How entrepreneurship can drive Africa’s development

The Acting Vice President of the African Development Bank, Yassine Farh, believes that designing and implementing special entrepreneurship investment programs in Africa is crucial to the continent's development and the future of labor. In a recent interview with CNBC Africa, Farh discussed the AFDB's entrepreneurship innovations and advice for jobs initiative, highlighting its importance in accelerating job creation through small and medium enterprises. The initiative, established with support from the Danish Arab Partnership, aims to create 10 million jobs by 2030 in countries like Tunisia, Morocco, and Egypt. This focus on entrepreneurship is crucial, especially in the post-COVID era, where economic recovery and job creation are top priorities. Farh emphasized the need for a broad partnership ecosystem involving public policies, government support, business angels, finance, technical assistance, education, and skills improvement to support entrepreneurs throughout their enterprise life cycles. She highlighted the high mortality rate among small enterprises in their early years and stressed the importance of addressing this issue to foster sustainable growth. The rapid changes in the African labor market due to the digital revolution and the impact of COVID-19 have underscored the pressing need for job creation for the continent's large youth population. By 2050, Africa's youth population is expected to exceed those outside the continent, emphasizing the urgency of creating decent jobs for this demographic. The signing of a political manifesto at the conference Farh attended illustrates the commitment to enabling countries to create jobs in the short and medium term. Despite past challenges and policy discrepancies, Farh expressed confidence in the current momentum towards entrepreneurship and youth empowerment in Africa. She referenced the Arab Spring in Tunisia as a reminder of the consequences of high unemployment rates and the need for immediate action to improve living conditions and opportunities for the youth. With a target of creating 10 million jobs across three countries within the next eight years, policymakers, officials, and development partners are actively working towards creating an enabling environment for entrepreneurship and job growth in the region.