By 2050, Africa will be domestic to 25 percentage of the world’s workforce. And yet there is no guarantee that these people – in particular the developing share of young human beings among them – will be employed, let by myself in decent jobs.
Of Africa’s almost 420 million young human beings (aged 15-35), one-third are currently unemployed, and another 1/3 are vulnerably employed. Only one in six younger Africans is in wage employment. With few alternatives and even much less hope, young humans might also resort to things to do like prostitution to make ends meet, or to distractions like illicit drugs.
Africa’s greatest technology is now at hazard of being misplaced – a failure that would have far-reaching consequences.
If Africa’s human capital is left idle, its innovative capacity will be depleted, and its growth manageable squandered. Demand for authorities benefits will rise, putting intensifying strain on public budgets, and popular frustration will grow, potentially fueling social unrest and political instability. Africa does no longer lack resources, but they are often poorly managed and inequitably distributed.
The casual economy’s predominance is, in a sense, a testomony to these failures. After all, it is governance screw ups like rampant corruption and inadequate funding incentives that have constrained the quantity of available opportunities, especially for younger people who lack high-level connections.
This leaves people with little desire but to take their efforts, capabilities, and entrepreneurial spirits to the informal sector, discovering methods to generate income with little or no startup capital.