a. An unemployed person is someone who is willing and able to work but cannot find a job at the prevailing wage rate. In Ghana, this includes graduates actively seeking employment, impacting banks’ consumer lending as high unemployment raises default risks per BoG’s credit directives.

b. Four types of unemployment in Ghana include:

• Structural unemployment: Due to skills mismatch, e.g., shift from agriculture to services post-DDEP recovery.
• Frictional unemployment: Temporary, as workers transition jobs, common in urban areas like Accra.
• Seasonal unemployment: Affecting farmers during off-seasons in northern Ghana.
• Cyclical unemployment: Linked to economic downturns, exacerbated by the 2017-2019 banking cleanup leading to job losses in finance.

c. Four aims of national minimum wage rate include:

• Reducing poverty: Ensuring workers earn enough for basic needs, supporting financial inclusion via bank accounts.
• Promoting equity: Narrowing income gaps, as per Ghana’s Labour Act, aiding stable consumer borrowing.
• Stimulating economic growth: By increasing spending power, boosting demand for bank-financed goods.
• Protecting vulnerable workers: From exploitation, aligning with BoG’s ethical banking practices in post-2024 recovery.