The Government of Ghana has reaffirmed its strong commitment to deepening collaboration with the African Development Bank, AfDB as it advances its national transformation agenda. This assurance was given by the Minister for Finance, Dr. Cassiel Ato Forson, during the signing ceremony of the grant agreement for the Ghana Women and Youth Employment and Social Cohesion, GWYESCO Project.
The initiative marks Ghana’s first Results-Based Financing (RBF) operation supported by the AfDB and represents a major milestone in efforts to enhance the efficiency, impact, and accountability of public investments. The AfDB Board of Directors approved a total of US$71.25 million in grants to the Republic of Ghana to finance the programme.
The GWYESCO Programme is a flagship initiative aimed at advancing Ghana’s long-term development priorities by improving resilience, expanding economic opportunities, and strengthening social cohesion. The programme seeks to enhance the living conditions of women and youth through job creation, entrepreneurship support, expanded access to finance, and targeted skills development—particularly within underserved and vulnerable communities.
Speaking at the ceremony, Dr. Forson emphasized that women and youth represent the backbone of Ghana’s creative and productive potential. Despite this, he noted, they continue to face structural barriers including high unemployment, limited access to finance, and inadequate skills.
“With the support of the African Development Bank, GWYESCO will train young people, empower women entrepreneurs, expand financing opportunities, strengthen micro, small and medium enterprises (MSMEs), and build the capacity of key institutions to advance inclusive development,” he stated.
He added that the Bank’s support would also bolster resilience in communities affected by climate-related risks and security vulnerabilities.
A central feature of the programme is its use of a Results-Based Financing approach, which links disbursements directly to measurable and verifiable outcomes.
This shift from traditional input-based financing is expected to foster greater transparency, efficiency, and accountability while strengthening national systems for sustainable programme delivery. Expected outcomes include increased employment, higher household incomes, expanded business opportunities, and strengthened community resilience.
The Country Director for AfDB, Fasika Eyerusalem commended the Government of Ghana for its leadership, ownership, and professionalism throughout the programme’s design and negotiation stages and reaffirmed the Bank’s commitment to providing continued technical and strategic support to ensure that the programme not only meets but surpasses its intended objectives and delivers broad-based development impact.
The ceremony was attended by representatives of the African Development Bank, Officials from the Ministry of Finance, and the Social Investment Fund.