Private sector contributions to the Social Security and National Insurance Trust (SSNIT)—a key indicator of formal employment and pension coverage—rose modestly by 2.1% year-on-year, reaching 1,065,925 contributors in May 2025, up from 1,044,111 recorded in the same period last year.

According to the Bank of Ghana’s July 2025 Monetary Policy Report, the figure remained largely stable on a monthly basis compared to 1,067,531 contributors in April, pointing to a steady pace of formal job growth.

However, broader labour market data revealed mixed trends.

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 by 18.4% from 3,066 in May.

Despite this slowdown in June, total job adverts for the first half of 2025 rose by 7.7% to 18,604, reflecting continued hiring activity within the private sector—particularly in services, ICT, and construction.

Meanwhile, broader economic conditions showed signs of recovery. The Bank of Ghana’s Composite Index of Economic Activity (CIEA) grew by 4.4% in May 2025, compared to 3.4% in the same month last year. The Central Bank attributed the growth to stronger trade volumes, increased household and business spending, expansion in construction, and a rebound in tourism.

The data suggests a gradual formalisation of employment and a cautiously optimistic economic outlook, even as persistent weaknesses in the labour market highlight the need for sustained job creation policies.

The Bank of Ghana underscored that maintaining these gains will depend on consistent policy implementation, macroeconomic stability, and targeted support for sectors with strong employment potential.