The Government of Ghana has strengthened its development partnership with the African Development Bank (AfDB) following the signing of a major grant agreement to accelerate women and youth employment, entrepreneurship, and community resilience. The agreement, formalised in Accra on Monday, seals the commencement of the Ghana Women and Youth Employment and Social Cohesion (GWYESCO) Project; a flagship initiative expected to transform livelihoods in underserved communities nationwide.
The initiative represents Ghana’s first-ever Results-Based Financing (RBF) operation supported by the AfDB, marking a pivotal shift in how public investments are structured, measured, and delivered. The AfDB Board of Directors approved a total of US$71.25 million in grants to finance the programme, which forms part of government’s broader agenda of inclusive growth and long-term national transformation.
Speaking at the signing ceremony, Minister for Finance Dr Cassiel Ato Forson reaffirmed government’s commitment to deepening its collaboration with the Bank in order to strengthen social protection, stimulate job creation, and build more resilient local economies. He described women and young people as the “backbone of Ghana’s creative and productive energy”, yet repeatedly confronted by persistent structural barriers such as high unemployment, limited access to credit, and inadequate skills training.
“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,” Dr Forson stated. He further noted that the programme will reinforce national efforts to mitigate climate-related vulnerabilities and address security risks in affected communities.
GWYESCO is designed to advance Ghana’s long-term development priorities by promoting economic inclusion, expanding job opportunities, and improving social cohesion across the country. Its interventions will include entrepreneurship development, access to sustainable financing, skills enhancement, and strengthened community support systems. The programme places special focus on underserved groups, including women-led households, rural youth, and small-scale entrepreneurs who often struggle to secure the resources needed to scale their businesses.
A defining element of the initiative is its Results-Based Financing model, which requires measurable and verifiable outcomes before funds are disbursed. Officials say this approach enhances transparency and accountability, ensuring that every dollar is tied to clearly demonstrated progress. Expected outcomes include increased employment rates, higher household incomes, expanded business opportunities for women and young people, and improved community resilience.
AfDB Country Director, Fasika Eyerusalem, commended Ghana for the level of leadership, collaboration, and professionalism shown throughout the design and negotiation stages of the programme. She expressed the Bank’s continued commitment to providing technical and strategic support to ensure that GWYESCO not only achieves but exceeds its targets.
“The Bank stands firmly with Ghana in its quest to unlock the full potential of its people, particularly women and youth, who hold the key to sustainable development and national prosperity,” she remarked.
The ceremony was attended by officials from the Ministry of Finance, representatives of the African Development Bank, and stakeholders from the Social Investment Fund, all of whom underscored the importance of the partnership in driving inclusive economic progress.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
