The World Bank Group has raised concerns over a potential widening employment gap as an estimated 1.2 billion young people are expected to enter labour markets across developing countries within the next decade.

Paschal Donohoe, Managing Director and Chief Knowledge Officer of the institution, cautioned that many of these young entrants may lack the skills required by employers, largely due to a growing disconnect between education systems and rapidly evolving labour market demands.

Speaking at the Vice Chancellor’s Occasional Lecture Series at the University of Ghana on Monday, March 16, he described the situation as a pressing global challenge. He noted that the issue extends beyond job availability to concerns about productivity and income levels, particularly for young people already engaged in work but struggling to advance economically.

He further observed that the nature of jobs is changing quickly, with roles expected to evolve significantly over the next decade. According to him, skills that were once adequate are becoming increasingly outdated, underscoring the need for continuous adaptation.

Paschal Donohoe indicated that the World Bank Group is focusing its development agenda on improving education and skills training, promoting job creation, and supporting entrepreneurship. He explained that current efforts aim to strengthen foundational learning, better align higher education with labour market needs, and expand opportunities for young people to access meaningful employment.

He added that equipping individuals with relevant skills and opportunities remains essential to enabling them to reach their full potential in a changing global economy.

Fuel prices in Ghana are expected to rise sharply beginning March 16, 2026, according to the latest pricing outlook released by the Chamber of Oil Marketing Companies (COMAC).

The report, which guides pricing decisions for oil marketing companies and was sighted by JoyBusiness, projects significant increases across major petroleum products. Petrol is expected to rise by 16.93 percent, while diesel could increase by 17.21 percent. Liquefied Petroleum Gas (LPG) is also projected to go up by 11.26 percent.

If the projections hold, the price of petrol could reach about GH¢14.32 per litre, while diesel may sell at approximately GH¢16.10 per litre at the pump.

Fourth Increase Since January

This will mark the fourth projected fuel price increase since January 2026. However, it is expected to be the steepest increase recorded this year for petroleum products.

Global Factors Driving the Increase

COMAC attributes the anticipated price surge mainly to rising global crude oil prices. The increase has been influenced by escalating geopolitical tensions in the Middle East and disruptions along the strategic oil shipping corridor known as the Strait of Hormuz.

The supply disruptions have pushed international petroleum prices upward. According to the report, diesel prices on the international market rose by about 43 percent, LPG increased by 23.96 percent, and petrol climbed by 19.41 percent.

Crude oil prices also recorded a sharp jump in mid March, rising from 71.41 dollars per barrel to 86.55 dollars per barrel.

Oil Marketing Companies Yet to Announce Final Prices

Some Oil Marketing Companies (OMCs) have indicated to JoyBusiness that they are likely to adjust their pump prices within the projected margins once the new pricing window takes effect.

Market watchers are particularly waiting to see the pricing decisions of the country’s two largest players, Star Oil and GOIL, whose price adjustments often influence the rest of the market.

Ghana currently has more than 200 licensed Oil Marketing Companies.

New Minimum Price Floors Announced

Meanwhile, the National Petroleum Authority (NPA) has announced new minimum price floors for petroleum products for the second pricing window of March, covering March 16 to March 31.

Under the revised benchmarks:

Petrol price floor has increased from GH¢10.46 to GH¢11.57 per litre

Diesel price floor has risen from GH¢11.42 to GH¢14.35 per litre

LPG price floor has moved up from GH¢9.38 to GH¢10.67 per kilogram

The NPA has directed all Oil Marketing Companies and LPG Marketing Companies to comply strictly with the new price thresholds.

According to the regulator, the approved price floors exclude premiums charged by International Oil Trading Companies as well as margins for Bulk Import, Distribution and Export Companies, marketers, and dealers. These costs will be determined independently by the companies in line with the Petroleum Products Pricing Guidelines.

With the new benchmarks in place, no oil marketing company will be allowed to sell petrol or diesel below the approved price floors during the pricing window.

The revised figures also provide an indication of expected pump prices across the country when the new fuel pricing regime takes effect on March 16.

President John Dramani Mahama has been awarded an Honorary Doctor of Philosophy (PhD) in Public Administration by Yonsei University in South Korea, in recognition of his leadership and contributions to Ghana’s national development and global engagement.

The honorary degree was conferred during a ceremony at the prestigious Seoul-based institution, where Mahama delivered a keynote address highlighting the deepening ties between Ghana and the Republic of Korea.

In his remarks, President Mahama described the honour as a symbolic bridge connecting two nations, two continents and two peoples committed to building a better future.

He praised Yonsei University for its global reputation in education and innovation, noting that for more than 140 years the university has nurtured leaders and advanced knowledge in fields such as medicine, engineering, artificial intelligence, biotechnology and renewable energy.

Mahama said the university’s motto, “Truth Will Set You Free,” strongly resonated with his personal beliefs and Ghana’s educational philosophy.

The President reflected on his own formative years at the University of Ghana, recalling how the motto of Commonwealth Hall – “Truth Stands” – inspired him to pursue a life of public service.

Mahama also highlighted the shared historical journeys of Ghana and South Korea. Both nations, he noted, were shaping their national identities in 1957, when Ghana gained independence from colonial rule and Korea began promoting its culture internationally following the Korean War.

While acknowledging that the two countries have followed different development paths since then, he emphasized that commitments to excellence and truth have defined their progress.

Mahama praised South Korea’s transformation into a global economic powerhouse driven by education, technology and innovation, pointing to internationally recognized brands such as Samsung, Hyundai, Kia and LG.

He also celebrated Ghana’s global cultural influence through its kente cloth, cocoa, shea butter, music genres like highlife and Afrobeats, and the internationally loved Ghanaian jollof rice.

Looking ahead, the President underscored the importance of stronger Africa–Asia cooperation, particularly as Africa’s population and youth demographic continue to grow.

According to Mahama, by 2050 Africa will account for about a quarter of the world’s population, with one-third of the global youth population coming from the continent.

He said this young and dynamic population represents a major opportunity for innovation, entrepreneurship and economic growth.

Mahama encouraged greater collaboration between Korea and Africa in sectors such as education, agro-processing, pharmaceuticals, technology, renewable energy and advanced manufacturing.

He also welcomed Yonsei University’s involvement in supporting the transformation of Bonso Agricultural College into a campus of the University of Environment and Sustainable Development in Ghana.

Describing the Ghana–Korea relationship as one built on mutual respect and partnership, Mahama stressed that Africa and Asia must work together to shape a more equitable and multipolar global order.

“My vision for Ghana is to prove that democracy works and to build a prosperous, self-reliant nation where innovation drives economic growth and young people become job creators,” he said.

Mahama concluded by thanking the Korean government, Yonsei University and the Korean people for the warm hospitality extended to him and his delegation.

Accepting the honorary doctorate on behalf of the people of Ghana, he said the recognition reflects the deep friendship and growing cooperation between Ghana and South Korea.