The Zimbabwe Coalition on Debt and Development (ZIMCODD) has emphasized the critical importance of investing in human capital to propel Africa toward its developmental goals.
The coalition acknowledged the strides made in the quest for socioeconomic freedom but noted the persistent challenges that impede this journey.
The theme for 2024, “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive, Lifelong, Quality, and Relevant Learning in Africa,” resonates with the coalition’s call for a robust investment in the continent’s burgeoning youth population.
With over 400 million young people aged between 15-35 years, Africa boasts the youngest demographic globally, making quality education a pivotal lever for sustainable growth.
ZIMCODD underscored the significance of inclusivity as a cornerstone for unlocking Africa’s latent potential. Despite progress in integrating women and youth into governance and socioeconomic conversations, the coalition advocates for their substantial representation in leadership and the labor market, given that they constitute over half of the continent’s populace.
The vulnerability of Africa to climate change, primarily due to its dependence on rain-fed agriculture, was another concern raised by ZIMCODD. The increasing frequency of droughts and natural disasters necessitates governmental action to bolster climate change initiatives and foster innovative domestic resource generation strategies.
Corruption and resource leakages continue to undermine Africa’s capacity for domestic resource mobilization, with political patronage and illicit financial flows eroding the continent’s developmental prospects. This reliance on external borrowing has led to unsustainable debt burdens, stifling national development as funds are diverted to service debts, often lacking transparency and accountability.
Notably, the debt-to-GDP ratios in Malawi, Zambia, and Zimbabwe have escalated alarmingly, posing a significant challenge for Southern Africa.
