Ghana’s government declared labor market reforms a top priority as new projections reveal 10 million citizens will enter the workforce by 2040.
Deputy Finance Minister Thomas Nyarko Ampem issued the warning at the World Bank’s ninth Ghana Economic Update launch in Accra, stressing unemployment risks undermining recent economic gains.
“Unemployment and underemployment represent a potential powder keg,” Ampem told policymakers and development partners. He cited rapid urbanization and limited economic transformation as pressure points.
With 58% of Ghana’s projected 45 million population under 30 by 2040, job creation lags far behind demand. The government is now channeling over GH¢564 million into skills programs like ‘Adwumawura’ apprenticeships and the ‘One Million Coders’ initiative.
Economic improvements offer a foundation. Inflation has halved to 12.1% since January, interest rates fell, and the cedi strengthened.
Ampem credited President John Mahama’s focus on “decent and dignifying jobs” through private sector collaboration. Further indirect employment is expected from infrastructure and agriculture investments under the ‘Big Push’ and 24-Hour Economy programmes.
The World Bank’s labor-focused analysis arrives as Ghana drafts its 2026 budget and a presidential development plan. Ampem confirmed the Finance Ministry’s new Real Sector and Research divisions will prioritize the report’s recommendations. “We remain committed to consensus-based solutions,” he added, referencing March’s National Economic Dialogue.