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Ghana’s Unemployment Rate Growing Faster Than its Economy

Unemployment rate growing faster than the economy: Ishmael Yamson

Unemployment rate growing faster than the economy: Ishmael Yamson

How Ghana’s Unemployment Problem is Growing Faster Than its Economy.

Ghana’s unemployment rate has been growing faster than its economy, leaving many young people unable to find work and support themselves financially, according to an article on Africa Review by Ishmael Yamson, an economist.

The unemployment rate grew from 12 percent in 2000 to 20 percent in 2012. The rate of growth of the economy did not keep up with the growth of the unemployment rate, leading more and more people to be unemployed and underemployed throughout Ghana.

Economists have stated that they expect the trend to continue until at least 2020 and 2022, when they predict that Ghana’s unemployment rate will be around 25 percent.

Unemployment in Ghana is at 18.7%

Ghana’s unemployment rate has been steadily rising over the past few years, and it is now at 18.7%. This means that more than one in every five people in Ghana are out of work. The country’s economy is not growing fast enough to create new jobs, and many businesses are struggling to stay afloat.

This problem is especially pronounced in rural areas, where unemployment rates can be as high as 30%. With so many people out of work, it’s no wonder that crime rates are also on the rise.

Young people between 15 and 24 have an unemployment rate of 35.8%

In Ghana, the unemployment rate for young people between the ages of 15 and 24 is 35.8%. This is a huge problem because it means that a large portion of the population is not able to find work.

The situation is made worse by the fact that the unemployment rate is growing faster than the economy. This means that more and more people are struggling to find jobs.

The government needs to take action to address this problem. Otherwise, it will only get worse in 2025.

Job creation dropped from 6.2% in 2011 to 3.8% in 2017

Ghana unemployment rate for 2021 was 4.70%, a 0.05% increase from 2020. Ghana unemployment rate for 2020 was 4.65%, a 0.34% increase from 2019.

The country’s economy has not been able to keep up with the pace of job creation, resulting in a growing unemployment problem.

People are getting older

As people in Ghana get older, they are increasingly likely to be unemployed. The country’s unemployment rate is growing faster than its economy, and this problem is especially acute among young people.

The gender gap remains wide

According to the latest data from the World Bank, the gender gap in Ghana remains wide. Women make up just over half of the population, but only about a third of the labor force.

And while women are more likely to be unemployed than men, they are also more likely to be underemployed. This means that they are working, but not necessarily in jobs that match their skills or education level.

FAQs

1. What is Ghana’s unemployment rate?

Ghana unemployment rate for 2021 was 4.70%, a 0.05% increase from 2020. Ghana unemployment rate for 2020 was 4.65%, a 0.34% increase from 2019.

2. What factors are contributing to the high unemployment rate in Ghana?

In Ghana, youth unemployment is primarily caused by a lack of job creation despite comparatively strong economic growth, poor access to and quality of education, and a gap between skill sets and labor market demands.

3. How is the high unemployment rate affecting Ghana’s economy?

According to reports, juvenile criminality and antisocial behavior are significantly influenced by a lack of employment opportunities and the worry about the future. The increase in crime, drug addiction and prostitution are among the negative societal repercussions of adolescent unemployment.

4. What solutions are being proposed to address the high unemployment rate in Ghana?

To lower unemployment, industrial activity must be decentralized. The number of employment prospects in underdeveloped areas will decrease if industrial operations are concentrated in one location. Therefore, the government should implement such measures that support the decentralization of economic activity.

5. What can individuals do to help address the unemployment problem in Ghana?

1.Increasing Agriculture Investment

2. Diversifying Agriculture

3. Generating Education, Health, and Employment
4. Improvement of rural and urban areas

Recommended reading: The most common causes of high inflation is currency devaluation

Read also: Ghana’s Unemployment Rate Growing Faster Than its Economy

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