Reassessing the Role of Human Capital in Africa’s Development: An Overlooked Growth Driver?
摘要
The aim of this paper is to highlight the crucial role of human capital in the economic development of the African continent. Often overshadowed by debates on natural resources and physical infrastructure, human capital remains under-exploited in Africa. Yet sustainable economic development cannot be achieved without significant investment in education, vocational training and health. In Africa, a large part of the population is young, which represents a significant demographic opportunity. However, the lack of investment in education systems, the poor quality of teaching and limited access to health services are holding back the potential of this young population. Using a stochastic frontier model applied to a sample of 49 African countries, the results show that African countries could boost their GDP per capita by 34.89% by making efficient use of production factors, particularly human capital. Therefore, in order to unlock Africa’s full economic potential, it is essential to increase investment in human capital, particularly in education and health.