Financial analyst Joe Jackson has slammed the government for failing to maintain programmes aimed at combating youth unemployment.
To ensure openness and efficiency, he believes that funds for the ‘YouStart’ project should be disbursed through the private sector.
The ‘YouStart’ initiative, which is part of the Ghana CARES program, was created to help existing and aspiring young entrepreneurs overcome obstacles.
Mr. Jackson, however, lamented the government’s engagement in the program, claiming that its track record in the field lacked sufficient oversight.
Mr. Jackson, who was speaking at the University of Ghana’s Entrepreneurship Forum, insisted that the government should find methods to incorporate the private sector in such programs in order to assure their long-term viability and create jobs for the youth.
“Every time I hear the government trying to create jobs directly for itself, I get a sinking feeling in my stomach that this is going to be another program where the government will disburse money and the money will end up in different pockets and there will be nothing to show for it a couple of years later,” he lamented.
He urged the government to work with reputable financial institutions in the distribution of cash for such programs.
“Rather than another state initiative where people grab the money and don’t want to pay back,” he added, “the government should look for solid financial firms to assist in the distribution of the cash.”
The Entrepreneurship Forum at the University of Ghana was held to help young people generate creative ideas and combat the country’s unemployment epidemic.
According to the International Labour Organization, Ghana has a young unemployment rate of 12 percent and a rate of underemployment of more than 50 percent.