Africa finds itself at the lower end of the global value chain, accounting for only about 3% of global manufacturing. Its economies remain largely reliant on raw materials. Since 2013, manufactured goods have only represented 18.5% of exports, while 62% of all imports were manufactured goods, creating a trade imbalance that deprives the continent of its wealth.
This situation is worse in countries where a combination of structural constraints and political instability jeopardizes any effort towards diversification and economic transformation led by the private sector. Following the debilitating impact of COVID-19 and navigating through an uncertain global environment characterized by tightening global financial conditions, the fallout from the invasion of Ukraine by Russia, and persistent climate threats.
Thus, most countries have not created the necessary jobs to absorb the large number of youth, forcing hundreds of thousands of them to leave either through brain drain or the flight of manual labor. The issue of employability in Africa and the urgent need for advanced industrialization of the continent is undoubtedly the greatest challenge for African institutions and the private sector.
The 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Annual Meeting of the Board of Governors of the African Development Fund will be held from 27 to 31 May 2024 at the Kenyatta International Conference Centre in Nairobi, Kenya.
The Meetings provide a platform for reflection on the Bank Group’s commitment to fulfilling its mission of developing the African continent and improving the living conditions of its people. It is therefore with great honour that our speakers will discuss jobs and industrialisation in Africa.
