• Latest
  • Trending
Unemployment rate expected to reach 4% in 2023 - Fitch Solutions

Unemployment rate expected to reach 4% in 2023 – Fitch Solutions

September 11, 2023
Vanderpuye criticises Minority for petitioning Police instead of Electoral Commission

Vanderpuye criticizes Minority for petitioning Police instead of Electoral Commission

June 5, 2025
Zambia's former president Edgar Lungu dies aged 68

Zambia’s former president Edgar Lungu dies aged 68

June 5, 2025
Inside ASANA Bar and Kitchen – Accra's New Elite Asian- Fusion Restaurant

Inside ASANA Bar and Kitchen – Accra’s New Elite Asian- Fusion Restaurant

June 5, 2025
World Bank to Uganda

World Bank to resume Uganda funding after halt over anti-LGBT law

June 5, 2025
Ghana bans importation of excavators in renewed fight against illegal mining

Ghana bans importation of excavators in renewed fight against illegal mining

June 5, 2025
Communication Minister to hold inaugural meeting with Parliamentary Select Committee on Information and Communications

Communication Minister to hold inaugural meeting with Parliamentary Select Committee on Information and Communications

June 5, 2025
NSA receives 5,000 layer birds to boost agribusiness under 'Nkokɔ Nketenkete' initiative

NSA receives 5,000 layer birds to boost agribusiness under ‘Nkokɔ Nketenkete’ initiative

June 5, 2025
Government to ban use of 'Takeaway' packs - Mahama announces

Government to ban use of ‘Takeaway’ packs – Mahama announces

June 5, 2025
NPP’s National Thank You Tour ends successfully — Dr. Bawumia expresses gratitude

NPP’s National Thank You Tour ends successfully — Dr. Bawumia expresses gratitude

June 5, 2025
Mahama approves GHS1 fuel levy to support energy sector

Mahama approves GHS1 fuel levy to support energy sector

June 5, 2025
Ghana Water Ltd to crackdown and prosecute offenders for illegal connections

Ghana Water Ltd to crackdown and prosecute offenders for illegal connections

June 5, 2025
We will increase Transport Fares by 20% If Government goes ahead with 1 Cedi Energy Sector Levy - Alliance Of Drivers

We will increase transport Fares by 20% if Government goes ahead with 1 Cedi Energy Sector Levy – Alliance Of Drivers

June 5, 2025
Happy Ghana
Advertisement
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home News

Unemployment rate expected to reach 4% in 2023 – Fitch Solutions

in News, Top Story
Unemployment rate expected to reach 4% in 2023 - Fitch Solutions

Unemployment rate expected to reach 4% in 2023 - Fitch Solutions

Share on FacebookShare on TwitterShare on Whatsapp

In a recent report, Fitch Solutions, a UK-based financial analysis firm, has predicted that the unemployment rate in 2023 is poised to inch up to 4.0%, a slight uptick from the 3.9% recorded in 2022. While this may seem like a marginal increase, it represents a continued trend of rising unemployment since 2017.

One of the factors contributing to this uptick is the reduced size of the labour force in the country, with the average life expectancy currently standing at around 64.3 years. This low life expectancy is attributed to insufficient government spending on healthcare and the prevalence of water-borne diseases and chronic illnesses, including HIV/AIDS. These health challenges have limited the availability of workers in the labour market.

Another issue highlighted by Fitch Solutions is the shortage of highly skilled workers, forcing employers to seek talent from abroad to fill the gaps in the domestic workforce. This reliance on foreign labour has implications for the overall employment landscape.

The report also raises concerns about the high levels of household debt in the country, which pose a risk to the consumer outlook. High household debt not only limits the future availability of credit but also places stress on current disposable incomes. As interest rates increase, debt servicing costs rise, further impacting household budgets.

In recent years, central banks in most markets have raised interest rates at record speeds, reaching levels not seen in a decade. Fitch Solutions points out that these central banks show few signs of reversing this trend, suggesting that households will continue to face an environment of higher debt servicing costs for the foreseeable future.

Despite these challenges, Fitch Solutions does anticipate a potential silver lining. If unemployment remains at 4.0% and is accompanied by easing inflation, it could lead to a rise in real wages for many households, offering some relief to consumers.

However, the firm underscores the importance of addressing the root causes of rising unemployment, including healthcare investment and workforce development, to ensure a more stable and prosperous economic future.

Tags: Fitch SolutionsGhanahappy FMunemployment rate

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

IGP Dampare to appear before ‘leaked tape’ committee on Tuesday

Next Post

Deadly Nkwanta Bridge claims another life as residents demand urgent repairs

Next Post
Deadly Nkwanta Bridge claims another life as residents demand urgent repairs

Deadly Nkwanta Bridge claims another life as residents demand urgent repairs

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • Vanderpuye criticizes Minority for petitioning Police instead of Electoral Commission
  • Zambia’s former president Edgar Lungu dies aged 68
  • Inside ASANA Bar and Kitchen – Accra’s New Elite Asian- Fusion Restaurant
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.