Promoting youth entrepreneurship in Africa: a policy brief - 2020

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dc.date.accessioned2024-04-30T07:33:50Z
dc.date.available2024-04-30T07:33:50Z
dc.date.issued2020
dc.description.abstractYouth unemployment is one of the major challenges faced by the African Union (AU) Member States. The problem is exacerbated by limited alternate opportunities to earn decent livelihoods. Since the youth form the backbone of the African population - over 60% - the continent’s sustainable development hinges on harnessing the demographic dividend. That entails going beyond the limited formal employment opportunities for youth and creating and availing opportunities to make a decent living and contribute to the realisation of Agenda 2063. Acknowledging the importance of investing in and creating space and opportunities for young people for them to realise their full potential, the African Union has pioneered several initiatives geared towards youth empowerment. The AU Agenda 2063 recognises the need to do this as a prerequisite for achieving the socio-economic transformation of Africa. Through its African Plan of Action for Youth Empowerment (APAYE), the AU places a premium on five key priority areas, among them youth employment and entrepreneurship. The African Union Commission (AUC) has rolled out an initiative “1 Million By 2021” which is aimed at reaching millions of youth from across the continent with opportunities and interventions in key areas of employment, entrepreneurship, education and engagement. Youth entrepreneurship is projected to be increasingly relevant in the current contexts of rising unemployment and underemployment, as well as insecure, low-paying, hazardous employment that does not result in liveable wages. However, Covid-19 outbreak has shown that pandemics and disasters have the potential to subject young entrepreneurs or businesses to a great deal of uncertainty and exposure to high risk of unproductivity. Covid-19 has led to a global health emergency and economic slowdown with trade, investments and employment being seriously affected. This has left many vulnerable youth-led enterprises struggling to carry on business in the face of unexpected economic shockwaves. Response to the Covid-19 crisis should entail cushioning young entrepreneurs against the shockwaves, assisting them to develop long-term growth plans, finding innovative ways to survive the economic slowdown and searching for novel market opportunities.
dc.identifier.urihttps://au.int/sites/default/files/documents/39541-doc-promoting_youth_entrepreneurship_in_africa_-_en.pdf
dc.identifier.urihttp://lhg.cput.ac.za//handle/123456789/310
dc.language.isoen
dc.publisherAfrican Union Commission
dc.subjectYouth -- Employment
dc.subjectEntrepreneurship
dc.subjectSmall business
dc.subjectYouth -- Economic conditions
dc.subjectInformal sector (Economics)
dc.titlePromoting youth entrepreneurship in Africa: a policy brief - 2020
dc.typeTechnical Report
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