Around 700 micro and small enterprises, both in the formal and informal sectors, focused on skills development and job creation, are set to benefit from the newly established $60 million Ghana Skills Development Fund (GSDF).

The fund is part of the $200 million Ghana Jobs and Skills Project, supported by the World Bank, with the aim of enhancing productivity, promoting competitiveness, and increasing income-earning capacities, particularly among women and low-income groups.

The five-year GSDF Project, which aligns with the government's strategic plan to revamp technical and vocational education and training (TVET), is being implemented by the Commission for Technical and Vocational Education and Training (CTVET) under the Ministry of Education, in collaboration with the International Development Association of the World Bank.

The initiative was launched by Ms Gifty Twum-Ampofo, Deputy Minister of Education in charge of TVET, during a ceremony in Accra.

The fund began implementation in August 2022, with the first call for applications receiving approvals and disbursing funds to 105 enterprises.

The second call for applications is scheduled for August 1 to August 31, 2023, and is expected to benefit approximately 200 enterprises.

Chairperson of the GSDF Steering Committee, Mr. Kwasi Asamoah-Baffour, noted that new enterprises and those operating for less than three years would not be eligible for the grant.

Additionally, enterprises in sectors with high employment growth potential and those with a significant representation of female employees and individuals with disabilities would have an advantage in the selection process.

Ms. Twum-Ampofo emphasized that the GSDF support would not be in the form of a loan and beneficiaries would not be required to repay the funds received. The initiative aims to stimulate job creation, enhance skills development, and contribute to the overall economic growth and competitiveness of Ghana.

“However, implementation of grantee projects will need to result in desired outcomes of the GSDF, which include increased productivity, quality, competitiveness, job creation, and increased incomes,” she said.

According to Ms. Twum-Ampofo, the Government's objective is for the Ghana Skills Development Fund (GSDF) to support the skills upgrading of employees in beneficiary enterprises and companies, enabling them to improve productivity and adapt to emerging technologies. The Fund is also expected to contribute to the enhancement of skills among master craftspeople and self-employed graduate apprentices.

Ms. Elena Glinskaya, Lead Economist at the World Bank and Co-Task Leader of the Ghana Jobs and Skills Project, praised the GSDF as an innovative initiative and expressed the World Bank's commitment to supporting Ghana in building its human resource base for sustainable development.

Dr. Fred Kyei Asamoah, the Director General of CTVET, emphasized that the selection of organizations to benefit from the Fund would be based on merit. He further stated that the GSDF would serve as a platform to mobilize financing for technical and vocational education and training (TVET), aligning with the government's commitment to using TVET as a tool to develop essential skills and provide decent employment opportunities.