Total number of private sector Social Security and National Insurance Trust (SSNIT) contributors, which partially gauges employment conditions, improved to 804,849, approximately 15.4% year-on-year in May 2021, the Bank of Ghana’s Monetary Policy Report has stated.

This is compared with 697,690 for the same period in 2020.

Cumulatively, for the first five months of 2021, the total number of private sector contributors increased by 3.8% to 4,087,134, from 3,937,022 recorded over the corresponding period in 2020.

This indicates a gradual recovery of the economy as most employers were able to settle their pension contributions with ease.

According to the report, total private sector workers’ contribution to the SSNIT Pension Scheme  increased by 3.9% in year-on-year terms to ¢205.14 million cedis in May this year.

This was from ¢197.37 million cedis collected during the corresponding period last year.

Advertised jobs

The number of advertised jobs in selected print and online media, which partially gauges labour demand in the economy, however, decreased in June 2021 relative to the corresponding period a year ago.

In total, 2,730 job adverts were recorded as compared with 3,079 for the same period last year.

This indicates a decline of 11.3%.

However, on a month-on-month basis, the number of job vacancies in June 2021 increased marginally by 0.6%.

Cumulatively, 17,091 advertised jobs were recorded for the first two quarters of 2021.

The decline in the number of jobs advertised the Bank of Ghana said reflected the difficulties faced by businesses as a result of the Covid-19 pandemic.