The Bank of Ghana’s July 2024 Monetary Policy Report has highlighted a 2.7% increase in the total number of private sector Social Security and National Insurance Trust (SSNIT) contributors, reaching 1,007,341 in May 2024, compared to 980,808 in May 2023.
The report attributes the steady growth to improved labor participation in the private sector.
Cumulatively, over the first five months of 2024, private sector SSNIT contributors rose by 4.8% to 5,063,676 from 4,829,487 during the same period in 2023.
On the employment front, job advertisements in print and online media remained stable in June 2024, with 2,968 job postings recorded compared to 2,993 in June 2023.
The total number of advertised jobs for the first half of 2024 saw a slight 2.4% increase, reaching 17,278.
However, the industrial sector showed mixed results, with electricity consumption falling by 1.2% in May 2024 compared to the same month in 2023, reflecting a decrease in industrial activity.
Manufacturing activities demonstrated positive signs, marked by a 43.7% increase in total direct taxes, which rose to GH¢4.11 billion in May 2024 from GH¢2.86 billion in the previous year.
Private sector SSNIT contributions also experienced significant growth, increasing by 39.6% to GH¢470.92 million year-on-year.
Additionally, vehicle registrations surged by 36.1%, and passenger arrivals grew by 12.7%, signaling an overall improvement in economic activities across key sectors.
