AfDB makes case for Africa’s structural transformation
The 48th meetings of the AfDB and the 39th meetings of the African Development Fund (ADF) will be held under the central theme of “Structural Transformation in Africa.”
For the AfDB, transforming Africa’s economies entails diversifying and expanding the sources of economic growth and opportunity in a manner that promotes greater productivity for sustained and inclusive economic development.
“A major policy challenge for Africa today is how to broaden access to economic opportunities for its expanding population, including the most vulnerable groups,” the Bank says in its 2012 Annual Report, which will be presented to the institution’s Governors at the Marrakech meetings.
“Africa requires structural transformation to propel it towards inclusive growth,” the report says, citing high unemployment and underemployment especially among young people and women, as one of the main problems facing the continent today.
Structural transformation will not materialise unless there is a concomitant investment in skills development in areas that have kept the continent behind other developing regions. In this regard, Africa needs to harness its natural resources to build skills for its youthful population in order to leapfrog development and secure a place in the global value chain.
Developing skills will unleash the dynamism of Africa’s untapped entrepreneurship potential, creating opportunities for increased job and wealth creation. An enlightened population is also important in Africa’s global engagement in trade and commerce.
“The key message is that Africa should accelerate its structural transformation by boosting the potential of its youthful population, investing in science and technology and innovation, speeding up its rate of economic integration, greening the economy and supporting private sector enterprise,” the report emphasised.
Businessday
