2022 Budget to focus on jobs, skills training – Finance Minister

The 2022 budget statement and economic policy expected to be presented to parliament next week Monday will focus on jobs and skills training for the youth to address the growing unemployment in the country, Finance Minister, Ken Ofori-Atta, has said.

“Clearly, the 2022 budget and economic policy will be intervening on access to jobs and skills set, making it possible and providing the enablers to free people into an enterprise,” he said during the signing of the memorandum of understanding between the Government of Ghana and the African Development Bank (AfDB) and the African Development Fund (ADF) for 2022 annual meetings.

Ghana will host the AfDB and AFD annual meetings from May 23-27 next year, which is expected to review the performance of the bank in the 2020 financial year.

Mr. Ofori-Atta said the budget would also come with measures to cushion the citizens of the effects of the rising prices of fuel.

Turning his focus on the upcoming annual meetings, the Finance Minister said AfDB must lead the charge of reducing widespread poverty in Africa.

He said the COVID-19 pandemic had brought Africa to a tipping point and leadership, both regional and non-regionals, had to push towards re-orienting the global status quo and becoming agents for transformation and social change.

“Over the past 18 months, we called on the International Monetary Fund to on-lend at least $100 billion of its new $650 billion in special drawing rights to Africa, advocated for the establishment of an African Liquidity and Sustainability Facility to protect the continent against external shocks and advocated for resourcing the AfDB to position it as the catalyst for Africa’s economic advancement,” he said.

He said Africa was not out of the woods yet, as about 38.7 million more Africans could slide into extreme poverty in 2021, continent’s external debt increased by some $37 billion, from $665 billion in 2019 to an estimated $702 billion in 2020 and 103 million jobs (corresponding to an average income loss of 10.7 percent) had been lost.

“African countries need at least $4.3 trillion, or $175 billion a year, to finance infrastructure projects that support economic growth, We face a climate threat which threatens to cost us continent $7-$15 billion annually, although we account for less than four percent of global greenhouse gas emissions, and receive just 5 percent of total climate finance outside the OECD,” he said.

The Secretary-General of the AfDB, Professor Vincent O. Nmehielle said Ghana hosted the 2021 AFDB and AFD annual meetings, which were initially to be held physically, but held virtually due to the COVID-19 pandemic.

“Considering this change in format, the Boards of Governors at their sitting of the 56th meeting of the AfDB and the 46th ADF, resolved to extend the current cycle of hosting an annual meeting to 2020 to enable the Republic of Ghana to host the 2020 Annual Meetings of the Bank Group,” he said.

He said the 2020 annual meetings would be held in a hybrid format between Ghana and AfDB.

Prof. Nmehielle said, among other requirements, Ghana was expected to make available goods and services needed for the effective organization of the programme.

He said pledged AfDB’s to work with the government towards the successful hosting of the 2022 Annual Meetings, stressing “We will continue to engage with the country team throughout the preparatory processes until the end of the Annual Meetings.”

The Secretary-General of the AfDB said the theme for the 2022 Annual General Meetings was yet to be selected. Read Full Story