Ghana’s businesses nearly triple in a decade, but formal firms remain at 7.7% – GSS

Ghana’s business population has grown substantially over the past decade, yet the expansion has not translated into a corresponding increase in employment, with just 7.7% of businesses operating formally, Government Statistician Dr Alhassan Iddrisu has revealed.

Speaking at the launch of the inaugural Ghana in Numbers 2025 publication in Accra, Dr Iddrisu said the data exposed continuing weaknesses in business formalisation and the ability of enterprises to generate jobs.

The report indicates that Ghana had 2.64 million businesses in 2024, with micro enterprises making up 9 in 10 establishments. Only 7.7% of the businesses were classified as formal.

“Establishments nearly tripled between 2014 and 2024, while the people working in them doubled,” Dr Iddrisu said.

He explained that the figures point to a gap between business growth and job creation, as the number of establishments has increased at a faster rate than the workforce they employ.

Although Ghana’s unemployment rate fell from 14.6% in 2023 to 12.8% in 2025, the Government Statistician noted that more than 70% of jobs remained within the informal economy.

The findings, he said, underscore the need for interventions that encourage businesses to formalise their operations while creating more sustainable and quality employment opportunities.

Informal cross-border trade reaches GH¢38.4bn

The publication has also brought attention to the value of informal trade across Ghana’s borders, much of which has traditionally been excluded from official trade statistics.

Dr Iddrisu disclosed that Ghana’s first survey of informal cross-border trade estimated the value of goods traded informally with Togo, Burkina Faso and Côte d’Ivoire at GH¢38.4 billion.

He said the amount was equivalent to 1.4 times the trade flows previously recorded with the 3 neighbouring countries, highlighting the scale of commercial activity that had not been adequately reflected in official data.

Meanwhile, Ghana registered a goods trade surplus of GH¢148.3 billion in 2025, as the value of exports exceeded imports.

Ghana in Numbers aims to improve evidence-based policymaking

The Ghana in Numbers 2025 publication consolidates data on business activity, population, social development, governance, the environment and the Sustainable Development Goals into a single resource.

According to Dr Iddrisu, the initiative is intended to establish a shared and reliable statistical foundation for policymakers, businesses and other stakeholders to support informed decisions.

“When we have our cabinets, parliaments, boardrooms, and newsrooms working from the same figures, the debate moves from whose figures are right to what do we do about them,” he said.

The publication is accompanied by an online portal offering district-level statistics, interactive maps and downloadable data to make the information more accessible to users.

Dr Iddrisu said the broader aim was to ensure that statistical information informs practical decisions and contributes to measurable development outcomes.

“A statistic changes nothing until someone acts on it,” he said.