Private sector contributions to the Social Security and National Insurance Trust (SSNIT) – a key barometer of formal sector employment and pension security rose modestly by 2.1% year-on-year to 1,065,925 contributors in May 2025.
This is up from 1,044,111 recorded during the same period last year.
The Bank of Ghana’s July 2025 Monetary Policy Report shows the figure remained broadly stable on a month-to-month basis compared to 1,067,531 contributors in April, suggesting a relatively steady pace of formal employment growth.
However, labour market indicators painted a mixed picture.
The number of jobs advertised in selected print and online media declined by 15.7% year-on-year to 2,502 vacancies in June 2025, down from 2,968 in June 2024.
On a monthly basis, job openings also fell 18.4% from 3,066 recorded in May.
Despite the slowdown in June, cumulative job adverts for the first half of 2025 increased by 7.7% to 18,604, reflecting continued recruitment momentum in parts of the private sector, particularly in services, ICT, and construction.
Meanwhile, the broader economy showed signs of strengthening.
The Bank of Ghana’s Composite Index of Economic Activity (CIEA) expanded by 4.4% in May 2025, compared to 3.4% in the same month a year earlier.
The Central Bank attributes this improvement to robust trade activity, increased household and business consumption, growth in construction, and a rebound in tourist arrivals.
The data reflects a gradual formalisation of employment and a cautiously optimistic economic outlook, though persistent weaknesses in the labour market signal the need for policies that stimulate job creation and sustain private sector confidence.
The Bank of Ghana notes that sustaining these gains will require consistent policy execution, stable macroeconomic conditions and targeted support for sectors with strong employment potential.
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