Private Sector Pensions Rise as Job Adverts Fall in Ghana: Insights from SSNIT and BoG Reports

Ghana’s formal private sector saw a slight increase in pension contributions, signaling gradual growth in formal employment. According to the Social Security and National Insurance Trust (SSNIT), total private sector contributors rose 2.1% year-on-year, reaching 1,065,925 in May 2025. This is up from 1,044,111 contributors during the same period in 2024. Month-to-month figures also remained stable, with April 2025 recording 1,067,531 contributors, reflecting a steady pace of formal sector participation.

Despite the uptick in pension contributors, Ghana’s job market painted a more nuanced picture. The number of jobs advertised in selected print and online media fell 15.7% year-on-year to 2,502 vacancies in June 2025, down from 2,968 in June 2024. On a monthly basis, job openings also dropped 18.4%, compared to 3,066 in May. The decline highlights ongoing challenges in certain sectors and suggests caution for job seekers navigating a changing employment landscape.

Even with the slowdown in June, cumulative job adverts for the first half of 2025 rose 7.7% to 18,604, pointing to continued hiring momentum in parts of the private sector. Sectors such as services, ICT, and construction showed particular strength, underscoring areas where private companies are still expanding and creating opportunities despite broader labour market fluctuations.

The broader Ghanaian economy also showed encouraging signs of recovery. The Bank of Ghana’s Composite Index of Economic Activity (CIEA) expanded by 4.4% in May 2025, up from 3.4% during the same month last year. The central bank attributes the growth to robust trade activity, increased household and business consumption, a surge in construction, and a rebound in tourist arrivals. This economic resilience provides a supportive backdrop for formal sector growth, including pension contributions.

While the gradual formalisation of employment is a positive development, the persistent dip in advertised jobs signals the need for targeted policy interventions. The Bank of Ghana emphasized that sustaining gains in employment and economic growth will require consistent policy execution, stable macroeconomic conditions, and support for high-potential sectors. Experts suggest that such measures are key to ensuring private sector confidence and expanding opportunities for Ghanaian workers.

source: citi newsroom