The Government of Ghana has secured approval for a US$71.25 million grant from the Board of Directors of the African Development Bank (AfDB) to finance the Ghana Women and Youth Employment and Social Cohesion (GWYESCO) Project.
The Ministry of Finance announced the approval after the Minister, Dr. Cassiel Ato Forson, signed the grant agreement, reaffirming government’s strong commitment to deepening collaboration with the African Development Bank to advance Ghana’s economic transformation.
According to the ministry, the GWYESCO Project marks a major milestone in enhancing the efficiency, impact and accountability of public investments as it is Ghana’s first Results-Based Financing (RBF) operation supported by the AfDB and will be implemented by the Social Investment Fund.
The project is structured around market-driven training for women and youth, improved access to financial and non-financial services for women- and youth-owned MSMEs operating in growth sectors, and strengthened national institutional capacity and incentive frameworks to drive sustainable development.
Dr. Ato Forson emphasized the significant benefits the grant will extend to young people and women entrepreneurs, noting that it will address structural barriers such as limited skills, unemployment, and restricted access to capital. “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 said.
The ministry described the GWYESCO Programme as a flagship initiative designed to drive Ghana’s long-term development priorities by improving resilience, expanding economic opportunities, and strengthening social cohesion. The programme aims 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.
Dr. Forson further highlighted that communities exposed to climate-related risks and security vulnerabilities will benefit significantly from the Bank’s support. He noted that the project’s adoption of a Results-Based Financing approach, where disbursements are tied to measurable and verifiable outcomes, offers a major advantage over traditional input-based models.
This shift, he stressed, will foster improved transparency, efficiency and accountability while bolstering national delivery systems. Expected outcomes include increased employment, higher household incomes, expanded business opportunities, and strengthened community resilience.
The programme aligns with the AfDB’s strategic priorities, particularly its focus on industrialization, private sector development and infrastructure enhancement to accelerate inclusive economic growth. It also supports Ghana’s agenda for youth employment and skills development by promoting economic inclusion and social stability.
The GWYESCO Project is scheduled for completion on 30 June 2029. Its concept note was approved in April 2025, followed by full project approval on 5 November 2025. It is expected to take effect in February 2026, with the final disbursement planned for 31 December 2029.
AfDB Country Director, Fasika Eyerusalem, commended the Government of Ghana for its leadership, ownership and professionalism throughout the design and negotiation stages of the programme. She reaffirmed the Bank’s commitment to providing continued technical and strategic support to ensure the programme not only meets but surpasses its objectives and delivers broad-based development impact.
