “Expectedly, the mining sector scored the highest levels of productivity growth but with no net job gains. The finance and insurance industry has been particularly dynamic in generating job opportunities for higher-skilled workers.”
The report therefore concludes that while the mining sector continues to outperform in productivity, it simply isn’t generating enough jobs. The finance and insurance industries, on the other hand, have created opportunities for high-skilled workers, but Ghana’s economy needs broad-based job growth across all skill levels.
The Ghana Statistical Service therefore recommends that if the country wants to build a future where more of its citizens have stable and well-paying jobs, the surest sectors are manufacturing, commercial agriculture, and infrastructure.
The government and policymakers are advised to channel investments, incentives, and infrastructure development into these sectors to ensure that productivity gains translate into real employment opportunities.
