A World Bank Report has expressed that, Ghana faces an intense challenge of creating more and better jobs as there is a ‘missing center’ of mid-usefulness employment opportunities, in spite of the apparent growth rates throughout the years.
The report named ‘Rising Ghana‘ shows that the farming sector has been diminishing in business share yet remains the biggest source of jobs in the country.
According to the report, “A rising star, however Ghana’s growth path has not been clear”.
It additionally brought up that the country faces a significant productivity challenge as services efficiency has deteriorated in the course of recent years, while manufacturing productivity has also declined.
The small scale casual services have ingested work but are exceptionally useless.
Somewhere in the range of 1990 and 2018, the financial services sector recorded the greatest employment growth rate of around 650%.
It was followef by government services which grew by somewhat above 400% and business administrations which became by practically 400%.
Agriculture or farming and mining saw the least growth rates in employment.
The report suggested that the country ought to launch a economic transformation plan in its next growth stage, if it is to drive employment creation and efficiency.
It further said the Ghana should focus on macroeconomic administration and financial sector advancement, but cautioned that environmental change poses a significant danger to Ghana’s drawn out development.
The report additionally said:
“Financial sector development underpins the success of the private sector but access to credit in Ghana is low. Macroeconomic stability is an essential driver of growth, but Ghana has been plagued by instability and volatility. Natural resource wealth needs to be harnessed to generate long-term growth and domestic revenue mobilization needs to be increased to invest in public goods.”