Deloitte Ghana's Country Managing Partner, Daniel Jojo Owusu, has demanded immediate and deliberate changes to tackle the rising unemployment among graduates. He warns that Ghana's economy as it stands cannot create enough positions for its large young population. Speaking at the 10th Ghana CEO Summit, Mr. Owusu explained that the country relies too much on mining and a few major industries. These sectors cannot employ the thousands of graduates universities produce each year.
Rapid growth in the youth population requires quicker economic diversification. This will create real and sufficient jobs, Mr. Owusu stated. Research shows only a small fraction of graduates find good jobs soon after school. About 15 percent of new graduates get their first real job between six months and two years after university. Some may wait almost six years for a permanent position. Unemployment is a national challenge. It demands focused efforts from government, businesses, and society.
Ghana currently faces a significant challenge with graduate unemployment. This issue is a key concern in the country's economic development narrative. Prior efforts to stimulate job growth have shown mixed results. The World Bank has previously highlighted skills mismatch as a contributing factor. The current economic climate exacerbates the problem. This is particularly true as the nation seeks to recover and grow post-pandemic. The youth bulge represents both potential and risk for Ghana's future stability.
Mr. Owusu emphasized that digitalization is a crucial tool for job creation. The Ministry of Communication, Digital Technology and Innovation has made efforts. However, Ghana has large untapped opportunities in the digital economy. E-commerce, artificial intelligence, and digital financial services offer areas for growth. The country must seize these opportunities to address mass unemployment. He also called for greater investment in technical and vocational education. Countries like China and Japan used technical training to build strong economies.
To combat rising joblessness, Mr. Owusu suggested incentivizing the private sector. This includes providing relief measures and support for local manufacturers. Expansion in the manufacturing sector can employ many graduates. He pointed to the National Policy on Integrated Oil Palm Development. This policy could create about 250,000 jobs through a GHS 2.5 billion financing. Its successful implementation is key. Support for Ghana's agriculture sector is also vital. Practical and actionable policies are needed to transform the industry.
The new Ghana Investment Promotion Authority Bill is also a positive step. It aims to modernize Ghana's investment framework. This law will strengthen investor protection. It will improve dispute resolution. A better investment environment attracts both local and foreign capital. Mr. Owusu urged stronger collaboration. Government, the private sector, and civil society must work together. This collaboration will drive sustainable business and stimulate job creation through innovation and deliberate policy.