Browsing: Africa’s growth

Movement of Labor in EC

The young and the restless are befitting words to vividly depict the status quo of the countless educated but unemployed African youth; a ticking time bomb threatening the future of the continent.  

Is it the lack of proper skill sets or the intermittent nature of opportunities that has resulted in the shrinking job market? This remains a puzzle yet to be unraveled. Upon graduation from tertiary institutions, the almost assured optimism by young people of landing top jobs on the basis of their qualifications is swiftly replaced with the icy glare of disillusionment. As desperation creeps in hope for a bright future slowly seeps out for many young people; moving from office to office wielding briefcases filled with job applications, whilst others frequent internet cafés to fill out a dozen more steadfast in their quest for jobs. Pushed to the brink, it is not a rarity to find young people

Imagine an Africa where farmers can detect parasites in their livestock by a simple scan of a handheld machine. Where road networks allow swift transportation of produce to markets. Where farmers can access finance and be adequately insured against natural disasters by a simple click of a button.  

The reality across the continent is one of  underdeveloped, underserved rural areas. Women dressed in traditional garb carry buckets of water over long distances. There is no electricity or running water and very little internet access. According to World Bank statistics 56% of Africans live in rural communities. Recent trends have shown a high rural to urban migration rate. This migration has resulted in high urban densities, rising crime rates and overcrowding in the urban areas. Neither of these situations is amenable. Which brings into light the need to empower rural communities to support economic resilience in Africa. 

Also Read: COVID-19

The CEO Dialogue Forum which hosted more than 500 CEOs from Africa and beyond met virtually to discuss issues affecting Africa’s growth.

Strathmore University Business School partnered with Shared Value Initiative Africa to host the first session of the CEO Dialogue on 6 August 2020, themed ‘The Future of Work and the Impact of the Digital Economy on Africa’s Growth.’

Persistent gaps in education, health and skills have tampered the many opportunities in Africa leading to the continent to only reach forty percent of its estimated potential according to the World Bank. In addition, conflict, food insecurity, population growth and the disruptive forces of climate change threaten to curtail or even reverse the progress made over the past decades.

The discussion was spearheaded by a team of expert panelists drawn from different sectors such as  Vincent Ogutu, Vice-Chancellor Designate Strathmore University,  Cezanne Maherali, Head of Policy, Uber-sub-Saharan Africa,  Alan Stoga, …

Africa’s growth stands to rebound to 3 per cent in 2021 said the African Development Bank in its African Economic Outlook 2020 supplement.

According to updated forecasts from the African Development Bank, economic growth in Africa could rebound in 2021, provided that governments manage the COVID-19 infection rate well.

In the bank’s socio-economic assessment of the pandemic’s impact, growth is now projected to rebound to 3 per cent in 2021 from -3.4 per cent in the worst-case scenario for 2020.

In January this year, the bank released a supplement to its African Economic Outlook which forecast Africa’s growth at 3.9 per cent in 2020 and 4.1 per cent in 2021.

The growth outlook for 2021 and beyond would largely depend on African governments’ effectiveness in flattening the curve of the pandemic and policies to reopen economies the supplement cautioned.

“To reopen economies, policymakers needed to follow a phased and incremental …

Given the 12 million graduates entering the labor market in Africa every year, the continent needs to prioritise the youth unemployment crisis, African Development Bank (AfDB)’s president says.

Speaking during the launch of this year’s African Economic Outlook 2020: Developing Africa’s workforce for the future, AfDB President Akinwumi Adesina said that out of the 12 million graduates, only 3 million of them getting jobs, the mountain of youth unemployment is rising annually.

The Bank’s flagship publication, published annually since 2003, provides headline numbers on Africa’s economic performance and outlook. The 2020 edition, launched at the Bank’s Abidjan headquarters, was attended by former Liberian president Ellen Johnson Sirleaf, African ministers, diplomats, researchers, and representatives of various international bodies.

Africa’s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 per cent in 2020 and 4.1 per cent in 2021, the AfDB outlook revealed.…

Looking for growth opportunities? Africa is a continent with huge economic potential.

It has been gradually transformed in the past 20 years and we are on the cusp of significant growth, with blossoming entrepreneurship and plenty of opportunities for smart and simple business solutions.

Africa is on the rise

Africa is a 1.2bn-person market, a number expected to double over the next 30 years. Generally, business leaders tend to overestimate the challenges of doing business in Africa and underestimate the size and potential on the African continent. Thereby not stating that the African markets are easy to do business in, but emphasising that they are worth the effort, and companies not engaged in African markets risk losing out on one of the 21st century’s great growth opportunities.

One of the fastest growing economies in Africa

Mozambique is one of the poorest countries in the world but it will see large-scale …