Ghana’s Unemployment Concerns: President Akufo-Addo’s Stance and Entrepreneurial Solutions.
In a recent address, President Nana Addo Dankwa Akufo-Addo expressed his deep concern regarding Ghana’s escalating unemployment rate. According to analysis by Trading Economics, the country’s unemployment rate is anticipated to rise to 5.00 percent by the close of 2023. Looking ahead, their long-term projections indicate a trajectory of around 4.70 percent in 2024 and 4.50 percent in 2025.
President Akufo-Addo chose to shed light on this pressing issue during his interaction with young entrepreneurs as part of the Presidential Pitch initiative on August 18, 2023. He underscored the vital role that entrepreneurship plays in driving economic growth and advancement, underscoring its global recognition as a major catalyst for transforming economies.
The President firmly believes that the synergy between technology, entrepreneurship, and business offers the most effective strategy to address economic challenges and tackle the concerning unemployment rate. He also highlighted that governments around the world recognize the pivotal role of youth entrepreneurship in addressing the urgent issue of unemployment.
President Akufo-Addo highlighted the success story of Christian Boakye Yiadom, the CEO of Pizzaman Chickenman. Through the Presidential Pitch initiative, Yiadom secured financial backing that allowed him to expand his pizza business. This expansion led to the establishment of the first Pizzaman Chickenman branch at Kwame Nkrumah University of Science and Technology, thereby creating both direct and indirect employment opportunities.
In conclusion, the President acknowledged the transformative impact of entrepreneurial pursuits in not only addressing unemployment challenges but also in fostering substantial economic growth. His message emphasizes the need for concerted efforts to boost entrepreneurship as a means to alleviate unemployment concerns and drive Ghana’s economic progress.