Creating sustainable economic opportunity in Africa requires new thinking

The latest 2018 Ibrahim Index of African Governance (IIAG) has just been published and it paints a worrying picture of access to economic opportunity for citizens of African countries, despite strong levels of economic growth over the last decade. Since 2008, the African average score for Sustainable Economic Opportunity has increased by only 0.2%, despite a continental increase in GDP of nearly 40% over the same period. This means “there has been virtually no progress in creating ‘Sustainable Economic Opportunity’, meaning it remains the Ibrahim Index’s worst performing and slowest improving category,” the Mo Ibrahim Foundation commented. Young people are being particularly affected by this phenomenon and are experiencing the practical effects of jobless growth. With Africa’s working age population expected to increase by 901.8m between 2015 and 2050, these negative economic trends mean it’s time for a rethink, otherwise the future could look bleak. The Index recognizes that most jobs for the burgeoning population on the continent will come from the private sector, and from a new generation of entrepreneurs who choose to build their own businesses and futures, instead of looking to big business or big government to be the solution. We need to educate, train and support this new young generation of entrepreneurs to be the change that Africa really needs.