World Bank backs Ghana’s drive to create 500,000 jobs a year

The Ministry of Finance has partnered with the World Bank to tackle Ghana’s growing youth unemployment crisis.

The collaboration is part of a new Growth and Jobs Strategy that targets the over 500,000 young Ghanaians who join the labor force each year.

This development follows a high-level meeting in Washington, D.C., between Finance Minister Dr. Cassiel Ato Forson and World Bank Managing Director of Operations Anna Bjerde.

The meeting focused on job creation, skills development, and inclusive growth.
Bjerde described the initiative as a shared priority.

“We are proud to work with Ghana on a strategy that unlocks opportunities for young people,” she said.

Dr. Forson also emphasized the urgency of the situation. According to him, the partnership is a big step toward providing decent and sustainable jobs for Ghana’s youth.

Debt Pressures in Africa Raise Alarm at Spring Meetings

At the 2025 IMF/World Bank Spring Meetings, Bank of Ghana Governor Dr. Johnson Asiama warned of rising debt distress in Sub-Saharan Africa.

He spoke during the African Consultative Group Meeting, themed “Debt Vulnerabilities in Developing Countries.”

Dr. Asiama explained that nearly half of countries in the region are now either in or at high risk of debt distress. Worryingly, interest payments are now higher than public spending on health and education.

He blamed the situation on several factors, including the lingering effects of COVID-19, geopolitical tensions, and limited external support.

To help manage the crisis, he proposed several solutions. These include:

• Expanding IMF support, including replenishing the PRGT and CCRT for debt relief.
• Modernizing debt tools to reflect climate risks and new borrowing trends.
• Speeding up restructuring under frameworks like the G20 Common Framework and GSDR.
• Improving coordination among global partners, with blended finance and debt-for-climate swaps as key tools.

He concluded by urging bold international action.

“We must invest in more than debt solutions. Our focus should be on youth employment, inclusive policies, and climate-smart investments,” he said.