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<\/p>\n\nKen Ofori-Atta (left), Finance Minister, exchanging the agreements with John Awuah, CEO, GAB, after the signing ceremony in Accra <\/p>\n<\/div>\n
The government is confident the country will conclude negotiations and seal a deal with the International Monetary Fund (IMF) by December to help stabilise the economy and relieve citizens of the current economic challenges.<\/h2>\n
The Minister of Finance, Ken Ofori-Atta, said in Accra last Tuesday that the December deadline was President Nana Addo Dankwa Akufo-Addo\u2019s expectation and his outfit was working towards realising it.<\/p>\n
Addressing some bank executives and the media at an event to sign an agreement between selected financial institutions and the government for the YouStart programme, Mr Ofori-Atta said the President wanted the negotiations to be concluded and a deal secured before the 2023 Budget was laid before Parliament.<\/p>\n
He said the timeline was to enable the government to incorporate the expected IMF programmes into the 2023 Budget for onward implementation from next year.<\/p>\n
Next year\u2019s budget is due to be presented by November 15.<\/p>\n
Crunch time<\/strong><\/p>\n Speaking about the government\u2019s commitment to revive the economy, Mr Ofori-Atta said now was a crunch time for the government as it raced against time to secure a deal from the IMF.<\/p>\n \u201cAs you know, the President wants this thing to be done before the budget and the budget should be done by November 15. So, it is really a crunch time now,\u201d the Finance Minister.<\/p>\n He said a team from the fund was expected in the country from September 26 to 27 for the second round of negotiations after which the discussions will continue in Washington D.C. during this year\u2019s Annual General Meeting of the World Bank and the IMF from October 10 to 16.<\/p>\n The minister said although Zambia took three years to conclude negotiations for its programme, which was announced this September, Ghana was optimistic that it could seal a deal by December.<\/p>\n Ghana opened discussions with the IMF for a programme in July.<\/p>\n No murmurings<\/strong><\/p>\n Mr Ofori-Atta said, \u201cI think we are determined to do that (secure a deal by December) and we need, as a nation, to move beyond the murmurings and to understand that we can do that.<\/p>\n \u201cIt is quite encouraging but also shameful when you hear the IMF Managing Director, Kristalina Georgieva, saying after meeting the President that we are determined to reach an agreement by the end of the year yet when you listen to our radio, you wonder whether we are friends or enemies of our own country,\u201d he said.<\/p>\n He, however, said that enthusiasm was needed to pull the country out of the current challenges to build a stronger economy that can meet the growing needs of individuals and businesses.<\/p>\n Entrepreneurial instincts<\/strong><\/p>\n Turning his attention to the YouStart, the Finance Minister said the initiative was the outcome of lessons learned from the covid-19 pandemic.<\/p>\n \u201cFundamentally, we had to adopt this approach because the pandemic taught us we must re-orient our approach towards structural transformation and react with a clear plan to \u2018reap the benefits of our population dividend by building an entrepreneurial state,\u201d he said<\/p>\n \u201cThis focus on building our young people’s skills and entrepreneurial \u2018instincts\u2019 is an informed one,\u201d Mr Ofori-Atta said.<\/p>\n Joblessness<\/strong><\/p>\n Mr Ofori-Atta said data showed that about 50 per cent of local employers reported misalignment of or inadequacy of skills in the market, with Mckinsey also reporting that at least 50 per cent of new tertiary institution entrants enrolled in programmes in sectors with little or no growth in the labour market.<\/p>\n He said the Ghana Statistical Service (GSS) also suggested that the unemployment rate for those aged 15 to 35 was 19.7 per cent.<\/p>\n \u201cEven for those who are perceived to be working, 50 per cent of them are classified as under-employed.<\/p>\n \u201cThese statistics underscore the dire need to resolve this spectre of youth unemployment across our communities.<\/p>\n \u201cInevitably, this leads us to today’s event, where the Government of Ghana, represented by the Ministry of Finance, will sign an agreement with the Ghana Association of Bankers (GAB) and 13 leading banks for the YouStart Commercial Programme.<\/p>\n \u201cNever in our history has there been a commitment of this size and scale,\u201d he said.<\/p>\n Benefits<\/strong><\/p>\n Mr Ofori-Atta was optimistic that the programme would help to strengthen the links between education and job market stakeholders, provide access to finance, skills and markets for young entrepreneurs and grow the capacity of the private sector to create jobs.<\/p>\n \u201cUndoubtedly, we all are responsible for ensuring that YouStart becomes the primary vehicle for creating a million jobs over the next three years,\u201d the minister said.<\/p>\n Turning point<\/strong><\/p>\n The Chief Executive Officer of the GAB, Mr John Awuah, said the signing ceremony marked a turning point for the YouStart financing model.<\/p>\n He said the banks and the government had worked tirelessly to put the programme together and expressed the hope that the implementation would be smooth.<\/p>\n<\/div>\n