Investing in human capital boosts the economy in Africa

It revealed that much of the continent is far from achieving the Sustainable Development Goals (SDGs), despite the funds to achieve them, the African Union’s Agenda 2063, the United Nations Economic Commission for Africa (ECA) released to your account. Social network Twitter.

Speaking at the 43rd Ordinary Summit of Heads of State and Government of the Southern African Development Community, which concluded earlier in Luanda, Angola, Pedro urged African countries to align their education systems with the needs of the market and society.

He opined that governments should invest in science, technology and innovation to increase value chains to avoid the middle-income trap, moving away from the resource-extractive model that characterizes most of Africa’s mineral-rich countries.

According to him, the impact of global crises of conflicts, climate, food and energy crises, as well as the escalation of tensions demand a strong continental position in the global geopolitical economy.

“Business as usual will not meet the SDGs and Agenda 2063 or the future we want. We need a paradigm shift in our approach to accelerate the pace of industrialization, achieve impactful structural change and achieve our goals,” he asserted.

Against this background, he challenged African leaders to create an ecosystem for change and leadership that brings together government, the private sector and other stakeholders in quality dialogues and co-creation of local solutions.

“The time we spend on creating an environment conducive to foreign direct investment should be spent on creating an environment conducive to domestic investors, large and small, because the emergence of a strong and competitive small and medium business sector will create jobs. We need young people,” he stressed.

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He urged expanding financing beyond aid to improve productivity by mobilizing more internal resources through pension funds inspired by banking schemes.

Recalling that carbon credit markets could support industrialization in Africa, he said that at $120 per ton of carbon dioxide (CO2), Africa could generate $82 billion annually.


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