In the much-anticipated 2024 budget statement, government has set a bold target of creating a minimum of 1 million jobs for the country’s youth in the near term.
The plan encompasses various initiatives and partnerships aimed at fostering entrepreneurship, supporting small and medium-sized enterprises (SMEs), and driving industrialisation.
YouStart Initiative Takes Center Stage: Under the YouStart initiative launched in 2022, the government aims to nurture young entrepreneurs and cultivate an entrepreneurial culture within the nation. A notable 23,695 beneficiaries have already completed entrepreneurial training, receiving essential support through start-up grants. In a significant commitment, the government is allocating GH¢200 million in 2024 to accelerate the YouStart program, with additional plans to secure $150 million in financing from the World Bank.
Public-Private Collaboration for Job Creation: the government is partnering with the private sector to establish a call centre that is projected to generate 20,000 local jobs, particularly for young graduates. This collaborative effort underscores the commitment to leveraging both public and private resources for sustainable employment opportunities.
SME Development and Industrialization: The Ghana Enterprises Agency (GEA) has played a pivotal role by providing training and business development services to over 140,562 enterprises, with a special focus on supporting 100,211 women-owned enterprises. The National Entrepreneurship and Innovation Programme (NEIP), a key component of YouStart, has already trained 2,000 beneficiaries. Implementation of the 1D1F (One District, One Factory) program is evident with 169 operational enterprises creating 169,870 jobs, and an additional 152 factories are currently under construction.
Financial Support and Industrial Projects: The Development Bank Ghana is set to increase lending to GH¢2 billion, with a keen focus on the private sector to spur job creation. Furthermore, the Ghana Integrated Aluminium Development Corporation, in collaboration with partners, is embarking on a bauxite mining project with the potential to create 5,000 jobs.
The 2024 budget places a strategic emphasis on supporting entrepreneurship, fostering SME development, increasing private-sector lending, and driving industrialization through initiatives like 1D1F.
The government’s ambitious goal of creating over 1 million youth jobs reflects a multi-faceted approach to harnessing the potential of the private sector for sustained economic growth.
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