Ghana Skills Devt fund launched, GHC100 million grant disbursed to 105 enterprises



A TOTAL of GHC100 million has been disbursed to 105 enterprises at the launch of the Ghana Skills Development Fund (GSDF).

The amount, is part of a total of $60 million five-year grant, which seeks to support at least 700 enterprises to upgrade skills of their workforce for businesses in four windows.

The four windows are the formal sector, informal sector, innovation and green as well as science and technology.

Each beneficiary under window one (formal sector) has the opportunity to receive as much as ghc800,000 while those in the informal sector have up to ghc88,000.

However, beneficiaries under window three, which is the training innovation and green can access up to ghc1.2 million, while those under the last window, which is the science and technology can access up to ghc2 million.

The fund, which is being implemented by the Commission for Technical Vocation Education and Training (CTVET) is a collaboration effort by the Government of Ghana (GoG) with development partners to establish a competitive fund, called the GSDF to support skills development.

The GSDF focuses on the provision of entrepreneurship and micro and small enterprise support for jobs and serves the vehicle to operationalize the subcomponent of Ghana Jobs and Skill Project (GJSP) and implemented by the CTVET.

The expected outcomes of the support are increased productivity and competitiveness of beneficiary enterprises, leading to job creation, increased incomes and better livelihood.

Speaking at the launch of the fund today in Accra, the Director General of CTVET Dr. Fred Kyei Asamoah indicated that “this GSDF is part of government’s overall strategy to industrialize Ghana, with the objective to create jobs and competitiveness of the skilled workforce.

“It is also to raise the income-earning capacities of people, especially women and low-income groups, through the provision of quality-oriented, industry-focused, and competency-based training programmes and complementary services,” he said.

Dr. Asamoah further indicated that, GSDF was a challenge fund mechanism which addressed the skills needs of enterprises operating in both the formal and informal sectors of the economy.

Skills upgrade
The Deputy Minister of Education Gifty Twum-Ampofo who was the key note speaker also revealed that, “the Government of Ghana is applying a portion of a loan of USD 200 million from the International Development Association of the World Bank, towards the implementation of the GSDF as one of the key components of the Ghana Jobs and Skills project.

She was emphatic that, the fund would help support the upgrading of the skills of employees of the beneficiary enterprises and companies for productivity improvement and to enable employees adopt emerging new technologies.

“We also hope that it will enable current employees to earn higher technical and vocational skills qualifications and incomes. And finally lead to upgrading the skills of master crafts-persons and self-employed graduate apprentices”, she remarked.

Skills centre
Mrs Ampofo further indicated that, President Nana Addo Dankwa Akufo Addo in 2017 at the centenary celebration of the Asuansi Technical Institute pledged that, it was the goal of his government to make Ghana a world-class centre for skills development, and a leading country in TVET delivery in Africa.

“In relation to this, the NPP Government over the past six years has worked to improve on governance and management by establishing the CTVET and the TVET Service through the passing of Act 1023 and Act 1049 respectively to enhance quality, expand access, and increase funding for TVET.

“We are consolidating our gains in the past years by keeping to our promise. We are taking conscious steps to make Ghana a centre of excellence in TVET in West Africa and to make Ghana globally competitive within the TVET ecosystem.

“This commitment is clearly shown in our quest to establish the Ghana Skills Development Fund, which is being launched today and to develop policies that will drive positive changes within the sector,” Mrs Ampofo said.

The first cohort of beneficiaries received dummy cheques after successfully going through a thorough application and selection process and are set to start implementing their various concepts in earnest.

Meanwhile, the next call for application will start from August 1, to 31, 2023 and all interested enterprises can visit the GSDF website to apply for any of the four windows available. This next call for applications will be preceded by an extensive sensitization and outreach programme in all the 16 regions of Ghana to create awareness about the fund and how one can apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.