Youth need help from the private sector

Kenya, and by extension the East African region, is taxiing towards a major economic transformation that is being driven by the youth.

The youth are increasingly taking up greater sway in the direction and pace the economy will take in the coming years as they are the holders of the greatest ideas, the energy, and the commitment that is needed to drive the transformation.

However, there is a big challenge ahead as more and more youths find themselves without jobs.

However, as much as unemployment might be seen as a challenge, it has opened up opportunities for various stakeholders to roll up their sleeves and rise to the challenge.

One of the most outstanding developments has been the transfer of key services and functions to counties.

The transition to the devolved system of governance has resulted in opening up of new sectors of the economy as well as increased economic activities, impacting positively on employment creation.

The establishment of the Access to Government Procurement Opportunities initiative to facilitate enterprises owned by the youth, women, and persons with disabilities to participate in government procurement as well as the setting up of Uwezo Fund are some of the avenues through which youth have gained meaningful engagement.

Reviving agriculture remains Kenya’s main pathway to poverty reduction while the real gains will come from increasing productivity in the jua kali sector, which comprises 90 per cent of all businesses in the country and contributes 3 per cent of Kenya’s GDP.

ENABLING ENVIRONMENT

The existence of an enabling environment for businesses to carry out their activities is a critical step towards the realisation of Kenya’s goal of sustainable industrialisation and inclusive growth.

As industry stakeholders, there is a need for us to bring in complementary skills and competencies that enhance the productivity of the Kenyan youth.

We have realised that more focus needs to be put on investments geared towards transforming the informal sector.

The UN General Assembly member countries last year adopted the Sustainable Development Goals (SDGs) that marked an ambitious and urgent expansion to addressing the world’s most pressing challenges.

One of the pronouncements that caught the world’s attention was goal number eight, which set the target that by 2020, all member states needed to have developed and operationalised a global strategy for youth employment.

The broader sustainability agenda goes much further than its predecessor, the Millennium Development Goals, in addressing the root causes of poverty and the universal need for development that works for all people.

YOUTH SUPPORT

There is also a need to encourage and promote effective public, public-private, and civil society partnerships aimed at creating an inclusive, employment-creating, and sustainable growth strategy geared towards addressing the special needs of the youth.

One of the key proposals we have been advancing is that of forging and strengthening linkages between the informal and the private sector in an effort to support the youth.

This is hinged on the fact that the impact of a stronger private sector and economic growth on youth employment requires intelligent policies based on a sound understanding of the issues that the young face in finding, and holding on to, decent employment.

The private sector not only provides the much needed funding for the various projects, it also brings business acumen and project management skills, including the muscle to advocate solutions to be adopted for the success of the various undertakings.

I believe that through collaborative efforts with various stakeholders, the journey towards the realisation of our industrialisation dream will be achieved.

It is the young people who have built some of the world’s greatest innovations, riding on a wave of technological advancement.

They are creating cutting-edge mobile technologies to solve Africa’s problems in communities closest to them.

Young people are upbeat about their ability to become entrepreneurs and therefore the need for us, as private sector players and investors, to step in to make access to finances for start-ups easier or offer mentorship programmes and support their business growth.

The writer is the KCB group chief executive officer and chairman of the Kenya Bankers Association. [email protected]