In its effort to assist in generating about 10 million jobs in Africa, the European Union (EU) is to invest €4.5 billion of its budget in Africa.
EU is targeting to create the jobs in three years.
The Vice-President of the EU Commission for Jobs, Growth and Investment, Mr Jyrki Katainen, made the announcement.
He emphasized the strengthening of co-operation and partnerships between the EU and Ghana to ensure a win-win situation, as well as accelerate the economic development and prosperity of their people.
Mr Katainen, who was speaking at the closing ceremony of the EU and Ghana Business Forum, said job creation was a key pillar for resolving unemployment challenges in Africa under the Africa-European Alliance for Sustainable Jobs launched in September last year.
The two-day summit, aimed at boosting private sector investment and stronger trade opportunities between Ghana and the EU for their mutual benefit, was held on the theme: “Boosting investments for sustainable jobs in Ghana.”
It attracted about 500 interested parties from the business community, top executives of local and international institutions, state agencies and the diplomatic corps.
“The business summit demonstrated the EU’s commitment to work in partnership with Ghana to accelerate socio-economic development,” Mr Katainen said, and stressed the resolve of the EU to support Ghana and other African nations to achieve their goals through innovations and trade.
He commended Ghana for being one of the fastest growing economies in sub-Saharan Africa, urging that the country must continue to diversify its economy with respect to manufacturing, agriculture and services to increase exports to the EU market to boost its foreign exchange earnings.
For sub-Saharan Africa to absorb the teeming unemployed graduates, he said, it must create about 18 million jobs each year.
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