Business News of Wednesday, 27 April 2022
Source: www.ghanaweb.live
2022-04-27New job openings fall by 4.4% in first two months of 2022 – BoG report
Jobs openings reduced in 2022
COVID-19 blamed for fall in job openings in 2021
New jobs created fell from 5,370 in the first two months of 2021 to 5,618, BoG
2,746 job adverts recorded between January and February 2022
A report by the Bank of Ghana has indicated that for the first two months of 2022, job openings were reduced by 4.4%.
The
Read full article.data for new job openings is used as a yardstick to measure jobs created and partially gauge the labor demand in the economy.
The data which was included in the Central Bank’s Monetary Report for March noted that the jobs advertised fell from 5,370 in the first two months of 2021 to 5,618 in the corresponding period this year.
This decline was attributed to the difficulties faced by businesses as a result of the coronavirus (COVID-19) pandemic.
Jobs advertised were tracked through advertisements in selected print and online media including the Daily Graphic as well as 10 main online job advertising and employment companies.
“In total, 2,746 job adverts were recorded as compared with 2,999 for the same period in 2021, indicating a decline of 8.4 percent (year-on-year). On a month-on-month basis, the number of job vacancies in February 2022, however, increased by 4.6 percent,” the report said.
“Cumulatively, the number of jobs advertised in the first two months of 2022 decreased by 4.4 percent to 5,370 from 5,618 recorded in the corresponding period of 2021. The year-on-year decline in the number of jobs advertised reflected some of the difficulties faced by businesses as a result of the coronavirus pandemic,” it added.
However, it was not stated how jobs will fare in the ensuing months but the BoG said the economy is bouncing back with resilience.
“On the domestic front, growth momentum is expected to moderate in the first half of 2022 due to the rising input costs triggered by the upward adjustments in petroleum prices. Also, the latest BoG survey results indicated softened consumer and business confidence, which may affect private-sector production plans and investments.”
“This notwithstanding, the gradual rebound in private sector credit will continue to drive the growth process in the near term,” the report said.
