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Heed World Bank’s employment warning

The World Bank Vice-President and Nigerian national Obiageli Ezekwesili last week fired a warning that may pass like wind through the minds of many African leaders in charge of government.
Ms Ezekwesili correctly believes that sub-Saharan African will remain volatile unless governments take seriously the simmering mass unemployment among the youth.
This warning is not new. It has only been revisited because of the strong winds of revolution that are blowing through the Arab World — where governments have earned billions of petro-dollars but with only marginal improvement in the living standards of their peoples.
Sub-Saharan Africa has become a region of immense social and economic tensions that could easily explode into Jasmine revolution type upheavals if not addressed.
World Bank policy wonks may have a clear insight into what needs to be done.
Jobs need to be created not only to keep the millions of youths gainfully engaged but also offer them dignified sources of income.
Dealing with potent issues such as mass unemployment and its dangers can not happen without good governance.
It is only through effective use of collective resources to solve critical challenges that progress can be attained and harmony prevail.
Yet there is no comfort in the fact that even in societies such as Kenya that have put some semblance of contemporary governance structures in place, immense distortion has occurred ensuring the art of government serves small segments of society.
Mass unemployment in Kenya, for instance, must be squarely put at the doorsteps of policy apparatus such as the Central Bank that has, for years, dodged a key mandate of similar institutions all over the world — employment creation.
Few Kenyans can remember the one time that this institution has confronted the subject of unemployment.
One is likely to read from them numbers on inflation, interest rates and growth that only matter to those already in the formal segments of the economy.
The number barons must be reminded of Tunisia’s recent date with destiny.
After nearly two and half decades of posting sterling figures of growth, low inflation and interest rates, it came tumbling down at the hands of frustrated unemployed youth.
We must learn.

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