A study conducted by the Partnership for African Social and Governance Research (PASGR) in Ghana has highlighted limited financial resources and a lack of social and political connections as significant obstacles for the country's youth in achieving their economic goals.

The research which was named "Economic Aspirations of Ghanaian Youth: Implications for Youth Employment Policies and Programmes in the Post-COVID-19 Era," was carried out from March 2021 to December 2023 and was replicated in Kenya, Senegal, Ethiopia, Uganda, and Nigeria to ascertain the aspirations, resilience, and strategies of African youth amid challenging circumstances such as policy limitations and the Covid-19 pandemic.

The study identified three primary economic aspirations among Ghanaian and African youth: the desire to establish their own businesses, pursue a combination of formal employment and entrepreneurship and accumulate wealth.

Of the 1,639 young men and women surveyed nationwide, a majority expressed interest in venturing into business ownership (60.2%), reflecting disillusionment with limited job opportunities in both the public and private sectors after completing their education.

Gender disparities were observed in preferred business sectors, with young men gravitating towards agriculture-related ventures and trade, while young women showed interest in traditionally female-dominated fields like beauty services and household trade.

Additionally, approximately 25.7% of respondents expressed a desire to blend formal employment with entrepreneurial pursuits, citing the attractiveness of well-paid and prestigious professions such as computer science, engineering, and medicine.

Wealth accumulation emerged as another key aspiration among Ghanaian youth, driven not solely by personal ambitions but also by a desire to support their families.

However, the study identified significant barriers hindering youth economic aspirations, notably a lack of financial capital and political and social connections.

The majority of participants highlighted the absence of starting capital as a major challenge, emphasising the critical role of financial resources in realizing entrepreneurial dreams.

Furthermore, many respondents underscored the importance of political and social networks in accessing employment opportunities and government support programs for entrepreneurs.

Speaking at the event, the Mastercard Foundation's Country Director, Rica Rwigamba, believed the outcome of the research would help her outfit understand the youth's aspirations and needs to tailor their support to meet them where they are.

"This study shows that young people have multifaceted aspirations that we need to consider in our work to enable young women and men access dignified and fulfilling work," she said.

The African Youth Resilience and Aspirations Project Coordinator, Joel Otieno, emphasised the significance of the research for informing policymakers and youth empowerment organizations.

He stressed the need for tailored solutions to address the challenges facing African youth, including fostering entrepreneurship, facilitating access to financial resources, and providing mentorship opportunities.

"It is how can we then create enough opportunities or provide enough incentives for young people to own their own businesses and ventures. In a way of improving their livelihoods and well-being and this is important as a policy recommendation.

"Other policy recommendations are to find opportunities for supporting young people financially in accessing financial capital, building their own opportunities in terms of how the business environment is favoring them and also other avenues in which young people can be supported and mentored,” he said.