Ghana: Parliament approves USD 200 million for Jobs and Skills Project

Parliament of Ghana has approved a USD 200 million financing agreement between the Government of Ghana and the International Development Association (IDA) to finance the Ghana Jobs and Skills Project (GJSP), according to a news report by News Ghana.

The project, which is being financed with a credit from the IDA would be implemented over a six-year period and is expected to close on 30th June 2026.

The terms and conditions of the credit facility include the loan amount of USD 200 million, the Repayment period of 25 years, a grace period of five years, the maturity period of 30 years, and an interest charge of 1.35 percent per annum.

There is a commitment charge of 0.5 percent per annum, a Service charge of 1.29 percent per annum, and a concessional rate of 26.22 percent.

Dr. Mark Assibey-Yeboah, Chairman of the Finance Committee, presenting the committee’s report, observed that the objective of the project was to facilitate the socio-economic development of the country through improved support for skills development and job creation across the country.

He said that the project was structured into five components such as the provision of apprenticeship training for jobs, provision of entrepreneurship and micro and small enterprise support for jobs, youth employment and skills development programs, project management support for enhanced skills, and job impact, and contingent emergency and response.

Dr. Assibey-Yeboah also observed that through the apprenticeship and entrepreneurship skills development, coupled with grants to individuals, micro and small enterprises envisaged under the project are expected to create more decent jobs through firm growth and the establishment of new businesses.

He said an estimated number of 25,000 individuals would receive apprenticeship training under a standardized, quality-assured system under component one.

He said out of this number, about 70 percent are expected to have jobs six months after the completion of training, amounting to a minimum of 17,500 jobs.

He said a minimum number of 50,000 individuals are expected to receive entrepreneurship training under subcomponent two of the program.