Ghana’s unemployment rate could be reduced as the government signs a recruitment deal with Russia to help Ghanaians secure jobs in industrial and manufacturing companies.

Labour Minister Emmanuel Agyekum signed the agreement on Thursday, October 29, on behalf of Ghana with Russia’s Alabuga Special Economic Zone, an industrial and manufacturing hub hosting 48 companies that require more than 75,000 workers.

Under the agreement, the Labour Ministry will coordinate recruitment, verify job offers and provide pre-departure orientation to safeguard the interests of Ghanaian workers.

Mr Agyekum indicated that the partnership would cover several areas beyond labour migration, including business, education, research, religion and cultural exchange.

He said Ghanaian businesses were also expected to take part in upcoming forums in Tatarstan to explore potential partnerships.

“We signed a fantastic agreement, not only on labour exchange. We are also looking at business-to-business cooperation. We’re looking at religion and culture as well, where we want to work further to make sure our cooperation goes beyond just labour migration,” he said.

Mr Agyekum said discussions were also underway to establish academic collaborations, including opportunities for Ghanaian professors and lecturers to conduct research with universities in Russia.

He urged Ghanaian youth to position themselves to benefit from the opportunities expected to emerge from the initiative.

Meanwhile, the Ghanaian government led by President John Dramani Mahama has indicated the government will commit US$2 billion annually to nine sectors of the economy over the next five years as part of efforts to tackle unemployment and create more jobs.

The proposed investment, which will amount to US$10 billion, will be implemented under the government’s New Economy Policy, expected to be outlined by the Finance Minister during the presentation of the 2027 Budget.

The initiative will focus on productive sectors, including textiles and garments, agriculture and agribusiness, pharmaceuticals and tourism, which the government believes can support industrial growth and create employment opportunities.

President Mahama said the programme would be financed with domestic resources rather than borrowed funds.

“When the Minister presents the 2027 Budget, he is going to announce what we call the New Economy Policy. The policy has selected nine areas, or nine pillars, in which the government is going to invest about US$2 billion every year for five years. That is a total of US$10 billion,” he said.

“As I have said, this is our own money. We are not going to borrow money for the New Economy Policy.”

The President announced the plan during a courtesy call by chiefs from the Western North Region, where he outlined measures to strengthen the economy and expand employment through industrialisation and private-sector development.

He said the economy was recovering from the debt default and economic crisis inherited by his administration when it assumed office on January 7, 2025.

According to him, the International Monetary Fund (IMF) had projected Ghana’s economy to grow by 5.7 per cent, exceeding the average forecast of about four per cent for sub-Saharan Africa.