Ghana’s recent investments in health and education has not gone unnoticed and unprofitable.
A new video by the Bill & Melinda Gates Foundation reveals that Vietnam and Ghana are both making progress in education and the progress seem to be paying off in other areas of their economies as both countries record dramatic growth in national output over a 33 year period.
American philanthropist and co-founder of the Bill & Melinda Gates Foundation, Melinda Gates, sent out the video as an advertorial to make a case for human capital development and call on countries to increase their spending on education and healthcare.
Human capital development
Melinda pointed out that “Analyzing the history of world economies reveals a simple, ironclad rule: if you want strong economic growth, invest in the people who will drive it.”
— Melinda Gates (@melindagates) September 24, 2018
Used to be extremely poor
The two countries used in the Gates Foundation advertorial were extremely poor a couple of decades ago but have both seen dramatic growth in GDP (in the case of Ghana 900% and 1500% in the case of Vietnam) by investing more and more in education and healthcare.
Vietnam is now working on providing universal healthcare for their population—a feat Ghana has already achieved with the introduction of the first ever National Insurance Scheme in Africa.
Why it’s important
Ghana, together with the rest of the African continent will by 2050, have the largest workforce in the world with 25% of the world’s population. This means the population of Africa will double from the current 1 billion to 2 billion—by extension Ghana’s population of 30 million will double to 60 million.
With a median age of 19.5, Africa’s youth will determine where Africa will be by 2050 and the world cannot afford to have the largest workforce who are unemployed—Africa can’t afford either.
The only fix is relentless investments in health and education and Ghana seems to be leading the way.