Londile Moyo
Sikhulekelani Moyo [email protected]
The Government has reaffirmed its commitment to unlocking the economic potential of young people, with the Ministry of Youth Empowerment, Development and Vocational Training stressing that empowering youths is central to the country’s sustainable development agenda.
Speaking during the Youth in Business Forum, the Ministry’s Permanent Secretary, Mr Solomon Mhlanga, said the gathering was not just another policy platform but a decisive step towards addressing the barriers that continue to hinder youth participation in the economy.
“The Youth in Business Forum is not merely a policy discussion, but a commitment to unlock the immense potential of our young people and ensuring that no one is left behind in the journey towards sustainable development,” he said.
Mr Mhlanga said the attainment of national aspirations depended largely on the energy, creativity and innovation of young people, who constitute the majority of Zimbabwe’s population.
He described youths as innovators, entrepreneurs and drivers of economic transformation, but noted that many continue to face significant obstacles in accessing financial services such as banking, credit facilities, savings platforms and investment opportunities.
“Disturbingly, out of the total of 5,4 million youths who are in Zimbabwe, about 48 percent of them, almost half that population, is members of youths who are not in employment, youths who are not in education, youths who are not in training,” he said.
He said despite efforts under the National Financial Inclusion Strategy, many young people remain excluded from the formal financial sector due to a number of factors.
“Although the percentage of youths who are unbanked has increased in the past five years, the youth continue to be financially excluded, as they are generally considered high risk due to several reasons, including the negative stereotype, lack of credit history, lack of requisite collateral, lack of financial literacy, and lack of adequate business experience and skills.”
Mr Mhlanga said ensuring financial inclusion for young people was critical for national development, as it enables them to establish businesses, invest in education and build resilience against economic shocks.
“Financial inclusion is therefore not a luxury, it is a necessity. It empowers young people to start and grow businesses, to invest in their education and skills, and to build resilience against economic shocks.”
He added that access to financial services also promotes a culture of saving and responsible financial management, both of which are essential for long-term economic stability.
Mr Mhlanga said the ministry was implementing several initiatives to create an environment in which young people can flourish, guided by the revised National Youth Policy and the recently launched National Empowerment Strategy.
“Transforming the lives of young people is the agenda of the ministry, and improving access to financial products for youth is one step towards that direction.”He said Government efforts include strengthening financial literacy programmes, supporting youth-led enterprises and working with financial institutions to develop products and services tailored to young people’s needs.
The ministry is also working to align vocational training programmes with market demands so that young people not only acquire relevant skills but are also able to convert them into viable economic opportunities.
However, Mr Mhlanga said Government action alone would not be enough to fully address the challenges facing the youth, calling on the private sector and development partners to complement the Government’s efforts.
“We urge financial institutions to rethink traditional methods of making and accessing resources, and embrace digital solutions that can bridge existing gaps,” he said.
He also called for greater focus on underserved youths in rural and marginalised communities, who often face the greatest challenges in accessing financial services and economic opportunities.
Mr Mhlanga expressed appreciation to development partners for supporting youth empowerment initiatives, saying such investments were vital in building a more inclusive and prosperous future.
“To the young people here today, this platform is for you. Take advantage of the opportunities being created.”
The Youth in Business Forum forms part of broader Government efforts to mainstream youth participation in economic development, with stakeholders increasingly recognising that Zimbabwe’s long-term growth prospects depend on empowering the country’s young population.
Online Reporter