The fairly decent growth performance that made Ghana the model of economic reform in sub-Saharan Africa has been somewhat dented by the increasing rate of unemployment and underemployment. Policies narrowly focused on achieving macroeconomic stability and accelerated growth without adequate employment consideration. Growth appears to have emanated from mining. Sectors with high labour absorption rate such as manufacturing, tourism, agriculture and exports have not attracted the necessary investment to enhance growth and employment performance. The Ghanaian economy therefore requires a thorough review of the current national development policies to generate growth that would promote job creation and improve incomes for the realisation of its poverty reduction goals. For employment-friendly growth to be realised, various initiatives are suggested.