Job Adverts Decline by 10.4% in August 2025, But Private Sector Employment Shows Modest Growth — Bank of Ghana

Ghana’s labour market displayed mixed signals in August 2025, with a notable decline in job adverts but a steady rise in private sector employment, according to fresh data from the Bank of Ghana’s September 2025 Monetary Policy Report.

The central bank’s labour market indicators show that the number of job vacancies advertised in selected print and online media—a key measure of labour demand—fell by 10.4% year-on-year, highlighting persistent hiring caution among businesses amid macroeconomic pressures.

Job Adverts Fall as Employers Tighten Hiring

In total, 2,799 job adverts were recorded in August 2025, compared to 3,123 adverts during the same period in 2024.
The decline reflects a moderation in labour demand, especially in sectors such as services, retail, and construction, which are sensitive to currency fluctuations and rising operational costs.

However, the report noted a month-on-month uptick, with job adverts rising 3.6% from 2,703 vacancies in July 2025, indicating a slight rebound in recruitment momentum.

For the first eight months of 2025, total job postings stood at 24,106, virtually unchanged from 24,428 in the same period last year—suggesting a stabilizing, though cautious, hiring environment.

“The year-on-year drop in job adverts points to tighter hiring conditions, but the stability in cumulative figures suggests that firms are adjusting rather than retreating,”
said a labour economist in Accra.
“We’re seeing a wait-and-see approach, especially in sectors affected by inflation and exchange rate volatility.”

Private Sector Employment Shows Steady Growth

In contrast to the slowdown in job postings, private sector employment continued to show improvement.

The total number of private sector SSNIT contributors, which provides a partial measure of formal employment trends, rose by 3.5% to 1,089,965 in July 2025, up from 1,053,235 in July 2024.

On a month-on-month basis, SSNIT contributors remained largely stable, edging slightly up from 1,088,458 recorded in June 2025.

This growth in private sector contributions signals gradual labour market recovery in formal employment, even as job advertisements—a proxy for recruitment intentions—remain subdued.

“Employers may not be expanding aggressively, but they are retaining more workers,”
noted an HR consultant.
“This points to consolidation and cautious optimism within the private sector.”

Sectoral Performance and Hiring Patterns

The Bank of Ghana’s data reveals that job demand continues to be driven by services, industry, and agriculture, though the pace has slowed in recent months.

Notably:

• Services sector (banking, telecoms, and ICT) continues to dominate job adverts but with fewer openings compared to 2024.

• Manufacturing and construction saw modest declines in postings due to cost inflation and financing challenges.

• Agribusiness and logistics recorded some resilience, supported by ongoing export activities and rising demand for supply chain workers.

The decline in job adverts, therefore, reflects both cyclical adjustments and structural realignments in Ghana’s post-pandemic labour market.

Economic Context: Tight Monetary Conditions and Business Confidence

The contraction in job adverts aligns with broader economic patterns observed throughout 2025.
With high interest rates, moderate inflation, and currency fluctuations, many businesses have been focusing on cost optimization rather than expansion.

At the same time, the Bank of Ghana’s policy stance—aimed at maintaining price stability and curbing inflation—has helped stabilize markets, but it has also limited short-term liquidity for some firms.

Analysts believe the recovery in employment growth and job creation will depend on sustained macroeconomic stability, especially if financing conditions ease and business confidence strengthens in the last quarter of the year.

Outlook: Gradual Recovery Expected

The labour market outlook remains cautiously optimistic. While job adverts may continue to fluctuate due to seasonal and economic factors, the growth in SSNIT contributors suggests underlying job stability.

Economists anticipate that employment growth will be supported by ongoing public investment in infrastructure, digital transformation, and agriculture, alongside the expected recovery in the services sector.

“The fundamentals of the labour market are holding,”
said an economist at a local think tank.
“If inflation continues to ease and credit access improves, we could see stronger hiring by early 2026.”

Key Takeaways

• Job adverts fell 10.4% year-on-year to 2,799 in August 2025.

• Cumulative job postings for Jan–Aug 2025 remained stable at 24,106.

• Private sector SSNIT contributors increased 3.5% to 1,089,965.

• Labour market showing mixed signals: slower hiring, but stronger job retention.

• Outlook: Gradual recovery expected as economic conditions improve.

Source: Accra Business News