Ghana’s business sector has recorded substantial growth over the past decade, but job creation has failed to keep pace with the expansion, with only 7.7% of businesses operating in the formal sector, Government Statistician Dr Alhassan Iddrisu has revealed.
Speaking at the launch of the maiden edition of Ghana in Numbers 2025 in Accra, Dr Iddrisu highlighted persistent challenges surrounding business formalisation, employment opportunities and the capacity of businesses to generate sustainable jobs.
According to the report, Ghana had approximately 2.64 million businesses in 2024, but only 7.7% were classified as formal enterprises. Micro enterprises accounted for about 90% of all businesses, demonstrating the dominance of small-scale businesses in the country’s economy.
Dr Iddrisu explained that the number of business establishments nearly tripled between 2014 and 2024, while the number of people employed by these businesses doubled.
The figures suggest that although Ghana’s private sector continues to expand, employment growth has not matched the rate at which new businesses are being established.
Ghana’s Unemployment Rate Declines, but Informal Jobs Dominate
Ghana’s unemployment rate declined from 14.6% in 2023 to 12.8% in 2025. However, more than 70% of jobs remain in the informal economy, highlighting concerns about job security, working conditions and access to social protection.
The Government Statistician stressed the importance of introducing policies that encourage business formalisation, strengthen small and medium-sized enterprises (SMEs), and improve the quality and sustainability of employment across the country.
Formalising businesses could also improve access to financing, expand the tax base and support long-term economic growth.
Ghana Records GH¢38.4 Billion in Informal Cross-Border Trade
The Ghana in Numbers 2025 report has also revealed the significant scale of informal cross-border trade, which has largely remained outside conventional trade statistics.
According to Dr Iddrisu, Ghana’s first survey of informal cross-border trade recorded goods valued at GH¢38.4 billion traded informally with Togo, Burkina Faso and Côte d’Ivoire.
The estimated value was equivalent to 1.4 times the previously recorded trade flows with the three neighbouring countries, highlighting the importance of informal commercial activities to Ghana’s regional trade.
The findings suggest that conventional trade statistics may not fully capture the scale of economic transactions taking place across Ghana’s borders.
Meanwhile, Ghana recorded a goods trade surplus of GH¢148.3 billion in 2025, as the value of exports exceeded imports.
Ghana in Numbers 2025 Provides Key Economic and Development Statistics
Beyond business performance and international trade, Ghana in Numbers 2025 brings together national statistics covering population, social development, governance, environmental issues and the Sustainable Development Goals (SDGs).
Dr Iddrisu said the publication was developed to provide policymakers, businesses, researchers and other stakeholders with a common and reliable source of information to support evidence-based decision-making.
He emphasised that using consistent and accurate statistics across government institutions, Parliament, businesses and the media would help shift public discussions towards practical solutions and measurable development outcomes.
The publication is supported by an online data portal featuring district-level statistics, interactive maps and downloadable datasets, making important national information more accessible to the public.
Dr Iddrisu noted that the ultimate goal was to ensure that statistical information translates into practical action and contributes to Ghana’s socioeconomic development.
Source: newsthemegh.com