Audio By Carbonatix
Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report.
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.
According to the report, these figures do not tell the whole story. Across the continent, the poor are not seeing enough of the benefits of robust growth. Relatively few African countries posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.
Inclusive growth occurred in only 18 of 48 African countries with data, the report revealed.
According to Adesina “Growth must be visible. Growth must be equitable. Growth must be felt in the lives of people.”
The theme of the 2020 Africa Economic Outlook report, ‘Developing Africa’s workforce for the future,’ calls for swift action to address human capital development in African countries, where inclusive growth has been held back by a mismatch between young workers’ skills and the needs of employers.
The Bank's flagship report states that increased investments in education is key as well as progressive universalism in education spending—setting high priorities for the poor and disadvantaged and focusing on basic education first where social returns are highest. Its recommendations include improving access to education in remote areas, incentives such as free uniforms and textbooks, banning child labour and improving teaching standards.
To better match skills with job opportunities, the report recommends that governments need to develop a demand-driven education system in tune with rapidly emerging jobs in the private sector, including software engineers, marketing specialists and data analysts, the report says.
“Africa is blessed with resources, but its future lies in its people…education is the great equaliser. Only by developing our workforce will we make a dent in poverty, close the income gap between rich and poor, and adopt new technologies to create jobs in knowledge-intensive sectors,” said Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Aquafresh donates to National Chief Imam ahead of Ramadan
12 minutes -
Adopt a mix of bond and short-term finance to address financing challenges in cocoa industry – Professor Peprah to government
14 minutes -
NSA introduces dual authentication system for 2025/26 enrolment exercise
2 hours -
Fuel prices to increase from Feb. 16, influenced by cedi’s depreciation
2 hours -
GNFS to launch automated fire safety compliance system to modernise regulation
2 hours -
NALAG president commends Local Gov’t Minister for payment of assembly members’ allowances
2 hours -
Is having a physical security operations center in your business worth it?
2 hours -
Asiedu Nketia recounts fierce political wars in Ajumako-Enyan-Essiam constituency
2 hours -
NRSA sets up committee to probe road crashes involving Toyota Voxy
2 hours -
Cocoa farmers decry the adverse impact of producer price cut on livelihoods
3 hours -
Families who lose relatives to ‘no bed syndrome’ must sue health facilities – Dr. Nawaane
3 hours -
Ghana Sports Fund: Dr. David Kofi Wuaku outlines vision for Youth Empowerment growth through sports
3 hours -
NUGS President urges sustainable digital governance
3 hours -
National Investment Bank kicks off Ghana Sports Fund with landmark seed donation
3 hours -
Two young siblings found dead in unsecured manhole
3 hours
