The Finance and Economy Planning Minister Ken Ofori-Atta, made the announcement when he moved for the House to approve a motion on the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for the 2021 Financial Year.
The Minister said the “One Million Jobs Initiative” “is to promote growth in SMEs, support new ventures, and stimulate innovation and start-ups.”
The move for the motion for Parliament to adopt the Mid-Year Fiscal Policy Review is in fulfilment of section 28 of the Public Financial Management Act, 2016 (Act 921), under which the Minister for Finance is expected to present the Mid-year Review to Parliament not later than 31st July of each financial year.
The presentation is done on the authority of the sitting President, Nana Addo Dankwa Akufo-Addo.
Mr Ofori-Atta said a “Youth banc”, with the aim of financing youth-led start-up businesses across the country would be set up under the Enterprise and Youth Support Fund.
The Enterprise and Youth Support Fund (EYSF) aligns with Government’s overall strategy of developing a competitive and viable private sector economy.
The EYSF will be managed by the Venture Capital Trust Fund (VCTF), which, the Minister said is being revamped to be better positioned to carry out the designated activities as a Fund Manager.
It is estimated that over 100,000 jobs will be created by the EYSF.
As part of the “One Million Jobs Initiative,” an online investment hub will be established for youth across the country to access information for the purpose of establishing businesses. Under this initiative, it is estimated that over 100,000 jobs will be created.
The Minister said the Government is also pursuing the “Obaatanpa” Youth
Entrepreneurship Drive, Ghana Skills and Enterprise Development Project,
Student Entrepreneurship Initiative, the Youth in Community Improvement Module, and the Alternative Employment and Livelihood programmes as direct interventions in targeted sectors to help Ghanaian youth live decent lives and contribute to nation building.
“Mr Speaker, these interventions are clearly designed to bring us closer to confronting the jobs and employment challenges of our youth,” the Minister said.
He gave an assurance that to ensure that resources are dedicated to the programmes, the Ministry of Finance and all participating institutions will, next month, sign an implementation Compact on youth employment which will tie the release of resources to the delivery of results.
In relation to job creation for women, the Minister announced a package for women under which “Government is activating a policy to have 20% of procurement awarded to women.
“Women would also be supported with specific capacity building programmes,” the Minister said.