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Mid-Year Budget Review: Job creation tops public expectations - GhanaWeb Business poll

Job Creation Tops Public Expectations in GhanaWeb Business Poll Ahead of Mid-Year Budget Review

In a revealing snapshot of public sentiment, a recent poll conducted by GhanaWeb Business has highlighted the pressing priorities of Ghanaians as the nation anticipates the upcoming Mid-Year Budget Review. The survey, which garnered significant participation from across the country, underscores a collective yearning for economic policies that directly address unemployment and foster sustainable job opportunities. With the Finance Minister set to present the review in Parliament, the poll's findings serve as a crucial barometer of what ordinary citizens hope to see from the government's fiscal adjustments.

At the heart of the poll's results is the overwhelming emphasis on job creation. A substantial majority of respondents—precisely 42%—identified the generation of employment as their top expectation from the Mid-Year Budget Review. This figure reflects the deep-seated concerns over Ghana's unemployment rates, particularly among the youth, who form a significant portion of the population. Ghana's economy, while showing signs of recovery post the COVID-19 pandemic and amid global economic turbulence, continues to grapple with high youth unemployment, estimated by various reports to hover around 13-15% in recent years. The poll participants, drawn from diverse demographics including urban professionals, rural workers, and students, expressed frustration over the lack of sufficient job opportunities in key sectors such as agriculture, manufacturing, and technology.

The Mid-Year Budget Review, a statutory requirement under Ghana's Public Financial Management Act, provides the government with an opportunity to revise the annual budget based on mid-year economic performance. It typically includes updates on revenue projections, expenditure adjustments, and policy measures to address emerging challenges. In this context, the poll's focus on job creation aligns with broader economic narratives in Ghana, where structural issues like skills mismatches, inadequate infrastructure, and limited access to credit have hindered job growth. Respondents likely envision targeted interventions such as incentives for private sector hiring, vocational training programs, and investments in labor-intensive industries to bridge these gaps.

Beyond job creation, the poll revealed a multifaceted set of public expectations, painting a picture of a populace eager for holistic economic relief. Coming in a close second was the call for measures to control inflation, with 28% of participants prioritizing this issue. Inflation has been a persistent thorn in Ghana's side, driven by factors like rising food prices, fuel costs, and currency depreciation. The Ghana Statistical Service has reported inflation rates fluctuating between 20-30% in recent months, eroding purchasing power and exacerbating poverty levels. Poll takers expressed hopes that the budget review would introduce stabilizing policies, such as subsidies on essential commodities or tighter monetary controls, to curb this inflationary spiral.

Debt management emerged as another critical concern, capturing 15% of the responses. Ghana's public debt has ballooned in recent years, reaching levels that prompted the country to seek assistance from the International Monetary Fund (IMF) through an Extended Credit Facility program. The poll reflects public anxiety over the sustainability of this debt, with fears that high interest payments could crowd out funding for social services and infrastructure. Expectations here include strategies for debt restructuring, improved revenue mobilization through efficient tax collection, and prudent borrowing practices to ensure long-term fiscal health.

Interestingly, the poll also shed light on sector-specific aspirations. About 10% of respondents highlighted the need for support in agriculture and food security, a nod to Ghana's agrarian roots and the vulnerabilities exposed by global supply chain disruptions. With agriculture employing over 40% of the workforce, calls for subsidies on fertilizers, irrigation projects, and market access improvements were prominent. Similarly, 5% focused on infrastructure development, envisioning investments in roads, energy, and digital connectivity to spur economic activity and create indirect employment.

The GhanaWeb Business poll was conducted online over a period of several days, allowing for broad participation and real-time feedback. While not a scientific survey, its results offer valuable insights into public mood, especially in a digital age where social media amplifies economic grievances. Analysts interpret these findings as a mandate for the government to pivot towards people-centered policies. Dr. Kwame Asante, an economist at the University of Ghana, commented in related discussions that "the emphasis on jobs signals a shift from macroeconomic stability alone to inclusive growth. The Mid-Year Review must balance fiscal prudence with tangible benefits for the average Ghanaian."

This poll comes at a pivotal time for Ghana's economy. The country has been navigating a complex landscape marked by the aftermath of the pandemic, geopolitical tensions affecting commodity prices, and domestic challenges like illegal mining's environmental impact. The government's recent efforts, including the implementation of the IMF-backed program, have focused on restoring macroeconomic stability, but public sentiment suggests that these measures must translate into everyday improvements. For instance, initiatives like the One District, One Factory program, aimed at industrial decentralization, have been lauded but criticized for slow implementation. Respondents in the poll implicitly call for acceleration of such programs to deliver on job promises.

Moreover, the poll's outcomes resonate with global trends where post-pandemic recoveries prioritize employment. In Africa, nations like Kenya and Nigeria have similarly seen public demands for job-focused budgets amid youth bulges and urban migration. In Ghana, this is compounded by a growing informal sector, where many workers lack social protections. The Mid-Year Budget Review could potentially allocate resources to formalize these jobs, perhaps through tax incentives for small and medium enterprises (SMEs) or partnerships with international organizations for skills development.

Gender dynamics also subtly emerge in the poll's undertones. Women, who often bear the brunt of economic hardships, might be advocating for job creation in sectors like retail and services, where female participation is high. Youth respondents, a demographic powerhouse in Ghana, are likely pushing for tech-driven jobs, aligning with the government's digital agenda. These nuances suggest that the budget review should incorporate inclusive strategies to avoid leaving vulnerable groups behind.

As the Finance Minister prepares to address Parliament, the pressure is on to deliver a review that not only meets fiscal targets but also rebuilds public trust. The poll indicates that while economic indicators like GDP growth (projected at around 3-4% for the year) are important, they must be accompanied by visible progress in employment. Failure to address these expectations could lead to disillusionment, especially with elections on the horizon in 2024.

In summary, the GhanaWeb Business poll encapsulates a nation at a crossroads, where job creation stands as the linchpin of public hopes. It urges policymakers to craft a Mid-Year Budget Review that is responsive, innovative, and equitable. By prioritizing employment alongside inflation control and debt management, the government has a chance to foster a more resilient economy. As Ghanaians await the details, the poll serves as a reminder that budgets are not just numbers—they are lifelines for millions striving for better opportunities.

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