Deputy Minister of Finance, Dr John Kuma, has revealed that the government accumulated a total of GH¢1.19 billion in revenue from electronic taxes in 2023.
This significant amount of funding has been strategically allocated to various initiatives aimed at addressing unemployment in the country, including the YouStart program by the Ghana Enterprise Authority and the National Entrepreneurship and Innovation Program.
Dr. Kuma emphasized the government’s firm commitment to utilize these funds to create employment opportunities for the youth.
Speaking at the media launch of the Ghana Wealth and Employment Expo on Wednesday, February 21, Dr Kuma appealed to the public to have faith in the government’s efforts to improve the general economic situation.
“The Ghanaian Bureau of Statistics announced on Wednesday that around 1.5 million young people in Ghana are unemployed. Last year, the electronic levy generated GH¢1.19 billion and the employment situation…as part of the response to the unemployment situation. The government has channeled funds from this e-levy into GEA and NEIP to address the unemployment situation in the country through YouStart, and through institutions like the Wealth and Jobs Expo, as well as to support job creation in the private sector. I am pleased to announce that we will also support any private sector organization willing to do so to create jobs and business in the private sector,” he said.
The 2023 Annual Household Survey Q3 Labor Statistics Report has heightened concerns about unemployment.
The unemployment rate rose to 14.7% in the first three quarters of 2023, up 1.1% from 13.6% a year earlier, the report said.
Of particular interest was the persistent gender gap, with women’s unemployment rates consistently higher than men’s.
Dr John Kuma acknowledged this worrying trend and highlighted that the unemployment rate for women will increase significantly from 2022 to 2023. However, he reiterated the government’s unwavering commitment to attracting investment and promoting an environment conducive to job creation.
Dr. Kuma emphasized that entrepreneurship plays a vital role in addressing the unemployment crisis and expressed confidence in the potential of entrepreneurship to promote economic growth and reduce unemployment.
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