The Deputy Minister of Finance, Dr. John Kumah, has revealed that government got GH¢1.19 billion in revenue from the E-levy in 2023.
Addressing concerns over Ghana’s unemployment crisis, which saw over a million youth without jobs according to the latest Ghana Statistical Service data, he announced the allocation of these funds towards combating unemployment.
Specifically, he said investments were channeled into programs like YouStart, the Ghana Enterprise Agency (GEA), and the National Entrepreneurship and Innovation Programme (NEIP).
Speaking at the Wealth and Jobs Expo Ghana’s media launch, Dr. Kumah emphasized the government’s dedication to job creation by attracting investments into the country.
“The Ghana Statistical Service on Wednesday announced that about 1.5 million Ghanaian youth are unemployed. Last year, E-levy generated GH¢1.19 billion and as part of dealing with the job situation… unemployment situation, government has committed funds through YouStart from this E-levy sources…to GEA and NEIP to address the unemployment situation in the country, and I am happy to announce that institutions like Wealth and Jobs Expo and all private groups that are willing to help create jobs in the private sector will also be supported to help create jobs and businesses in the private sector,” he said.
“In the medium term, government aims to intensify efforts to attract domestic investments and FDIs [Foreign Direct Investments] in strategic centres with emphasis on creating jobs anchored on government’s growth strategy. The strategy is projected to contribute to creation of approximately 500,000 jobs. We are not saying 1.5 million [unemployed youth], every one of them should create jobs. No. Even if we get it, we get 10% of them, it’s 150,000 who will become entrepreneurs. If they do an average of let’s say 100 jobs….150,000 x 100, you have almost solved the unemployment problem,” the Deputy Minister of Finance added.
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