Home » Ghana Invests Billions to Boost Private Sector and Job Creation

Ghana Invests Billions to Boost Private Sector and Job Creation

by Victor Adetimilehin

Ghana’s government has announced a series of measures to support the private sector and create more jobs, amid the challenges posed by the Covid-19 pandemic. The Finance Minister, Ken Ofori-Atta, presented the 2024 budget in parliament on Wednesday, highlighting the achievements and plans of the administration.

According to Ofori-Atta, the government has invested GH¢32.7 billion ($5.6 billion) in the past seven years to promote and support the growth of businesses in the country. This includes GH¢25.3 billion ($4.3 billion) to restructure the financial sector and enhance its ability to assist business operations, GH¢2.4 billion ($410 million) to provide workplace experience and employment for 100,000 young graduates through the NABCO program, and GH¢7.1 billion ($1.2 billion) to build road and transport infrastructure to improve connectivity and productivity.

The government has also invested GH¢541.5 million ($92.5 million) in 169 enterprises under the One District One Factory (1D1F) initiative, which aims to scale-up value addition and provide 140,000 additional jobs. Moreover, the government has created over 2.3 million jobs in the private and public sectors, with approximately 900,000 in the private sector and 1.4 million in the public sector.

The budget also outlined the government’s priorities for 2024, such as increasing revenue mobilization, reducing public debt, enhancing social protection, accelerating industrialization, promoting digitalization, and implementing the Ghana CARES program, which is a GH¢100 billion ($17.1 billion) stimulus package to revitalize the economy after the pandemic.

The budget was well received by some business associations and analysts, who praised the government’s efforts to support the private sector and create jobs. However, some opposition parties and civil society groups criticized the budget for imposing new taxes, increasing public expenditure, and failing to address the root causes of the economic challenges.

The government is projecting the value of Ghana’s economy at over GH¢1 trillion ($171 billion) in 2024, with a pledge to protect “at all costs the foundation for sustained economic expansion, achieved through the sweat and patience of the Ghanaian people.” The government is also optimistic that the private sector will play a key role in achieving the vision of Ghana Beyond Aid, which is a long-term development strategy that seeks to transform the country into a prosperous and self-reliant nation.

Source: [Ghana Web]

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