Mr Ken Ofori Atta, the Minister of Finance, has said government would accelerate entrepreneurship and MSME growth to support economic dynamism and job creation.
In addition to the business regulatory streamlining and the financial sector innovations that would help SMEs, enhanced support to SMEs and MSMEs will be achieved through strengthening and rationalizing government’s main entrepreneurship and enterprise support programmes such as NBSSI and NEIP, he said.
Mr Ofori Atta, presenting the 2020 Budget and Economic Policies in Parliament, said government would facilitate linkages between domestic entrepreneurs and FDI firms to join global value chains.
The Minister said recent studies conducted by the World Bank Group (WBG) indicates that 200 million people worldwide are unemployed and are looking for jobs.
Mr Ofori-Atta said the studies indicate that “600 million new jobs are needed globally over the next 15 years to keep employment rates stable, and 1 billion young people will enter the labour market between 2015 and 2030”.
He said the creation of jobs and connecting to markets, as well as building capabilities and connecting workers to jobs are the policy drivers for the TVET strategy.
Mr Ofori Atta said industrialisation drive through the ten-point agenda for industrial transformation for rapid growth, could not be supported due to inadequate skills locally.
“Hence, our focus and emphasis on TVET and skills development through our free SHS and TVET flagship programmes. We are supporting skills development (TVET) to ensure employability to help drive the economic transformation agenda.”
Mr Ofori Atta announced that government would over the medium term, establish 32 new state-of-the-art TVET institutions across the country to address the infrastructure deficit to expand access and increase enrolment, as well as improve on capacity to run programmes that would culminate in equipping learners with skills that meets the needs of industry.