Finance Minister, Ken Ofori-Atta has announced plans by government to ensure employment for the youth through its ‘One Million Job Initiative’.
Speaking at the Mid-Year Budget Review, he said that despite the “generally strong” performance of the economy, the issue of unemployment and jobs for the youth, who constitute close to 71% of the population, persist.
Thus, the government plans to ease the constraints of the private sector to enable the sector to expand and provide jobs for the youth, Mr Ofori-Atta told Parliament on Thursday, July 29.
“Recognizing that more needs to be done, Government is today announcing a “One Million Jobs Initiative” to aggressively respond to the need of the country. This is to promote growth in SMEs, support new ventures, and stimulate innovation and start-ups,” he said.
The Finance Minister stated that there have been key obstacles that stands in the way of the private sectors’ growth and ability to absorb jobs.
Citing a recent survey, he indicated that about 50% of local employers report misalignment of or inadequacy of skills in the market.
The survey, he added, also reported that at least 50% of new tertiary institution entrants are enrolling in programmes in sectors with no or little growth in the labour market.
In response to this, the Finance Minister said that the government is working to strengthen the links between education and job market stakeholders.
“We are also revitalizing the skills development initiatives under Ghana Enterprises Agency, NEIP, YEA and COTVET. We are also feverishly working on a scheme that enables the private sector to train new recruits/entrants at a subsidized rate by the Government.”
Mr Ofori Atta added that government intends to build an entrepreneurial nation that aims to empower the youth to be at ease and venture into businesses.
“The clean-up of the financial sector and the invigoration of the entrepreneurial eco-system is expected to help remove the binding constraints of financing and market linkage for our daring youth. Our focus will remain on establishing a strong value system for entrepreneurship to flourish,” he added.
- There’s no space for 499 students at Ghana Law School – Akufo-Addo
- We don’t pay our taxes to Aflao Chief – Ablakwa tells Akufo-Addo
- Medikal reportedly arrested for brandishing a gun
- Henry Quartey initially didn’t want to be Greater Accra Regional Minister – Akufo-Addo
- 2 police officers die in high-speed chase; 3 others injured
- Prof Kwadwo Appiagyei-Atua: Intrusion of national security details on campus a violation of academic freedom and democracy
- Ghana would’ve been buried if Covid-19 broke out under NDC’s tenure – Akufo-Addo
- Medikal to appear in court for brandishing gun amid #FreeShattaWale campaign
- Akufo-Addo must apologise to Aflao Chief – Ketu South MP
- World Cup Qualifiers: Ethiopia to host Ghana in Johannesburg
Ghana’s education must meet dictates of fourth revolution – Minister
Medikal remanded in prison custody for 5 days
Ban on ‘aboboyaa’ on Accra highways to take effect from Nov. 1 – Henry Quartey
Insurance industry stakeholders declare August as blood donation month
Zeroing of Price Stabilisation and Recovery Levies to begin in November – NPA
Education Ministry Audit unit lauded for its good financial management practices
STC struggling to cope with increasing cost of fuel – Nana Akomea
We can build Ghana through industrialisation – Lands Minister
UG SRC elections head into run-off as some candidates drop from race
Lackadaisical attitude of Ghana’s exhibitors at Expo 2021 Dubai blocking investments – Patrons
GTP, B5 Plus support Olympic Committee
Dr Mrs Foriwah Obeng Adjei
Dr Daniel Nkrumah: Sodom, Gomorrah and LGBTQI+ rights
Asantehene suggests creation of monitoring team to ensure judicious use of stool lands revenue
Narcotics Commission seizes about 5000kg of suspected cannabis worth ¢6.84m