ADB: THE POPULATION EXPLOSION IN AFRICA, AN OPPORTUNITY, BUT ALSO A TIME BOMB
The governors of North Africa and Eastern ADB gathered this week at the headquarters of the Pan African institution to discuss the continent's development prospects. After their conclave, they recalled the urgency of some of the priority challenges of today, including the problems of youth. To this end, they called for an acceleration of the Continent's development strategy by focusing in particular on rising nvestments, a goal that is working ADB to cover the deficit of the continent in infrastructure.
This is not a new study by the African Development Bank (ADB) that reminds him, but rather the opinion shared by the governors of the financial institution for East Africa and North Africa. Following a conclave two days recently held in Abidjan, Ivory Coast, the finance ministers of the two regions, governors in respect of their country, analyzed the continent's development prospects .
On the occasion, they again called for "the need to take urgent measures to deal with population growth and youth unemployment" . If they recognized that " the sharp increase in the population of the continent, especially its youth, is a potential growth engine for the world," the ADB Governors however warned that "the population explosion in Africa is a bomb ticking ".
We'll have to act fast so to offer opportunities to young people who will join the labor market and will also need access to services. "The biggest challenge for Africa today is job creation, a stability issue and a lever to get economic growth up" for example, stressed the Algerian Finance Minister Abderrahmane Raouia, who should "provide youth employment opportunities to convince them to stay here on the Continent."
Investment and Industrialization
The challenge is daunting, even though according to the president of the ADB, "the good news is that the solution is within reach and require investments" . Akinwumi Adesina exchanged with the governors on the best strategy to meet the shortfall of investment in infrastructure in Africa, estimated at nearly 170 billion dollars.
To fill this gap, ensuring inclusive growth and create jobs for the people of the continent, the meeting also approved the principle of organizing the "African Investment Forum" under the aegis of ADB. The event will be held from 7 to 9 November 2018 in Johannesburg, South Africa and serve as a platform to mobilize investment, high-impact, particularly in the industrial sector. "The jobs will come from industrialization: the new approach of using the African Investment Forum to reduce risk and attract investors is the way to go" , has estimated Rotich Kiplagat, Kenyan Minister of Finance.
For his Moroccan counterpart of Economy and Finance, Mohamed Boussaid, " a capital increase is not a choice, but a necessity." The evidence, he pointed out the case of the Kingdom, "today the leading export sector in Morocco does not belong to traditional sectors such as phosphates, but the auto industry."
According to official statistics, nearly 13% of the world population lives in sub-Saharan Africa, a figure expected to more than double by 2050. According to figures from the UN Population Division, four billion people, or 36% of the world population could live in the area by 2100. Africa is expected to have over 840 million young people by 2050, the continent with the youngest population Earth.
According to Adesina, "we still have 12 years to achieve the sustainable development goals. And if Africa does not reach these goals, the world will not reach either. " Thus with its new strategy of "High 5" ADB plans to accelerate the development of Africa. "We are deepening our reforms, we increased our disbursements to their highest level last year and we are mobilizing more resources for Africa," assured the president Adesina.
Thus, due to a substantial increase in capital, the Bank will be able to execute its investment program with operations in the amount of 15 billion just for this year. " The prospects for 2018-2020 are bright, with 50.3 million people expected to benefit from improved access to transport against 14 million in 2017. In addition, more than 35 million people will benefit from new and improved electrical connections , against 4.4 million in 2017 ", finally reminded ADB said in a statement.
Source : fides.org