by Elorm Desewu
The number of jobs advertised in the media which partially gauges labour demand in the economy, increased in August 2024 relative to what was observed in the corresponding period a year ago.
According to data from the Bank of Ghana, the total number of advertised jobs for the first seven months of the year went up by 9.5 percent to 24,428, compared with 22,303 recorded during the same period in 2023.
In total, 3,123 job adverts were recorded, as compared with 2,775 for the same period in 2023, indicating an improvement of 12.5 percent year-on-year.
However, on a month-on-month basis, the number of job vacancies declined in August 2024 by 22.4 percent, from the 4,027 jobs advertised in July 2024.
Total number of private sector contributors to the Social Security and National Insurance Trust (SSNIT), which partially gauges employment conditions, went up by 2.7 percent to 1,018,445 in July 2024, compared with 991,922 for the same period in 2023.
The cumulative number of private sector contributors increased by 5.1 percent in the first seven months of the year to 7,156,941, from 6,806,775 recorded over the corresponding period in 2023.
The Bank’s updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of 1.6 percent in July 2024, compared to a contraction of 2.8 percent for the corresponding period of 2023.
Construction activities, consumption demand by households and firms, exports, imports, and tourist arrivals contributed to the improvement in economic activity during the period.
Consumer spending, proxied by domestic VAT collections and retail sales, posted a positive performance in July 2024, compared with the corresponding period in 2023. It increased by 46.2 percent on a year-on-year basis to GH¢1.33 billion in July 2024, from GH¢906.60 million in July 2023.
Cumulatively, total domestic VAT for the first seven months of 2024 went up by 19.2 percent to GH¢8.91 billion, compared with GH¢7.48 billion for the corresponding period of last year.
Retail sales increased by 27.4 percent (year-on-year) to GH¢214.64 million in July 2024, up from the GH¢168.46 million recorded in the same period in 2023. On a month-on-month basis, retail sales improved marginally by 2.6 percent in July 2024, from GH¢209.13 million in the preceding month.
In cumulative terms, sales for the first seven months of 2024 went up by 21.7 percent, due to increased household consumption.
