Daniel Jojo Owusu, Country Managing Partner of Deloitte Ghana, has urged the Ghanaian government to implement urgent and deliberate reforms to combat rising graduate unemployment. Speaking at the 10th Ghana CEO Summit, Owusu highlighted that the nation’s current economic structure, heavily reliant on mining and a few dominant sectors, is insufficient to absorb the thousands of graduates entering the workforce annually.
Economic Diversification is Key
Owusu emphasized that the rapid growth of Ghana’s youth population necessitates immediate economic diversification. This diversification is crucial for creating sufficient and meaningful employment opportunities. He pointed to research indicating that a significant portion of graduates struggle to find suitable employment soon after graduation.
According to the research, only about 15 percent of fresh graduates secure their first real job within six months to two years after university. Some may face unemployment for up to six years before finding permanent work. This situation underscores the urgency of addressing unemployment as a national challenge requiring a united effort from government, businesses, and civil society.
Digitalization as a Job Creation Engine
Digitalization was identified as a critical tool for driving job creation and economic transformation. While acknowledging government efforts in digital technology, Owusu stressed that Ghana has vast untapped potential within the digital economy.
Opportunities abound in areas such as e-commerce, digital trade, artificial intelligence, platform-based activities, digital financial services, and technology infrastructure. Capitalizing on these sectors could significantly alleviate unemployment.
Strengthening Technical and Vocational Education
The Deloitte Ghana executive also advocated for increased investment in technical and vocational education. He cited the success of countries like China and Japan, which leveraged technical training to build globally competitive economies.
Greater emphasis on vocational training is essential to equip graduates with practical skills demanded by the modern economy.
Incentivizing Private Sector Growth
Owusu called for government incentives to encourage private sector expansion, particularly in the manufacturing sector and its value chain. Relief measures and support for local manufacturers can enable them to scale up operations and absorb more graduates.
He highlighted the National Policy on Integrated Oil Palm Development as a promising initiative. If fully implemented, this policy could create approximately 10,000 hectares of new plantations and generate 250,000 jobs through a $500 million financing window.
Similarly, the agriculture sector requires practical and actionable policies to drive transformation and create employment.
Modernizing Investment Frameworks
The new Ghana Investment Promotion Authority Bill received strong support from Owusu. He described it as a significant step toward modernizing Ghana’s investment framework.
The proposed law aims to enhance investor protection, improve dispute resolution mechanisms, and foster a more conducive environment for both local and foreign investments. These reforms are expected to stimulate economic activity and, consequently, job creation.
Collaboration for Sustainable Growth
In his concluding remarks, Owusu stressed the importance of stronger collaboration between government, the private sector, and civil society. This partnership is vital for driving sustainable business practices, stimulating job creation through innovation and deliberate policy-making, and ensuring inclusive decision-making processes.
Looking ahead, the focus remains on whether these policy recommendations will translate into concrete actions that address Ghana’s pressing unemployment challenges, particularly among its youth. The success of initiatives like the oil palm policy and the new investment bill will be critical indicators of progress.
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