The total number of private sector Social Security and National Insurance Trust (SSNIT) contributors improved by 2.7 percent to 1,007,341 in May 2024, compared with 980,808 for the same period in 2023, the Bank of Ghana’s Monetary Policy Report – July 2024, has said.
Cumulatively, the report said, for the first five months of 2024, the total number of private sector contributors increased by 4.8 percent to 5,063,676, from 4,829,487 recorded over the corresponding period in 2023.
Regarding advertised jobs, the report said the number of jobs advertised in selected print and online media, which partially gauges labour demand in the economy, remained largely unchanged in June 2024 relative to what was observed in the corresponding period a year ago. In total, 2,968 job adverts were recorded as compared with 2,993 for the same period in 2023.
“Cumulatively, for the first half of 2024, the total number of advertised jobs went up by 2.4 percent to 17,278, from 16,866 recorded during the same period in 2023,” it said.
The report further stated that industrial consumption of electricity declined marginally by 1.2 percent in May 2024 to 295.71 gigawatts, as against 299.23 gigawatts recorded for the corresponding period in 2023.
In cumulative terms, the report said, electricity consumed by industries for the first five months of 2024 decreased by 7 percent to 1,399.80 gigawatts, from 1,505.47 gigawatts for the corresponding period a year ago.
With manufacturing activities the report said that activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), improved in May 2024.
Total direct taxes increased by 43.7 percent (year-on-year) to GH¢4.11 billion in May 2024, relative to GH¢2.86 billion recorded in May 2023, it said.
Cumulatively, the report added, total direct taxes collected for the first five months of 2024 went up by 31.6 percent to GH¢22.19 billion, compared to ¢16.86 billion recorded in the first five months of 2023. In terms of contributions of the various sub-tax categories, income tax (PAYE and self-employed) accounted for 48.8 percent, corporate tax accounted for 38.4 percent, while “other tax sources” contributed 12.8 percent.
“Total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 39.6 percent in yearon-year terms to GH¢470.92 million in May 2024, relative to GH¢337.23 million collected during the corresponding period in 2023. Cumulatively, for the first five months of 2024, the contribution grew by 28.8 percent to GH¢1.97 billion, relative to GH¢1.53 billion recorded in the same period in 2023,” the report said.
Activity in the construction sub-sector, propelled by the volume of cement sales, increased by 10.6 percent (year-onyear) to 235,050.55 tonnes in May 2024, up from 212,584.38 tonnes recorded a year ago. On a month-on-month basis, total cement sales increased by 13.2 percent in May 2024 compared with the 207,691.74 tonnes recorded in April 2024.
However, for the first five months of 2024, sales declined marginally by 2.3 percent to 1,132,654.32 tonnes, from 1,158,854.69 tonnes for the same period of 2023. The relative improvement in total cement sales, year-on-year, was due to an uptick in construction activities during the review period.
With vehicle registration, the report said that transport sector activities, gauged by new vehicle registrations by the Driver and Vehicle Licensing Authority (DVLA), increased year-on-year by 36.1 percent to 16,220 in May 2024. Cumulatively, the number of vehicles registered by the DVLA within the first five months of 2024 increased by 10.2 percent to 83,878, from 76,115 recorded a year ago.
“Passenger arrivals improved by 12.7 percent in year-on-year terms to 98,205 in May 2024, up from 87,156 arrivals recorded a year ago. Compared to April 2024, passenger arrivals went up by 8.1 percent. For the first five months of 2024, there were 497,048 arrivals recorded at the international airports and the land borders, compared with 419,206 for the corresponding period in 2023, representing a growth of 18.6 percent.
“International trade at the country’s two main harbours (Tema and Takoradi), as measured by laden container traffic for inbound and outbound containers, improved during the period under review. Total container traffic increased by 9.4 percent, year-on-year, to 59,639 in May 2024, up from 54,538 in May 2023. In cumulative terms, total container traffic for the first five months of 2024 went up by 14.2 percent to 284,745.”
