According to the World Bank Human capital is the stock of accumulated knowledge, experience, and attributes that workers bring to and use in the production of goods and services in an economy. Therefore in my view investing in people through the acquisition of knowledge, education, quality wellness programs and behavior sensitization programs will be the pathway for producing economic value at a high rate of productivity. This kind of investment is what human capital development is and it is the key to boosting incomes, ending extreme poverty and creating more inclusive societies.
As I have often written, in my inquiry into the nature and causes of poverty and underdevelopment it has become clear to me that human capital deficiency is the primary culprit. Across Africa we have to be more committed to solving real sector problems by removing constraints. What this means is that human capital deficiency is the constraining factor that can impede production and or consumption in the real sector. In this regard Africa must look to harness the potential of its people using investments in new technologies to promote skills development, wellness and appropriate behavior for good leadership, quality jobs and workforce competitiveness. So indeed what is required for Africa to become very globally competitive is huge investments in human capital. It is investment in people that will create the diffusion that can influence productivity and therefore higher real incomes in the future.
An African Development Bank estimate suggests that nearly 38% of youth in sub-Saharan Africa want to move permanently to another region of the world. This huge asset must be kept in Africa through human capital investments. And the time to start these investments is now.
