Job opportunities increase by 72 percent in August 2021 – BoG

People walk past the Bank of Ghana in Accra, Ghana. Photo by: REUTERS / Zohra Bensemra

The number of jobs in the country increased as labour demand in August saw companies providing more opportunities for job seekers, the Monetary Policy Report (MPC)of the Bank of Ghana on real sector developments of the economy, has revealed.

The increase is reflected in the 4,051 job adverts recorded in August in selected print and online media, which partially shows labour demand in the economy.

The figure, compared with the 2,352 for the same period in 2020, indicates a growth of 72.2 per cent (year-on-year).

On a month-on-month basis, the number of job vacancies in August 2021 increased by 47.3 percent, according to the report.

The Bank of Ghana (BoG) attributed the rise in the number of jobs advertised for the period to the gradual recovery of businesses from the adverse effects of the COVID-19 pandemic.

However, the MPC report showed that, cumulatively, there was a decline of 0.4 per cent in the number of advertised jobs in the first eight months of 2021 in relation to the same period last year.

A total of 23,892 advertised jobs were recorded for the first eight months of 2021, compared with 23,901 jobs advertised during the same period in 2020.

Similarly, there was improvement in employment conditions, as per the number of Social Security and National Insurance Trust (SSNIT) private sector contributors.

The figure improved to 833,069 (up by 18.5 per cent year-on-year) in July 2021 compared with 702,826 for the same period in 2020.

Cumulatively, for the first seven months of 2021, the total number of private sector contributors increased by 9.7 per cent to 5,864,616 from 5,347,670 recorded over the corresponding period in 2020.

Development in the real sector also showed that while there was improvement in consumer confidence, that of businesses weakened over the review period.

The Consumer Confidence Index increased from 88.8 in June to 91.8 in August 2021, reflecting optimism about current and future economic conditions.

The Central Bank noted that Business Confidence Index, dipped from 96.3 in June to 93.2 in August 2021, because businesses were unable to meet their short-term company targets due to high input costs, unavailability of raw materials, weak consumer demand and rising labour costs.

The development was on the background of consecutive decline in the number of jobs largely because of the impact of the COVID-19 on businesses and economic activities.

For example, the number of job opportunities reduced by 13.9 per cent for the second quarter of 2021, as 8,251 job adverts were recorded in the second quarter of 2021 compared with 9,582 for the second quarter of 2020.

Meanwhile, the Government has expressed optimism that the GHC100 billion Ghana CARES programme would put the country on a path of recovery and transformation and create more jobs for the youth.

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