The World Bank has indicated that limited access to finance, market opportunities and practical skills continues to constrain the growth and competitiveness of small and medium-sized enterprises (SMEs) in the country.
It explained that deliberate strategies and targeted measures were needed to address the challenges facing entrepreneurs and small businesses, particularly as part of broader efforts to tackle rising unemployment.
The Operations Manager of the World Bank for Ghana, Liberia and Sierra Leone, Ms Michelle Keane, made the remarks in Accra yesterday at the 2026 World Bank Group Western and Central Africa Youth Forum, held under the theme: “Youth Works, Africa Thrives.”
The forum, organised by the World Bank in collaboration with Ghana Youth Voices, brought together youth representatives, entrepreneurs, students, government officials, development partners and private sector actors from Ghana and across the region, including Côte d’Ivoire, Nigeria, Guinea, Niger, Senegal, Cameroon and the United States of America.
Ms Keane observed that many SMEs and emerging businesses continued to struggle with access to mentorship and the digital tools required for growth and competitiveness.
She, however, noted that Ghana possessed strong foundations for job creation and the expansion of economic opportunities for young people.
According to her, the country’s entrepreneurial spirit, growing digital ecosystem and vibrant SME sector provided a solid platform for economic growth and employment generation.
Ms Keane stated that it was important to be frank about the gaps and challenges confronting many young people, explaining that although numerous SMEs were established each year, many faced significant difficulties in achieving productivity and growth targets.
She said the focus on entrepreneurship, SMEs and youth-led innovation reflected the country’s urgent need to create jobs at scale, while supporting private sector-led growth and strengthening labour market-relevant skills.
She stressed that sustainable job creation required strong collaboration among governments, businesses and development partners.
Ms Keane stated that for the World Bank Group, job creation remained central to its work and required coordinated action across both the public and private sectors.
She explained that the World Bank was supporting government efforts to improve education, strengthen human capital, expand digital connectivity and create a more enabling business environment, particularly for young people and women.
As part of those interventions, she disclosed that the World Bank had approved a $300 million project aimed at ending the double-track system in senior high schools, while also improving the quality of skills development for students preparing for higher education or entry into the labour market.
She added that the World Bank’s private sector arm, the International Finance Corporation (IFC), was working with businesses and financial institutions to boost investment, improve access to finance and support SMEs to grow and create jobs.
Ms Keane emphasised the need to listen to young people and incorporate their perspectives into policy and investment decisions.
She told participants that the forum was intended to understand their realities, challenges and solutions, and asked what was holding them back, what support mattered most, and what would enable them to build, scale and thrive.
She encouraged the youth to share practical and innovative ideas that could shape policies and programmes across Africa.
Ms Keane expressed optimism that recommendations from the forum would inform more responsive government policies, targeted investments and stronger partnerships to address youth unemployment and unlock the potential of Africa’s young population.
She stated that lasting progress would depend on collective action and the creation of systems that enable young people to transform ideas into thriving enterprises and sustainable livelihoods.
BY KINGSLEY ASARE
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