CIOopinion
CIO OPINION
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WE NEED TO WORK CLOSELY WITH OUR PUBLIC SECTOR PARTNERS AND EACH OTHER TO ENSURE WE MOBILISE THE CONTINENT ’ S VAST AND LARGELY UNTAPPED HUMAN CAPITAL RESOURCES .
the labour force per year , but only produces three million new formal job opportunities .
According to the International Labour Organisation , 95 % of youth employment on the continent is informal . In South
Africa , youth unemployment is at the worst levels of anywhere in the world . Fifty-eight percent of youth are not in jobs , education or training . This is an unfolding tragedy beyond compare .
New partnerships need to be established to fast-track digital skills development among our youth , or we risk widespread social instability . Africa has the largest and fastestgrowing youth population in the world . We are the envy of developed nations where population growth has plateaued , creating skills shortages in many countries .
Our current approaches are not working . The private sector needs to step up by expanding skills development and job creation opportunities to allow more of our youth to access formal employment . We need to work closely with our public sector partners and each other to ensure we mobilise the continent ’ s vast and largely untapped human capital resources .
Unlocking social enterprise potential
We need to transform how the private sector procures goods and services . Corporate procurement networks command trillions of dollars in buying power – just the commerce value on SAP ’ s global Ariba network alone totals $ 3.46 trillion a year .
Allocating even one percent of that procurement spend to social enterprises could make a tremendous impact on unemployment , especially among the continent ’ s youth .
In line with that , we need to enhance our support of social enterprises , and we need to make this a core and sustainable part of our business strategy . In the UK , social enterprises account for £ 60 billion of the economy , contributing 3 % of its GDP and 5 % of its employment . In France , this jumps to 8 % GDP and more than 10 % of employment .
Unlocking even a fraction of that potential could have huge positive impact for millions in Africa . There ’ s no shortage of social enterprises to support – it ’ s up to us , the private sector , to identify and support suitable social enterprises and fulfil our duty of purpose over profit .
We face a tremendous challenge over the coming months and years as we repair the damage wrought by the 2020 pandemic . But our challenges are not insurmountable . By transforming how we conduct business , by prioritising skills development and by unlocking the vast potential of purposedriven businesses and social enterprises , 2020 could become a catalyst for Africa ’ s success and growth . •
40 INTELLIGENTCIO www . intelligentcio . com