The Government of Ghana has signed a grant agreement with the African Development Bank (AfDB) to support the Ghana Women and Youth Employment and Social Cohesion (GWYESCO) Project. The signing ceremony took place as part of ongoing efforts to strengthen collaboration between Ghana and the AfDB in advancing the country’s development goals.
The GWYESCO Project is the first Results-Based Financing operation in Ghana backed by the AfDB. The Bank’s Board of Directors approved a total grant amount of $71.25 million for the programme, which aims to improve resilience, increase economic opportunities, and foster social cohesion. The initiative focuses on enhancing living conditions for women and youth through job creation, entrepreneurship support, expanded access to finance, and skills development—especially within underserved communities.
Finance Minister Dr. Cassiel Ato Forson stated at the event that women and youth are central to Ghana’s creative and productive potential but face persistent challenges such as high unemployment, limited financial access, 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 said.
Dr. Forson also highlighted that AfDB’s assistance would help communities facing climate-related risks and security issues become more resilient.
A key element of GWYESCO is its Results-Based Financing approach. Unlike traditional funding models focused on inputs, this method ties disbursements directly to measurable outcomes. This approach is intended to increase transparency, efficiency, accountability, and enhance national systems for sustainable programme implementation. Anticipated results include higher employment rates, increased household incomes, broader business opportunities, and improved community resilience.
Fasika Eyerusalem, Country Director for AfDB, praised Ghana’s leadership during the project’s design and negotiation process. Eyerusalem reaffirmed AfDB’s commitment to providing technical and strategic support so that GWYESCO achieves its objectives and delivers widespread development benefits.
Representatives from AfDB, officials from Ghana’s Ministry of Finance, and members of the Social Investment Fund attended the ceremony.