ABIDJAN, Ivory Coast, — 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 (AfDB.org) President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday.
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 text books, 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.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
GDPs Ha Eaten in PANAMA. That is why citizens Ha poor.
AfDB, you are spot on!! Let me quote:
“…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…” We now need a group of politicians that will focus on such aspects, not corruption, corruption daily ati we’ll fix the economy!!???
Zambian citizen African is poor because of corrupt leaders who are supposed to be economic managers but instead become plunderers of those resources. Here in Zambia ministers and the president daughter pocketing money from the sale of our trees that money could have gone to developing our small country. Let those leaders take care of their instead of waiting for donations
Very true point. The only childish people that talk about GDP are upnd with their Facebook president. Hh economics will not feed anyone. Us in pf we believe in being pragmatic and action based. Look at all the infrastructure we have built which is driving economic activity and improving the lives of millions. This is what we believe in. Not ba hh with his economic jargon from Birmingham university. Kz
Very true.
Almost all African countries have failed to translate GDP into something meaningful that every citizen can be able utilize and appreciate. So, as long as we’ll continue to receive dead aid, GDP will always mean nothing.
Ignore the basic economic principles and suffer the consequences
The African average economic growth rates are nearer to what Zambia is going through. Implies they are also other circumstances constraining our economic growth and is continent wide.
Secondly, the Bank highlights importance of skills and educational infrastructure as a way out, the two issues the Government has dealt with through educational infrastructure development and introduction of skills development levy.
You may argue on the actual implementation level but we should agree that Government is on the right path.
We have the ingredients for an economic revolution! Let’s just argue on the “how” only!!!!
I trust what you say Dr. Adesina, YOU MADE A MARK AS AGRICULTURE MINISTER IN NIGERIA, SO YOU ARE PRACTICAL PERSON!! I hope text book Economists have taken heed!!
I am waiting for Socialist Party’s rally in my town in solwezi. Foreigners and present crop of politicians are disgrace to Zambia. How can a president goes on globe trotting when 90% of Zambians do have one time decent meal? Schools have no chalks, village children are lining at road sides to sell chickens and veggies that they themselves need to grow healthy
Ubuloshi kz is confusing you. UPND is not in power . The corrupt pf is. Who poorly manages the country’s wealth ? One sided Infrastructure development will not feed the nation.People are hungry. What they need is food ! The youths need permanent jobs not flashy cars on bitumen roads. This infrastructure you are talking about has the led country into debt . 75 % of the loans have ended up in you pockets.
Iwe kz a few years ago you were languishing at a clinic as an a cleaner and all of a sudden you an overnight chinondo? Can we trace your source of wealth?
As long as Africa’s birth rate is high, economic growth will be stunted. Only a high ratio of productively educated citizens will save Africa because , natural resources belong to those who know how to extract, process and take them to market.
“Africa is blessed with resources, but its future lies in its people…education is the great equaliser.” The only politician in Zambia I have heard saying “education is the greatest equaliser” is HH. Like him or not that guy knows what he is talking about.
@China: Corruption is a narrative for you colonised minds. Africa is poor because its resources are plundered on a large scale by imperialists. Africa ships out over $97bn annually through vices like transfer pricing, undeclared minerals and vat refunds. What is that compared to $20m that is pocketed by politicians through kickbacks (not from treasury!!) which is never even proven in courts???
Besides, are you telling me if upnd assumed office, corruption would drop to zero????
PF government has failed to up lift the dire poverty raveging the entire Zambia. Shoddy infrastructures dotted in few Zambian towns does not reflect growth and equitable wealth distribution in the nation. This is precisely what Mr Akinwumi Adesina implies that ‘growth must be visible, equitable and felt by people in this case Zambians. If this is not the case in Zambia except corrupt PF officials busking in wealth when majority Zambians are languishing in poverty, then PF regime must be rejected by Zambians. There is an alternative to PF regime with more credible and effective managerial acumen and governance.
People rarely remember good things but are good at fault finding. Repalcement of shock absobers on vehicles have reduce due to good roads therefore saving money. At times let us appreaciate something good bacause at no time are we going to stop complaining.