Future of African economy lies in developing youth talent, say experts

The future for Africa in the coming years will be driven by the talent base of its citizens and not how well the continent is anchored in terms of minerals resources, according to one of Africa’s leading economists, Mr Donald Kaberuka.

Experts project that Africa’s population will grow to 2.5 billion by 2025, and host the world’s workforce by 2030, although its economies are currently faced with an uphill task of translating this demographic dividend into growth.

“There is a need to invest in education and skills growth, gather as many skills as possible now in any field because the future will be dependent more on talent rather than capital,” said Mr Kaberuka (right), formerly of the Africa Development Bank, during the ongoing World Economic Forum on Africa in Kigali, Rwanda.

He said: “The economies of the future will be dependent on talent, what you know rather than what you have. Going forward, if you look at the future, it will be shaped by nano technology, genetics, artificial intelligence.”

For many years, many African economies have been rocked by a number of obstacles, some self-inflicted.

For instance, political instabilities have side tracked many counties from development or even regressed others from the growth realised.

“Over 200 million people in the Great Lakes region have been caught up in conflicts, but time has come to overcome this, economies need to invest in young people now,” said Mr Victor Ochen, the executive director of the African Youth Initiative Network-Uganda, during the forum.

Education, though seen as a strong tool to uplift the growing young population, has been found to be lacking the needed pragmatism to help youth venture into wealth creation and business.