The African Development Bank (AfDB) presented, Thursday, January 30, the 2020 edition of its report on
African Economic Outlook. Placed under the theme, "training the African workforce of tomorrow
», the report insists on the need for African States to increase their investments in the
human capital development to foster more inclusive growth on the continent.
For the AfDB, the economic outlook in Africa continues to improve. The growth rate of
The continent's real GDP, estimated at 3.4% for 2019, is expected to accelerate to 3.9% in 2020 and 4.1% in
2021. This aggregate growth rate masks highly diversified and resilient growth patterns. In
Indeed, 20 countries are expected to grow this year by 3 to 5%, while 20 countries are expected to achieve growth rates.
growth of 5% and more.
Furthermore, 6 of the 10 fastest growing economies in the world are now in Africa:
Rwanda (8.7%), Ivory Coast (7.4%), Ethiopia (7.4%), Ghana (7.1%), Tanzania (6.8%) and Benin (6.7%) ).
And for the first time in more than a decade, growth in Africa is due in large part to
expansion of investment - especially in infrastructure - rather than consumption, as well as
exports, notes the AfDB.
However, the report states, physical infrastructure, while important, is not sufficient to stimulate
growth and productivity needed by African economies. African countries should also
accelerate investments in human capital development. Indeed, with 12 million
graduates entering the labor market each year and only 3 million of them obtaining a
jobs, the mountain of youth unemployment is growing every year. For the President of the group of the
AfDB, Akinwumi Adesina, “youth unemployment must be a top priority”. However, he points out,
young people need to be prepared for the jobs of the future – not the jobs of the past”.
"Given the rapid pace of change brought about by the 4th Industrial Revolution - from
artificial intelligence to robotics, machine learning, quantum computing - Africa must
invest more in the reorientation and requalification of its workforce, and in particular of young people,
to participate,” notes Akinwumi Adesina.
According to the report, there is a need to increase funding for education at all levels, primary,
secondary and tertiary. The education system must adequately prepare young people for the labor market. The
priority must be given to improving access to vocational training, reducing
the mismatch between training and labor market needs. But also to the increased encouragement of the
private sector to support young people by providing on-the-job training opportunities, as well as
entrepreneurship. “In the end, it's not GDP growth that counts. Nobody eats the GDP. The
growth should be visible. Growth must be equitable. Growth must be felt in life
people,” concludes Akinwumi Adesina.