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Tanzania Urges Financial Institutions to Support Africa’s Drive to Accelerate Human Capital Development

Tanzanian Vice President Philip Mpango on Tuesday urged regional and multilateral financial institutions to do more to devise innovative financing solutions in support of Africa’s drive to accelerate human capital development.

“Human capital investment is long-term in nature and thus requires low-cost financing with long-term maturity,” said Mpango when he opened the technical session of the 2023 Heads of State Summit on Human Capital in Dar es Salaam, the economic hub of Tanzania.

He also called on the participants to discuss how best the private sector could be motivated to actively collaborate with governments as co-sponsors and co-producers of quality human capital. “The private sector is a key beneficiary of human capital development efforts.”

Mpango said he believed that training institutions, being key players in human capital development, can and should help the continent bolster local capacities to efficiently manage and exploit natural resource endowment.

“It is an irony that the continent spends much of its financial resources to import knowledge for harnessing our own natural resource wealth,” said the vice president, suggesting that African training institutions should therefore reposition themselves and produce homegrown solutions to Africa’s challenges by collaboration.

Mwigulu Nchemba, the minister for Finance, said Tanzania is proud of having accelerated human capital outcomes through its steadfast commitment to education and healthcare. “We remain dedicated to the cause, knowing that the journey toward fully harnessing the potential of our people is an ongoing process,” said Nchemba.

The two-day summit, featuring a theme “Accelerating Africa’s Economic Growth: Boosting Youth Productivity by Improving Learning and Skills,” which will end Wednesday, has brought together leaders from across the continent to focus attention and draw tangible financial and policy commitments prioritizing investing in people as a core driver of productivity, resilience, and growth.

Source: Xinhua