While African coutries are projected to feature prominently among the worlds fastest-growing economies in the coming years, with the African Development Bank forecasting that 11 of the worlds 20 fastest-growing economies in 2024 will be from Africa, the continent faces a paradox. Despite economic growth, job creation remains stubbornly insufficient, particularly for its rapidly growing youth population.
The International Labour Organization has raised alarms about a potential "youthquake," warning that sub-Saharan Africa will need around 72.6 million new jobs by 2050 to accommodate its young workforce. The challenge is clear while millions of young people enter the labor market each year, securing meaningful employment remains exceedingly difficult.
Mavis Owusu-Gyamfi, president and CEO of the African Centre for Economic Transformation, asserts that economic transformation is key to addressing this dilemma. She emphasizes that mere growth is not enough the real focus must be on diversifying economies, adding value, improving productivity, and boosting export competitiveness. Owusu-Gyamfi argues that countries which fail to prioritize economic transformation are more susceptible to external shocks and economic crises. She points out that African nations with less diversified economies were hit harder by the global financial crisis, experiencing slower recoveries.
In light of this, policy makers are urged to focus on sustainable, long-term strategies that transform economies beyond their current growth trajectories to create jobs that can improve the quality of life for Africa's youth.
