Tuesday, 23 July

2023: AfDB says Ghana's youth unemployment rate 7.16%

Business
Image of youth

The African Development Bank (AfDB) reports that Ghana’s youth unemployment rate stood at 7.16% in 2023, with the issue particularly acute among those aged 15 to 24. 

The bank's updated 2024 Africa Economic Outlook highlights that unemployment is significantly higher among women in this age group compared to their male counterparts.

The report notes a slight increase in multidimensional poverty, rising from 46% in 2017 to 46.7% in 2022, largely attributed to the lingering effects of the Covid-19 pandemic. 

The data shows that female youth unemployment reached 36.7%, while the rate for males was 29.3%.

Rising youth unemployment in Ghana is a growing concern, prompting calls for intensified structural transformation. 

The report points out that productivity in the services sector, the largest employer, has stagnated, while gains in industry and agriculture remain modest. 

Agriculture’s share of employment fell from 53.9% in 2007 to 29.8% in 2019. 

In contrast, industry’s share increased from 14.1% to 21.0%, and the services sector saw its share rise from 31.9% to 49.2%.

The AfDB suggests several measures to fast-track Ghana’s structural transformation. These include enhancing competitiveness by addressing infrastructure bottlenecks, accelerating agro-industrialisation through skills development and value addition, and bolstering private sector growth. 

Additionally, the report emphasises the need for a robust policy framework to support technology adoption and innovation.

Source: classfmonline.com