Trade Minister calls on private sector to do more to reduce high unemployment

Trade and Industry Minister Alan Kyerematen has charged the private sector to employ more persons to reduce the current unemployment situation in the country.

He argues that the government can only support by employing some Ghanaians through some policy initiatives but the huge responsibility lies on the private sector.

Mr. Kyerematen further encouraged the private sector players to be rise to the challenge to deal substantially with issues of unemployment in the country.

He made these remarks at the 43rd Annual General Meeting of the Ghana National Chamber of Commerce and Industry.

Available statistics available to Citi Business News shows that the unemployment rate in Ghana as of 2018 stood at 6.71 percent as compared to the 6.63% recorded in 2017.

Out of about 300,000 people who graduate from the university yearly, only a few are able to secure well-paying jobs across the country.

The issue has also worsened with current layoffs in the financial sector of the economy. But while addressing a gathering at the 43rd Annual General Meeting of the Ghana National Chamber of Commerce and Industry in Accra, Trade and Industry Minister, Alan Kyerematen said unemployment can only be reduced if the private sector makes a conscious effort to employ more persons.

“It is only the private sector that can deal substantially with this challenge, and the government’s role is to provide the framework that ensures the private sector can create opportunities for employment,” he said.

Meanwhile, at the same event, President of the Chamber, Nana Dr. Appiagyei Dankawoso I touched on various issues affecting the chamber directly.

While lauding the government for scrapping the 3.5% luxury vehicle tax, he also called on the Bank of Ghana to ensure a stable banking sector for the business environment.

“It is our expectation that the remaining banks and other financial institutions will demonstrate good faith and will constantly monitor and manage their risk exposures.

The Chamber will continue engaging government, Bank of Ghana and other relevant stakeholders to ensure a safe, sound, supportive and stable banking sector within the larger financial sector,” he added.