The World Bank launches a semi-annual report called Africa's Pulse
The World Bank, on Wednesday, October 11, at its headquarters in Gombe, launched a semi-annual report called “Africa’s Pulse”, a report analysing the state of African economies. This report finds a loss of efficiency in investment, particularly in countries with less resilient economies. With regard to the education sector, the report finds serious difficulties. One in three children does not complete their schooling and less than 10% have access to higher education.
It was Albert Zeufack, Chief Economist of the World Bank for Africa, who presented the Africa’s Pulse report. In his presentation, he explained that in most African countries the economic recovery is there, but much remains to be done to sustainably build the foundation for this growth. And to say that in several key areas, progress is timid. The report also notes a loss of investment efficiency, particularly in countries with less resilient economies. This is particularly true in skills development, where countries need to understand why they continue to have the lowest skilled labor force in the world, while they are investing heavily in the education sector. Virtually one in three children does not complete their education and less than 10% have access to higher education. “Despite the volume of public education spending, millions of African children still do not acquire the basic skills needed to participate actively in the labor market,” said the World Bank’s chief economist.
Investing in Youth
He deplored the fact that many young Africans leave school without having acquired the necessary notions for a productive life. And in many cases, less than half of adults can read and write. “Youth is an asset if it seizes the opportunities that come before it,” he said. To fill these gaps, he urged sub-Saharan African countries to help young people with literacy and numeracy skills. “There can be no sustainable growth if people do not master the fundamentals of reading, writing and calculating as much skills that enable everyone to be an accomplished citizen and realise their dreams,” argues -he.