THE World Bank (WB) Regional Vice-President for Eastern and Southern Africa, Dr Victoria Kwakwa, has said that without successfully navigating the human capital crisis, African societies and economies risk being trapped in a detrimental cycle of stagnant growth, soaring poverty rates and increasing inequality.
Dr Kwakwa made the statement in her introductory remarks prior to welcoming President Samia Suluhu Hassan to open the Heads of State Human Capital Summit (HCS) in Dar es Salaam, on Wednesday.
She said that the HCS is an important opportunity to come together to discuss what Africans can do to improve human capital outcomes and achieve results at scale.
"For African nations, the cost of inaction will be extremely high and potentially destabilising," she said
Adding to that, the situation could potentially escalate the drivers of fragility and conflict as uneducated and low-skilled youth grow increasingly disillusioned.
According to her, there is a lot at stake for the global community. By 2050, Africa will represent almost 40 per cent of the children (0-14 years) and a quarter of the working-age population in the world.
"Improving human capital is not for the faint of heart or the impatient. If you allow me to be blunt, human capital is less visible than building a road and requires a longer-term investment." She noted
For her part, the Minister of Foreign Affairs and East African Cooperation, Dr Stergomena Tax, said that human capital plays a pivotal role in shaping the present and future of African societies and economies and the global community as a whole.
She said Human Capital is the driving force behind innovation, productivity and sustainable development.
"Investing in people is not only a moral imperative but also an economic necessity" she said.
She added that by praising President Samia for Her visionary decision to host this summit and the World Bank for affording Tanzania the opportunity to host it.
Speaking about the Summit journey, she said, The Summit journey started in April 2023 when the United Republic of Tanzania accepted to host the Summit.
She noted that preparations were then launched by Dr Samia Suluhu Hassan on May 19, 2023, at the Julius Nyerere International Convention Centre (JNICC), during which stakeholders were invited to join the Government of Tanzania in preparing for this Summit.
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She noted that the summit was being attended physically by more than 600 participants, representing 37 Governments and other partners. Virtual attendance through various platforms was also enabled extended participation.
"The United Republic of Tanzania values your attendance and participation and we thank the World Bank for partnering with the United Republic of Tanzania to host this important Summit in Tanzania," she Elaborated
She said the positive response is a testimony of the seriousness given to human capital development and the role it plays in bolstering the social and economic growth of the continent.
The Summit came at a time when the continent continues to implement Agenda 2063, which aims to transform Africa into a global powerhouse. To achieve this aspiration, human capital development is a critical component, requiring massive and coordinated efforts by African countries and other partners.
The summit was therefore a significant step towards achieving Agenda 2063 and the pursuit to accelerate the realisation of the Sustainable Development Goals (SDGs).
Either, the summit provided a platform for sharing knowledge and experiences, coming up with innovative strategies to unleash the power of human capital and making concrete commitments. With the intensive preparations and our commitment, it was undoubtedly set for a successful meeting.
