Namibia Youth Unemployment Rises By 2.7 Percent

Namibia’s youth unemployment rate for 15-34 year old bracket has risen by 2.7 percent from 43.4 percent in 2016 to 46.1 percent last year, the 2018 labour force survey results released Thursday showed.

Speaking at the event of the release of the survey, Statistician General Alex Shimuafeni said the country still had a lot to do to reduce unemployment especially among the youths.

“Unless we do something serious, the trend will continue to go up,” he said.

According to the survey, overall unemployment reduced slightly by 0.6 percent from 34 in 2016 to 33.4 percent in 2018.

“There was no significant difference between the figure of 2016 and the one of 2018,” he said.

Youth unemployment in Namibia has been on an upward trend since 2012, rising from 37.8 percent to 43.4 percent in 2016.

Source Xinhua


Report: Unemployment levels rising among Botswana youth

About 25 percent of the youth in Botswana are yet to find employment, according to data released by Statistics Botswana on Wednesday.The statistics, which covered the years 2017-2018, show that unemployment has risen as compared to 2015-2016 when it was pegged at around 20 percent.

The report noted that those who are categorised as youth are aged between the ages of 15 and 35.

The Botswana Multi Topic Household Survey also revealed that the most affected age group are those between 18 and 19 years as well as 20 and 24 years, whose unemployment figures were pegged at 48.1 percent and 37.3 percent, respectively.

It states that by education level, those who only completed Junior Certificate are the mostly affected by this predicament, constituting 42 percent of the total unemployed youth.

Source journal du cameroun

Ghana: Urgent Action On Youth Unemployment To Launch

Pressure group, Dynamic Youth Movement of Ghana (DYMOG) will in the coming days launch a project aimed at combating the the growing increase in unemployment amongst the youth.

The group which has embarked on rigirous anti corruption projects is now setting it’s radar on Youth Unemployment.

The campaign dubbed “Urgent Action on Youth Unemployed” will be launched on Monday 28th January at the University of Ghana.

The “Urgent Action On Youth Unemployment Campaign” seeks to create awareness about the alarming rate of Youth Unemployment and the need for immediate measures to be insituted to avert this issue which poses a threat to our National Security .

The Launch is set to bring together major stakeholders like Political Parties, TUC, Association of Ghana Industries, Academia and Student Leaders.

According to the group, the growing number of unemployed youth in the country poses a threat to the country’s development hence the need for such a dialogue between stakeholders.

The group which has been in existence since January 2017 has contributed immensely to the national discourse on issues bothering the youth.

Source Modern Ghana

The youth unemployment conundrum and potential solutions

By Yasmin Ahmad Kamil

Youth unemployment can derail future plans, such as paying off student loan debts, buying a home and starting a family.

A traditional life cycle for some may typically include: studying, getting a job, getting married, and retiring.

However, this concept is growing archaic as more and more young adults are finding it tougher to find employment after graduation. This obviously derails their future plans such as paying off their student loan debt, buying a home, starting a family and being able to save and invest.

According to the International Labour Office (ILO), the global youth unemployment rate stands at 13 percent – three times higher than the figure for adults, which is 4.3 percent. In their report titled World Social and Employment Outlook – Trends 2018, they noted that “young people under the age of 25 are less likely to find work than adults.”

According to the United Nations in 2015, the global population of youths – individuals aged between 15 and 24 years – numbered to about 1.2 billion globally. This accounts for one out of every six people worldwide. Meanwhile, the Population Reference Bureau (PRB) Projects notes that the youth population is expected to reach 1.4 billion by 2050.

Youth unemployment has been a longstanding issue that affects various countries, including Greece, Spain, Italy, Pakistan, Jamaica, South Africa, Turkey, Malaysia, and Australia.

While there are many micro and macroeconomic factors that affect youth unemployment, the primary reasons may vary between countries. For example, Greece’s youth unemployment rate is attributed to the country’s crippling debt while in Malaysia, MIDF Research notes that the problem is attributed to a skills mismatch, with demand for low-skill jobs higher than high-skill occupations.

Other reasons that have been cited in various reports include a lack of job opportunities, a lack of work experience, inadequate qualifications and a discrepancy between a graduates’ asking salary and the salary offered by employers, among others.

Consequences of youth unemployment

Psychologically, unemployed youths in high-income economies with post-secondary education tend to suffer more compared to those with lower education qualifications

A lack of involvement of this dynamic segment of society in the labour force, though, not always by choice, has many negative implications on the lives of youths as well as the economy.

Some of which include youths being unable to pay off their student loan and other forms of debt, which will cause their interest to accrue, and affect their credit score and ability to get future loans.

To boot, youth unemployment has been related to mental health problems; a Swedish study has found that the problem appears to be strongly associated with alcohol and drug use disorders.

It can also negatively affect the physically well-being of youths, impede their skills development, potentially cause youth homelessness and a lower output, loss of human capital and increased poverty, especially in developing countries.

It is clear that being young, educated and involuntarily unemployed has profound effects on an individual’s future, as well as the broader economy.

A way forward

Some of the potential solutions to youth unemployment may include focusing on vocational and entrepreneurial education.

As the reasons for youth unemployment vary between countries, each country needs to ascertain the right solution that would help them tackle the problem of youth unemployment effectively.

For some, it might involve turning to vocational education to minimise the skills mismatch between graduates and what the labour force needs.

A report in The Guardian noted that vocational education “tends to result in a faster transition into the workplace, and countries that have it at the core of the curriculum – such as Germany, Switzerland, Austria and the Netherlands – have been successful in maintaining low youth unemployment rates.”

For example, Germany has enjoyed a relatively low youth unemployment rate by international standards, with reports suggesting that its dual vocational education and training – or combination of on-the-job training and part-time education – has worked well for the country.

While there may be other factors at play that have contributed to their low youth unemployment rates, such as favourable economic conditions, it serves as something other countries could potentially emulate.

Meanwhile, Unesco notes that entrepreneurship is seen as a viable alternative for job creation to tackle the problem of youth unemployment.

It adds that: “At the same time, the traits and characteristics of entrepreneurs – creativity, innovation, critical and strategic thinking, adaptability, resourcefulness, motivation, confidence, risk-taking and more – resonate deeply with educators and parents.

“Countries with such talented girls, boys, women and men will be better equipped to deal with the demands of the 21st century.”

Of course, starting a business as an entrepreneur will require a whole lot more than just a willingness and interest to do so, so it’s not always the most viable option for everyone.

Those who don’t feel confident enough to take such a risk could also consider joining the gig economy – ie. becoming an independent contractor or freelancer and taking up short-term jobs or projects relevant to their expertise on contract basis.

With tech disruptions and virtually every industry going digital came the rise of the gig economy, a trend that can be extremely beneficial for fresh graduates looking to join the workforce. It’s also an opportunity for them to learn the art of the hustle, which will sharpen their survival skills in the long run, especially in a dog-eat-dog world.

Apart from the above, governments could also consider spending more effort on developing educational programmes that will benefit youths. This is being done in Spain, where the government has said it aims to “promote training programmes that come with a promise of employment at the end, by working hand in hand with companies”, reports The Local Spain.

It adds that the government has said it would inject €2 billion (US$2.3 billion) into battling youth unemployment, which stands at a whopping 33 percent.

While the intricacies of youth unemployment suggest that there is no one-size-fits-all approach to tackling the issue, it is clear that a multifaceted approach is needed to address the problem.

Source Sinews

First Bank moves to tackle youth unemployment in Nigeria

First Bank of Nigeria Ltd., on last Thursday reiterated its commitment to tackling the nation’s rising unemployment rate with youth empowerment initiatives aimed at wealth creation.

Mr Gbenga Shobo, the bank’s Deputy Managing Director, speaking in Lagos on the sidelines of the youth empowerment initiative with the theme “Goals. Grit. Grind.” said that the bank would remain committed on ways to tackle the nation’s unemployment rate by catching them young.

“We like the youths to start understanding wealth and how to create wealth.

“You also understand that in Nigeria now, it’s a bit of unemployment and we want to start early with the youths to start teaching them how to create wealth, especially outside the formal employment,” Shobo said.

He said that the youth empowerment initiative which started in 2017 was introduced to strengthen financial inclusion and as well make the youths independent, instead of relying on their parents for everything.

“We want to start young and we have two sets of people here today — 9 to 13 years and older ones — we don’t think it’s too young at all to reach out to the youths segment.

“Some of them who were here last year have used what they learnt to be financially independent. A lot of them have started doing things on their own, while waiting for formal employment.

“We will continue to do this series to strengthen economic growth and development,” Shobo said. He said that the bank, through the initiative, had instituted various investment clubs for mentoring of youths to enhance financial freedom.

“Some of them have investment clubs; we are involved in some of these investment clubs, so, within those clubs, we help to mentor them,”the deputy managing director said.

He said the bank had introduced other financial inclusion strategies that make it easier for people to open an account without stress. Dr Aderemi Banjoko, Director & Founder, dbkMarkets, a global online trading company, who was the guest speaker, tasked the youths on wealth creation, money management and investment.

Speaking on the topic “Financial literacy for youths”, Banjoko said that knowledge was key to financial literacy and management.

He said that financial literacy entails ability to make informed judgements and take effective decisions regarding the use and management of money.

Banjoko stressed the need for diversification of investment to minimise risk, noting that investing in different asset classes remained the main thing.

He urged the participants to invest in stocks and shares, money market mutual fund such as commercial papers, treasury bills, among others.

Banjoko enjoined them to invest through financial experts in order not to make mistakes, advising that investing through mutual funds would be safer for them.

This article was first published on Vanguard

South Africa: Creating opportunities for unemployed youth

By Mercury Reporter

One of South Africa’s leading transformation consultancies, BEE Novation, will be hosting a one day seminar dealing with the latest developments in transformative BEE and the benefits of implementation of the YES initiative.

The YES initiative encourages corporates to create employment opportunities for unemployed black youth by incentivising the private sector to participate through rewarding companies with higher BBBEE scorecard levels if they meet the targets.

The benefits of YES

Increase your BEE scorecard by up to two levels by implementing YES.

Meet and listen to the opinion creators and decision makers in charge of YES, DTI and BEE to understand the best approaches to implementing BEE and transformation initiatives across the South African landscape, through the YES programme

Free labour in your business or NPO if you have Y.E.S beneficiaries placed with your company.

Meet and interact with key players and executives in BEE and transformation initiatives including verification agencies, consultants, BEE/transformation managers and engage the DTI with technical questions on implementation of Y.E.S.

Understand the link between Employment Equity, the BCE (Basic Conditions of Employment) Act and YES participants.

Learn how best to align and structure your YES beneficiary spend and at the same time improve your procurement points in the process.

Understand how YES implementation partners and enhances government and business collaboration.

Contribute to increased economic growth, investment, social and political stability and the reduction of our country`s unemployment rate.

Position your company ahead of the competition through the implementation of YES

Have your questions on BEE answered by experts in the field of transformation.

The seminar will take place at the Gold Business Club at the Moses Mabhida Stadium on Friday, November 23 from 9am.

Source – IOL