On Monday, 27th March, 2023 this week, Citinewesroom published a story about the Chief Executive Officer of the Universal Merchant Bank (UMB), Nana Dwemoh Benneh, urging the graduates of the University of Ghana to take advantage of the benefits of digital tools to establish themselves as entrepreneurs.
Mr. Dwemoh Benneh made these comments at the 75th Congregation ceremony of the College of Education, where he was the Guest Speaker.
The ceremony saw the graduation of 11,711 students, drawn from the constituent schools of the college, namely School of Continuing and Distance Education, School of Information and Communication Studies, and the School of Education and Leadership.
The Chronicle will like to commend Nana Dwemoh Benneh for advising graduates to take advantage of the benefits of digital tools to distinguish themselves as entrepreneurs. The International Labour Organisation (ILO) report for 2021 put the unemployment rate among the youth in Ghana at 12%, with more than 50% underemployed.
Also, data from the Institute of Statistics, Social and Economic Research (ISSER) of the University of Ghana has revealed that only 10 per cent of graduates find jobs after their first year of completing school. This has greatly contributed to the ascendancy in graduate unemployment in the country.
The Government of Ghana is seeking an International Monetary Fund (IMF) bailout, and as part of the conditions, it has been reported that the Breton Woods Institution is demanding a freeze on all public sector employment, except under very critical conditions. This comes as Ghana seeks support from the international financial institution for its economic programme to recover from the shocks of COVID-19 and the recent Russia-Ukraine conflict.
These happenings, together with inflationary pressures and depreciation of the cedi, have compounded economic hardship in the country. Finding jobs in both the private and public spaces by the vast majority of graduates churned out from the various tertiary institutions would be difficult in this economic squeeze.
The Chronicle will, therefore, not advise any youth to sit down and wait for any white collar employment. They must take advantage of digital technologies that are driving new ways of producing and consuming goods and services. The youth must prepare for this fast-changing technological landscape. Digital technologies create e-entrepreneurship which is relevant to achieving inclusive economic growth.
The government should respond by creating policies and programs to better the needs of youth e-entrepreneurs. There are a lot of digital tools which one can use to start working as entrepreneurship. It is advisable that the youth also take part in such initiatives because with the use of these tools such as mobile phones, laptops, cameras and others you can start something on your own.
Also, there are a lot of digital platforms where you can learn new skills and add to our personal and working lives. With these skills, you can sit in the comfort of your homes and be working for organisations inside and outside the country. It is true things aren’t easy, but without giving it a try you will never know.
This is why The Chronicle supports the Chief Executive Officer of the Universal Merchant Bank (UMB), Nana Dwemoh Benneh, in urging graduates to take advantage of the benefits of digital tools to establish themselves as entrepreneurs.