Mastercard Foundation announces commitment to address Africa’s youth unemployment

The Mastercard Foundation has announced its commitment to help address Africa’s unemployment by enabling 30 million youths, especially young women, secure dignified and fulfilling work by 2030.

The announcement is part of the foundation’s strategy ‘Young Africa Works’, which aims to reduce poverty on the continent by tackling the high rate of youth unemployment.

According to a statement made available to BusinessDay, the strategy is the result of extensive consultations with leaders of African governments, the private sector, educational institutions, civil society, and young people.

“Youth unemployment in Africa is the issue of our time. Together, we have an extraordinary opportunity to shape the future and increase prosperity for all,” Reeta Roy, president and CEO, Mastercard Foundation said.

“In fact, young people are leading the way. Let’s support their aspirations for their communities and their countries,” Roy said.

Africa has one of the highest unemployment rates in the world, particularly for young people. By 2030, there will be more than 375 million people under the age of 35 in the labour market.

Population growth on the continent means that by 2035, there will be more young people entering Africa’s workforce each year than the rest of the globe combined. In 2050, one quarter of the world’s working age population will be African, making it the largest workforce in the world.

“Every day I see young Africans whose potential is going untapped,” said Angela Nzioki, co-founder and manager of Pluspeople Kenya Limited.

“They are innovative, passionate, and talented, and they want a chance to prove themselves. For Africa to prosper, young people need to be at the heart of the policies and strategies of governments, universities, employers, and donors.”

The new strategy puts an emphasis on working with African organisations and designing solutions specific to a country’s economic needs and goals. Collaborating with governments and the private sector to identify priority areas for growth, the foundation’s programmes will prepare young people with the skills they need for employment through relevant training and education, use technology to connect employers and job seekers, and enable entrepreneurs and small businesses to expand through access to financial services.

Josephine Okojie