ACCRA – The World Bank has sounded the alarm on the adverse impact of Ghana’s current business regulatory framework on the entrepreneurial capabilities of the country’s youth and the wider issue of unemployment.

According to a new release by the Ghana News Agency, a private sector consultant at the World Bank, existing state regulatory requirements, especially in business registration, are impeding the ability of young Ghanaians to venture into entrepreneurship. Mr. Awuni made these remarks during the End Poverty Day Programme at the World Bank office in Accra. He noted that 3.87% of the Ghanaian population is currently unemployed and warned that this rate could rise unless reforms are implemented.

The World Bank has been actively engaged in pushing for regulatory reforms. It has supported the Ministry of Trade and Industry in introducing measures aimed at improving regulatory governance and coordination. These reforms are expected to, in turn, reduce the nation’s unemployment rate.

Mr. Awuni also emphasized that many of Ghana’s unemployed youth lack guidance in choosing career paths and called on stakeholders in labour and employment relations to consider offering pre-employment services. He pointed out that despite economic growth in sectors like extraction, job creation has not kept pace, and a significant portion of jobs in these sectors are filled by expatriates.