Audio By Carbonatix
A Partner at Deloitte Ghana, Yaw Appiah Lartey, has warned that Ghana’s improving economic indicators may paint a positive picture, but the country is still grappling with “jobless growth” as key productive sectors continue to lag behind.
Speaking on JoyNews on April 30, Mr Appiah Lartey said that despite strong gains in inflation, debt reduction, GDP growth, and cedi stability, the real concern is that much of the economic expansion is occurring in sectors that are not generating enough employment.
“The growth is happening in sectors that are not generating jobs. So, yes, we are having jobless growth,” he stated.
His comments shift attention from Ghana’s headline macroeconomic gains to the deeper structural challenge of whether growth is improving livelihoods for households and businesses.
Mr Appiah Lartey acknowledged that the Mahama administration has posted significant macroeconomic improvements since taking office in 2024, describing several indicators as “remarkable.”
According to him, GDP growth rose from 5.7% to 6% by the end of 2025; inflation fell sharply from 23.8% to 5.4% before dropping further to 3.2%; while gross international reserves increased from $9.1 billion to $14.5 billion.
He also noted that Ghana’s debt-to-GDP ratio declined from 61.8% to 45.3%, significantly outperforming the IMF’s benchmark ceiling of 55%.
“So yes, the indicators are looking good… but have you built a robust and resilient economy?” he asked.
While these gains suggest macroeconomic stability is returning, he argued that the quality of growth matters more than the numbers alone.
According to his analysis, Ghana’s recent GDP expansion has been driven mainly by services such as information technology, financial services, transport, education, and health.
However, sectors widely considered critical for large-scale employment and industrial transformation—including construction, manufacturing, electricity, water, mining, and oil and gas—have either slowed or contracted.
He highlighted steep declines in oil and gas, including contractions of 22.5%, 18.2%, and 16.8% across multiple quarters in 2025, alongside setbacks in water, sewage, and construction.
These patterns, he warned, suggest Ghana’s economy may be stabilising financially without building the resilient, productive base needed for sustainable development.
Mr Appiah Lartey also referenced findings from the National Development Planning Commission, showing that manufacturing, construction, and utility sectors have seen declining GDP contributions over the past decade.
That trend, he argued, helps explain why unemployment has remained relatively flat despite stronger growth figures.
“We are not having a significant reduction in unemployment,” he said, adding that economic growth without corresponding expansion in labour-intensive sectors limits broad national prosperity.
Latest Stories
-
US seeks changes to rejected $109m health compact with Ghana – Mahama
20 minutes -
Nine dead in mass shooting at Pennsylvania home
38 minutes -
‘Time for Ukraine to get new president,’ says Trump after Zelensky condemns diesel deal
41 minutes -
Hincapie injury adds to Arsenal issues after Guimaraes rescue act
49 minutes -
Henderson scores twice as Chelsea thumb Bournemouth
59 minutes -
Photos: Mentapulse Africa convenes health and labour summit to address talent retention
1 hour -
Mahama inspects Nkokɔ Nketenkete plant, eyes Bechem as chicken capital
1 hour -
Ghana not seeking full BRICS membership, applying as Partner Country – Ablakwa
1 hour -
Woman injures three people in third Poland school knife attack in a week
1 hour -
Ghana should join BRICS as partner, not member – NPP Bono East Regional Secretary
1 hour -
Ghana High Commission warns nationals in South Africa over protests in Johannesburg, Durban
1 hour -
Mahama praises Roads Minister for keeping Big Push contractors on their toes
1 hour -
World Cup Visa Scandal: ‘My client has not collected money for visas’ – Ampofo Ankrah’s lawyer
2 hours -
US immigration officials defend ICE agents who shot man in same car as child
2 hours -
Commentator Katie Zacharia picked as new White House press secretary
2 hours