Africa Institute of South Africa – Development through knowledge
According to Holborn, education is a prerequisite, for the country’s development and a better Africa in 2050.1 A better educated and more highly skilled workforce is the most pressing long-term priority for the economy. The relationship between economic growth and education has been one of the central threads of economic analysis. Both Adam Smith in the 18th century and Alfred Marshall in the 19th century, two important figures for the economics profession, addressed the question of how individual investments in “education” influence the wealth of nations. Even Maes says, education is the best way to boost your sluggish economy and curb unemployment.2 Economics and education expert George Psacharopoulus points out that there is a connection between additional investment in primary and secondary education and private wage returns. He states that a full 17, 2% of the economic growth rate in Africa is explained by education. Although investment in primary and secondary education is a near-certain positive investment in economic and human development.
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Written by Funeka Yazini April, Research Specialist: Democracy and Governance
And Ndileka Ngonxeka
Africa Institute of South Africa