The country’s unemployment rate is projected to reach 5.00 percent by the end of 2023, according to Trading Economics’ analysis. The organization’s long-term forecast indicates that the unemployment rate in Ghana will trend around 4.70 percent in 2024 and 4.50 percent in 2025.
President Akufo-Addo addressed the issue while recognizing young entrepreneurs as part of the Presidential Pitch initiative on August 18, 2023. He emphasized the critical role of entrepreneurship in fostering economic growth and development, noting that it has gained global recognition as a significant driver of economic transformation.
The President firmly believes that combining technology, entrepreneurship, and business is the most effective way to tackle economic challenges and the concerning unemployment rate while highlighting that governments worldwide recognize youth entrepreneurship as a key tool to address the pressing issue of unemployment.
President Akufo-Addo commended the success of the Presidential Pitch initiative in creating both direct and indirect employment opportunities.
He highlighted Christian Boakye Yiadom, the CEO of Pizzaman Chickenman, who utilized the platform to scale up his pizza business with the financial support received from the competition, he expanded his venture, leading to the establishment of the first Pizzaman Chickenman branch at Kwame Nkrumah University of Science and Technology.
The President concluded by acknowledging the positive impact of entrepreneurial endeavors in addressing unemployment challenges and fostering economic growth.