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
-
‘Flower Power; An Arewa Story from the South’ opens at Worldfaze in Accra
3 minutes -
KNUST researchers highlight potential areas for future research in Heterotis (Supaku) culture
17 minutes -
CEO of Magmens Coutre in Obuasi wins Global Woman Fashion Entrepreneur of the Year Award
45 minutes -
NPP will not make Bawumia a rubber stamp for other candidates – Haruna Mohammed
51 minutes -
Health experts strengthen Ghana’s blood care system to tackle cancer, sickle cell, and donation myths
57 minutes -
We’ll crack the whip at the appropriate time – NPP warns amid internal rifts
1 hour -
Rawlings’ values must be our guide – Asiedu Nketia
1 hour -
Bawumia’s meeting with MMDCEs a political strategy – Kwasi Kwarteng
2 hours -
Kofi Owusu Peprah reveals why he quit his job as a BNI officer
2 hours -
No candidate matches Bawumia’s experience and exposure – NPP Communications team member
2 hours -
220 former MMDCEs endorse Bawumia as 2028 NPP flagbearer
2 hours -
Iran Israel conflict: Ghanaian businesses lament over rising freight charges
2 hours -
Qatar closes airspace as UK and US tell citizens to shelter in place
3 hours -
NPP flagbeaership: I’m quietly building my support base – Dr. Adutwum
3 hours -
Dr. Adutwum’s bid for NPP flagbearer gains momentum, Railway Market traders declare support
3 hours