CAN YOUNG ENTREPRENEURS SAVE THE ECONOMY?

Sir,

Can young entrepreneurs save the economy?  In the Kingdom of Eswatini, a nation rich in cultural heritage and youthful potential, the question arises: can young entrepreneurs be the catalyst for economic revitalisation? With over 60 per cent of the population under 35 years old, the youth hold the keys to innovation and economic growth. However, they face daunting challenges, including a staggering unemployment rate of 48.7 per cent among them. This article explores historical precedents where youth have transformed their environments and discusses how similar initiatives can empower the next generation of emaSwati entrepreneurs.

Historical context: youth as change agents
Youth have often been at the forefront of social and economic change throughout history. In pre-18th century societies, young individuals frequently led movements that challenged the status quo. For example, during the Renaissance, young thinkers and artists like Michelangelo and Leonardo da Vinci revolutionised art and science, illustrating how youthful energy and creativity could reshape entire cultures. In various African contexts, youth-led movements have historically driven significant political changes, as exemplified by young activists during South Africa’s anti-apartheid struggle. These examples show that when empowered with knowledge and resources, young people can effectuate profound changes in their communities. Today, fostering entrepreneurship among Eswatini’s youth could harness their innovative spirit to tackle pressing economic challenges.

Current economic landscape
Eswatini’s economy grapples with high unemployment rates, inflation projected to rise to 5.3 per cent and a fiscal deficit that poses sustainability risks. The International Monetary Fund (IMF) noted that while gross domestic product (GDP) growth was estimated at 4.9 per cent in 2023, it is insufficient to absorb the growing number of unemployed youth. Fiscal constraints limit government capacity to create jobs directly; thus, entrepreneurship emerges as a viable alternative.

Empowering youth through entrepreneurship
To address these challenges, initiatives aimed at empowering young entrepreneurs are critical. Programmes like the Youth Enterprise Revolving Fund (YERF) provide essential support by offering business capital and training to individuals aged 18 to 35. These programmes aim not only to reduce unemployment but also to stimulate economic activity by supporting small businesses that can evolve into larger enterprises. Organisations such as All Out Africa are pioneering entrepreneurship training, equipping youth with practical business planning and financial literacy, skills crucial for navigating the complexities of starting a business today.

Call to action
As Eswatini stands at a crossroads in its economic journey, empowering its youth through entrepreneurship may be key to unlocking sustainable growth and development. By investing in their potential and providing them with the necessary tools to succeed, Eswatini can cultivate a generation of innovators capable of transforming their communities and driving economic progress. Historical examples illustrate that with determination, support and opportunity, today’s young people can indeed save their economy, if only given the chance to lead the way forward.

Allan-Lloyd Junior Hamusokwe

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