Prof Collier calls on Africa to focus on its young population

Sunday, July 7, 2019 Policy

Source: ghananewsagency.org

2019-07-07

Professor Sir Paul Collier, a world-renowned economist for development, called on Africans to make the development of their young population a priority, creating a prosperous future for them.

Sir Collier stated this during his address at the Public Lecture Series of the Institute of Economic Affairs (IEA) in Accra on the theme: "Africa: Old Obstacles, New Opportunities".

The conference was organized as part of the IEA's mission to promote good governance in Ghana and Africa.

Professor Sir Collier is currently Director of the International Growth Center, Director of the Center for the Study of African Economies at the University of Oxford and former Director of the Research and Development Department at the World Bank.

He added that the new opportunity for Africa was its young demographics, with the rest of the world running short of young people.

Professor Sir Collier, who described Africa as the continent of youth, suggested that Africa now needed a change in the structure of its activities to accommodate the young population.

He said that agriculture in Africa needs to be modernized to make it more attractive to young people.

According to the United Nations, the population of young Africans is growing rapidly and is expected to reach more than 830 million by 2050.

Whether it is a promise or a danger depends on how the continent manages its "youth boom".

The World Bank said that 40% of people joining rebel movements are motivated by lack of economic opportunities.

Sir Collier said: "Ghana is the first to gain independence and can be a pioneer in Africa, as well as for the management of their natural resources, just as China has copied South Korea.Ghana can be a pioneer for other African countries. "

He said management of the public expenditure process was very difficult, saying "we need a very good public investment capacity".

"Do not borrow the essence of oil and spend it on consumption – do not borrow, consume, save and invest," he added.

He said that one of the main challenges of a country's development was how to finance its economy.

"Ghana has many natural resources that could potentially be exploited to create opportunities for the future. We need to equip our youth with physical capabilities and infrastructure, "said Professor Sir Collier.

Dr. Charles Mensa, founder and president of the IEA, called for the creation of an appropriate framework for the country's natural resources in order to generate enough revenue for its socio-economic development.

He said the governance of the country's natural resources was in the hands of Ghanaians and not its development partners.

Nana Kobina Nketsia V, supreme chief of the Essikado Traditional Region of the Western Region, who presided over the ceremony, said that one did not walk on gold and remained stained with poverty.

"If you are walking on gold and you are still stained with poverty, it means that there is something wrong with your head."

He asked why Ghana was still heavily indebted while Ghanaians had been trading on gold.

Nana Nketia called for judicious use of Africa's natural resources in the interest of her people.