Stable economy, cheaper credit key to youth jobs — BoG Governor

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, highlighted the favorable conditions for youth employment and business expansion due to the country's stable economy and cheaper credit. Inflation had remained in single digits for 13 straight months, the exchange rate was relatively stable, and the banking sector had shown improved resilience.

These factors, combined with the decline in average lending rates from 30.25% to 15.78% and a surge in real private sector credit growth from 0.20% to 26.42%, created a favorable environment for businesses to access financing and expand their operations. Dr Asiama emphasized that Ghana's substantial youth population holds significant potential for innovation and entrepreneurship, but realizing this potential necessitates targeted investment in skills development and enterprise growth.

He stressed that young people require relevant training, access to opportunities, and a supportive environment to foster investment and business development. To achieve these goals, he called for coordinated efforts based on reliable data on young people's circumstances, the availability of opportunities, and the necessary policies to address existing challenges.

The Bank of Ghana's maiden edition of Ghana in Numbers 2025, a compilation of demographic, social, and economic data by the Ghana Statistical Service, aims to inform national discussions and policy decisions. Additionally, Dr Asiama stressed the importance of financial inclusion, noting that the Bank of Ghana is implementing initiatives to make formal financial services more accessible and affordable for young people, women, MSMEs, and underserved communities.

He urged stakeholders to view Ghana in Numbers 2025 as a valuable resource for assessing the country's situation and making informed decisions about the future, particularly concerning young people.