A new policy brief from AFI and the International Labour Organization (ILO) lays the foundations for African central banks and financial regulators to work together to support job creation at home and across the continent. 

The report highlights how financial inclusion can serve as a catalyst for employment, details current policy interventions and initiatives which are contributing to job creation, and offers practical recommendations for how African central banks and financial sector regulators can support employment and economic development goals.  

“By 2050, one in three people aged 15-24 will be in Sub-Saharan Africa, and job creation should be at the top of the African policy agenda,” said AFI Chief Executive Officer, Dr Alfred Hannig. “Our new policy brief makes it clear that by expanding access to financial services, central banks and regulators can stimulate entrepreneurship and foster inclusive growth.”  

“Persistent unemployment, labour underutilization, and pervasive informality remain a significant challenge in Africa,” said Kee Beom Kim, Macroeconomic and Employment Policies Specialist at the International Labour Organization. “While currently, most African central banks do not explicitly include job creation within their monetary policy framework, there is increasing recognition of the need to balance price stability and financial sector soundness with broader economic development goals, including employment.” 

The report is available for download here.