05/06/2020
Exploring public policy in Africa, the role of policies in advancing youth entrepreneurship.
Africa’s unemployment rate is steadily increasing and so are conversations from governments, policymakers, and other stakeholders around entrepreneurship for economic growth.
Youth unemployment is at the peak of Africa's greatest challenges and this has resulted in the wide dissemination of policies and strategies encouraging youth entrepreneurship. Many African countries are investing in policy reforms to improve the growth and ease of business for small and medium-sized enterprises (SMEs). Several countries across the continent have SME regulations through independent SME policies or have integrated this into other policy structures, such as national plans or suitable legislation. 66% of African countries have youth policies in place. Despite that focus, there is still a lack of systematic attempts to look at it from the youth’s perspective.
Youth under the age of 30, make up approximately 51% of the world’s population, but only represent 2.2% of parliamentarians, thus ignoring the tremendous potential of the youth to act as the vehicle of affecting positive change and enhancing sustainable economic growth. Assuredly, it is imperative to establish policies and strategies that simplify doing business for the young. However, these mechanisms should accommodate high levels of participation from the people they are being implemented for – the youth.
We are not saying that youth entrepreneurship is a panacea for Africa’s burgeoning youth unemployment rate, however, we cannot ignore the fundamental role it plays in strengthening economic development. For youth entrepreneurship to succeed, the youth entrepreneurship policy landscape needs to evolve in its mandate, approaches, and comprehensiveness to enable young entrepreneurs to thrive in the environments they operate in.