INTHEBLACK April 2025 - Magazine - Page 23
continent in 2025, averaging about
16 per cent. Close to 30 countries will
be under International Monetary Fund
programs, indicating that these markets
are still grappling with macroeconomic
challenges emanating from currency
depreciation, global commodity price
volatility, increased costs of imports and
local production, and higher public debt.
The increased cost of serving debt
will restrict governments from investing
in much-needed projects that can stimulate
further growth, Sisay says. “Consumers will
also continue to be strained, exacerbating
cost-of-living challenges. Furthermore,
geopolitical tensions, as well as the impact
of climate change, will impact sustainable
development.”
UNTAPPED POTENTIAL
As governments and businesses in SSA
grapple with myriad challenges, they should
be emboldened by the knowledge that they
have it in their powers to turn the region’s
vast potential into sustained prosperity.
For example, Dabalen is confident that
Africa can harness the transformative power
of education to drive long-term economic
growth and “lift up” its citizens. “The region
can build on successful experiences around
the world to seize this opportunity,” he says.
“Africa has made significant strides in
expanding access to education. Right now,
the opportunity is even greater than ever —
the children of today will be part of Africa’s
future workforce, which is expected to nearly
double by 2050.”
He suggests SSA is at an “important
juncture where not investing in education
today will be detrimental to economic
development for decades”.
“To transform the region’s education
systems, bold reforms and investments
are needed around two broad,
interconnected objectives. The first is
building a solid foundation by ensuring
that all children acquire basic skills.
The second is equipping youth and the
workforce with skills that are relevant to
the evolving labour market.” ■
Ethiopia's Prime
Minister, Abiy Ahmed,
speaks during the
launch of the Ethiopian
Securities Exchange in
Addis Ababa, Ethiopia,
on 10 January 2025.
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