ECA urges investment in Youth, says 1 in 3 young people globally will be African by 2050

The United Nations Economic Commission for Africa (ECA) has called for urgent and substantial investment in African youth, warning that by 2050, one in every three young people worldwide will be from the continent.

The demographic shift offers both challenges and opportunities that, if properly managed, could position Africa as a global powerhouse.

Claver Gatete, United Nations Under-Secretary-General and Executive Secretary of the ECA stressed the importance of addressing critical gaps to secure a prosperous future for Africa.

“Africa can be the global power force if we address the critical gaps for a fair and promising future,” Gatete said at the opening ceremony of the summit of the Future, in New York.

He stressed the need for deliberate and strategic intervention in the continent’s youth, given the significant role they will play in shaping the future. “We must take deliberate steps to invest in our youth because 1 in 3 young people globally will be African by 2050,” he added.

The ECA chief highlighted several key areas for investment, including modernising education systems, increasing skills in science, technology, engineering, and mathematics (STEM), and integrating Technical and Vocational Education and Training (TVET) into the broader educational framework.

“Investments in modernising education systems, increasing skills in STEM, and integrating TVET in education systems is necessary,” Gatete stated. He also pointed out the potential of the Global Digital Compact to offer Africa a level playing field, provided the continent develops the necessary digital infrastructure. “The Global Digital Compact can offer Africa a level playing field, but we must build the necessary infrastructure to take full advantage of this.”

Gatete’s comments came at a time when Africa is grappling with multiple crises, including rising debt, finance challenges, and the growing impacts of climate change. According to him, 21 Afrifinancialntries are currently in or at high risk of debt distress, with public debt levels having soared by over 180 per cent since 2010, now exceeding 60 per cent of the continent’s GDP.

“Basic social expenditures are being crowded out, and there is limited access to long-term concessional finance,” Gatete warned. He added that climate-related damages are costing Africa up to 5 per cent of its GDP each year, further straining fragile economies.

Despite these challenges, Africa continues to struggle with attracting sufficient investment due to what Gatete described as unfair global financial systems. “We cannot attract sufficient investments because the rules of engagement of global rating agencies do not favor Africa,” he said, pointing to the significant discrepancies in borrowing costs. “For example, Africa’s borrowing cost is four times higher than the United States and even more than four times that of Germany.”

Gatete criticised the current global financial architecture, arguing that it fails to serve Africa’s interests. He called for justice and fairness in global financial dealings, stating that many promises made to the continent remain unfulfilled.

“Justice for Africa cannot be served by an outdated global financial architecture system,” he argued. “Promises are either not fulfilled or half fulfilled, leaving governments frustrated, young people unemployed, and children without a future of hope and prosperity.”

Gatete concluded by urging African leaders and global partners to seize this moment to chart a better future for the continent’s youth. “This is our once-in-a-lifetime chance to demonstrate to future generations that we got it right,” he said, stressing the importance of addressing Africa’s challenges in finance, debt, and development to create a sustainable and prosperous future for its growing young population.