Leveraging technology and digitalisation to combat unemployment

In a period of unprecedented technological advancement, harnessing the power of technology and digitalisation presents a promising solution to one of the most pressing challenges facing economies worldwide: unemployment.

Ghana, like many other nations, grapples with the scourge of joblessness, but amidst the gloom, there shines a beacon of hope – the rapidly growing FinTech and mobile money sector.

The recently published FinTech Sector Report for 2023 by the Bank of Ghana reveals a remarkable growth trajectory in the mobile money industry.

With a staggering 21 percent increase in the total number of active mobile money agents, reaching 608,000 in 2023, this sector has emerged as a significant source of employment.

What is more, this constitutes approximately 88 percent of the total number of employees on the government’s payroll, underscoring its pivotal role in job creation.

The reality is that there is not much room to maneuver in the public sector; a point well highlighted by former finance Minister, Ken Ofori-Atta.

Looking at what has happened in countries like India and with the unemployment figure at 14.7 percent well into 2023, the handwriting is on the wall as to what should be done to address the issue.

Technology has unleashed a wave of job opportunities. From software developers to digital marketers, data analysts to e-commerce specialists, the demand for skilled professionals in these fields is soaring.

However, the transformative potential of technology and digitalisation cannot be fully realised in a haphazard fashion.

It can only be achieved by a concerted effort by all stakeholders – government, private sector, and civil society.

The Paper is of the view that policymakers must enact supportive regulations and invest in digital infrastructure to foster innovation and entrepreneurship.

The private sector must embrace digital transformation and invest in upskilling their workforce to thrive in the digital economy. Civil society plays a crucial role in advocating for inclusive policies that ensure no one is left behind in the digital age.

The time for action is now. Let us join hands and harness the transformative power of technology to create a future where unemployment is but a distant memory, and prosperity is within reach for all.

Together, we can turn the tide against unemployment and build a brighter, more inclusive future for Ghana.