Firstly, governments need to invest in building an entrepreneurial ecosystem. By that, we mean there need to be deliberate attempts to fashion out and improve hard and soft infrastructure that makes doing business relatively easy for young people and businesses. That includes ensuring easy registration of business entities, tax reliefs, and nuanced taxes, reducing inflation rates, developing efficient digital systems, and crafting policies that protect local businesses against international markets. The environment for doing business must be friendly for these businesses to have a chance at thriving. Also, it is a good time for governments to roll out intensive education on the African Continental Free Trade Area (AFCTA) and its benefits.
Furthermore, governments need to review funding policies and strategies. Arguably, accessing finance is a big challenge to most businesses in Africa. Thus, it is even more difficult for young people to do so as they are more likely to have low credit ratings. We suggest that governments set aside a quota of budgets to fund young businesses every year. This money could be through already existing state institutions in charge of youth affairs. Also, it could be through the organization of yearly business challenges opened to young people. To be continued