Washington: The World Bank has announced a significant commitment of $9 billion in agribusiness investments, urging the development of a comprehensive global ecosystem to accommodate the expected 60 percent rise in food demand. This initiative aims to address key challenges such as productivity improvement, climate resilience, and job security for 1.2 billion young people over the next decade. According to Ghana News Agency, Ajay Banga, President of the World Bank Group, emphasized the importance of harnessing opportunities within the agribusiness sector for the benefit of all during his address at the 2024 International Monetary Fund (IMF)/World Bank Group Annual Meetings. Mr. Banga highlighted four pivotal shifts-climate finance, private capital flow, digital advancements, and the connection between smallholder farmers and major food companies-as crucial factors in reshaping the agribusiness landscape. Mr. Banga announced that the World Bank is doubling its agri-finance and agribusiness commitments to $9 billion annually by 2030. He stressed the necessity of a new approach, stating that the Bank has spent the past 16 months examining challenges like food production, water scarcity, and financing from multiple angles to create a constellation of solutions centered around smallholder farmers and producer organizations. With the introduction of the Bank's simplified Guarantee Platform, Mr. Banga highlighted the potential for agricultural and agribusiness transformation, delivering tailored solutions to meet diverse partner demands. He described the effort not only as a food security initiative but a jobs initiative, noting the urgent need for employment opportunities as 1.2 billion young people enter the workforce in developing countries over the next decade, with only 420 million jobs projected to be available. Mr. Banga concluded by stating that transformative efforts in agriculture and agribusiness could lead to increased productivity, improved food and nutrition quality, and a better quality of life throug h climate-smart practices that reduce emissions and enhance environmental conditions. ZCZC

Government Constructs 16 Public Employment Centres as Part of Labour Department Overhaul

Accra: The Government of Ghana, through the Ministry of Employment and Labour Relations, is undertaking a significant revamp of the Labour Department by constructing 16 new Public Employment Centres (PECs) across the country. This initiative, part of the Ghana Jobs and Skills Project, aims to bolster the nation's capacities in skills development and job creation, with financial backing from the World Bank. According to Ghana News Agency, one PEC has been built in each of Ghana's 16 regions, providing a centralized location for employers and jobseekers to access vital information on available jobs and required skill sets. The Ghana Labour Market Information System (GLMIS) has also been developed to facilitate this exchange of information. During the inauguration of the Konongo-Odumase PEC, Ignatius Baffour Awuah, the Sector Minister, acknowledged the past challenges faced by the Labour Department in delivering employment services under constrained conditions. Minister Baffour Awuah highlighted the evolving n ature of the job market, emphasizing the need for upgraded logistical and human resource capacities within the Labour Department to stay competitive. He noted that previous infrastructure limitations had hindered the department's ability to effectively coordinate and promote employment services, making the new PECs a crucial development. The PECs are designed to offer various services, including job vacancy inquiries, career profile postings on the GLMIS, and interactions with potential employers. They also provide resources for jobseekers to understand emerging trends, gain in-demand skills, and adjust their career paths accordingly. The Minister expressed confidence that the PEC services would significantly contribute to developing essential skills for national economic transformation, reducing skills mismatches, and lowering unemployment rates. Robert Yaw Kwarkye, the Asante-Akim Central Municipal Chief Executive, affirmed that the establishment of PECs underscores the government's commitment to minimizi ng unemployment and facilitating informed policy-making through accurate data on jobseekers and unemployment rates in each region.