More than 50 percent of Africa’s population is made up of the youth who holds the key for both the current and future generations.
Despite the fact that 10 of the top 25 fastest growing economies in the world between 2004 and 2014 were from Africa, Mastercard Foundation says in 2015, millions of African youth remained unemployed.
“The mismatch between the education curriculum and labor market needs is a major contributor to the youth employment challenge,” said the Foundation through its Twitter handle.
According to Mastercard Foundation, despite the improved education, lack of relevant skills remain a challenge for young people in Africa.
In February this year, Mastercard Foundation released a research that highlighted key challenges facing the young people in developing and adopting the agricultural technology.
“Elevating the voices of young people and trusting in their ability to solve the challenges they face is a core value at the Foundation,” said Peter Materu, the Chief Program Officer at Mastercard Foundation.
The Foundation also believes that given the fact that most young people are in the SME sector in Africa, making them have access to finance could make them grow and create other employment avenues.
“Did you know that IFC and McKinsey calculated that small and medium-sized enterprises account for 58 percent of employment in Africa and create 33 percent of continent’s GDP? If SMEs had access to finance, they could grow and hire more including the youth,” said the Mastercard Foundation.
The population of the youth in Africa continues to grow with job opportunities becoming scarce by each passing day.
“By 2030, Africa’s youth population is estimated to grow 2.5 times that of the youth population in Latin America and over 3 times the growth of Asia. How will we help propel these young people into dignified and fulfilling work?”
The Mastercard Foundation is holding its annual Young Africa Works Summit in Kigali Rwanda.