The escalating rate of unemployment in Ghana has become increasingly concerning in recent weeks.
Starting from the significant figure of 1.85 million unemployed Ghanaians reported by the Ghana Statistical Service in the third quarter of 2023, to the notable absence of mention by the President during the presentation of the 2024 State of the Nation Address (SONA), unemployment continues to pose a significant challenge in Ghana.
More alarmingly, recent developments have heightened these concerns, with "unemployment" now being identified as the highest risk factor in Ghana according to the World Economic Forum's 2024 Global Risk Report.
This points to a structural decline in job opportunities or work standards, encompassing issues such as diminishing workers' rights, stagnant wages, increasing unemployment and underemployment, displacement due to automation or the green transition, and limited social mobility.
According to the Ghana Statistical Service's third quarter 2023 labor statistics, Ghana's unemployment rate has been steadily increasing, rising from 5.3% in 2010 to 14.7% by the third quarter of 2023, equating to approximately 1.85 million Ghanaians being without employment.
The report details that public debt, inflation, cybercrime, and cyber insecurity, as well as economic downturn, rank as the second, third, fourth, and fifth risk factors, respectively.
At present, Ghana's total public debt stands at GHS 567.3 billion, which translates to GHS 18,300 owed per capita by every Ghanaian. Inflation remains in double digits, standing at 23.2% as of February 2024.
Regarding cyber security readiness, Ghana ranks third in Africa behind Mauritius and Tanzania, according to the latest cyber security report from the International Telecommunications Union. Globally, Ghana holds the 43rd position with a score of 86.69 out of 100, indicating an 86.69% readiness in the event of a cyber-security attack.
Reports from the Media Foundation for West Africa in their Internet Freedom Report 2021 highlighted that Ghana incurred losses of $105 million in 2019 and $9.8 million in 2018 due to internet fraud and cybercrime. Additionally, the Bank of Ghana's financial fraud report for 2023 revealed an increase in financial fraud from GH¢2.6 million in 2021 to GH¢4.3 million in 2022, marking a 65.55% rise. These statistics underscore the urgent need to address cyber security concerns.
The Global Risk Report assesses the likelihood of events or conditions that could negatively impact a significant portion of global GDP, country-specific GDP, population, or natural resources. It examines risk areas across economic, environmental, geopolitical, societal, and technological domains, encompassing 34 risk factors.
Source: cometodaddy.xyz
