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“A skilled and empowered youth workforce is a valuable asset that can help African economies accelerate the momentum of their structural transformation and economic development,” Lufumpa said ahead of the 2019 African Economic Conference (AEC), scheduled to open next week in the Egyptian resort city of Sharm El Sheikh.
“The youth employment and skills development challenge is a complex issue that requires systemic thinking and bold partnerships … to address the existing skills gap and link youth to decent and sustainable employment,” said Hendrina Doroba, the African Development Bank’s acting director for Human Capital, Youth & Skills Development.
There is no greater asset to Africa than its youth,” a statement that has been repeatedly proclaimed, but the continent still has a long way to go. Despite robust economic growth over the past two decades, a 1 percent increase in growth between 2000–14 was associated with only 0.41 percent growth in employment. This figure suggests that employment stood at less than 1.8 percent a year, far below the nearly 3 percent annual growth in the labor force. If this trend continues, 100 million people will join the multitudes of the unemployed in Africa by 2030.
The Africa Business Forum is an annual event that brings together heads of states, policymakers, industry leaders, thinkers and private businesses to discuss the role of private sector in Africa’s development; cutting hedge and innovative ideas for financing sustainable development in Africa; and partnerships between African private and public sectors.
