Government, AfDB Seal US$71.25m Grant Agreement to Boost Women and Youth Employment
The Government of Ghana has strengthened its development partnership with the African Development Bank (AfDB) following the signing of a major grant agreement aimed at expanding opportunities for women and young people while deepening social cohesion across the country.
The accord, signed in Accra on Monday, marks the launch of the Ghana Women and Youth Employment and Social Cohesion (GWYESCO) Program, Ghana’s first Results-Based Financing (RBF) operation supported by the AfDB. The Bank’s Board of Directors has approved a total of US$71.25 million in grants for the initiative.
At the signing ceremony, Minister for Finance, Dr Cassiel Ato Forson, reaffirmed government’s commitment to working closely with the AfDB as it pursues its broader transformation agenda. He described the new program as a critical intervention designed to address some of the most persistent structural challenges facing women and young people.
“With the support of the African Development Bank, GWYESCO will train young people, empower women entrepreneurs, expand financing opportunities, strengthen micro, small and medium enterprises (MSMEs), and build the capacity of key institutions to advance inclusive development,” he said.
Dr Forson explained that although women and youth constitute the “backbone of Ghana’s creative and productive potential,” many continue to face high unemployment, limited access to finance, and inadequate skills. He added that the program would also help build resilience in communities vulnerable to climate-related shocks and security risks.
GWYESCO is expected to serve as a flagship program supporting long-term national development by improving economic resilience, expanding livelihoods, and reinforcing social stability, especially in underserved and at-risk communities. It will support job creation, entrepreneurship development, access to finance, and targeted skills training.
A key element of the program is its Results-Based Financing structure, which links fund disbursement to measurable outcomes rather than traditional input spending. This approach is projected to enhance transparency, efficiency, and accountability in public investment while strengthening national delivery systems. Expected outcomes include increased employment, rising household incomes, broader enterprise opportunities, and improved community resilience.
AfDB Country Director, Fasika Eyerusalem, commended the government for its leadership and professionalism throughout the design and negotiation process. She reaffirmed the Bank’s commitment to offering sustained technical and strategic support “to ensure that the program not only meets but surpasses its intended objectives and delivers broad-based development impact.”
The ceremony drew attendance from officials of the Ministry of Finance, representatives of the AfDB, and the Social Investment Fund.
