The Business Case for Designing, Implementing and Investing in Youth Policies

In a rapidly evolving global economy, the role of businesses extends beyond profit-making to shaping the social and economic fabric of society (World Economic Forum – Role of Business in Society). Nowhere is this responsibility more critical than in Ghana, where over 60% of the population is under the age of 25 (Ghana Statistical Service – Population Data). The sheer size of this demographic presents both a challenge and an opportunity—one that businesses cannot afford to ignore. As the future workforce, consumers, and leaders, young people hold the key to the country’s long-term economic success (African Development Bank – Youth and Jobs in Africa).

However, persistent challenges such as unemployment, skills mismatches, and social discontent threaten to undermine this potential (International Labour Organization – Youth Employment). By prioritizing youth-focused policies, businesses in Ghana can not only foster economic growth and innovation but also contribute to social stability and development (OECD – Investing in Youth). This article explores the interconnectedness of economic and social institutions, highlights the consequences of neglecting youth policies, and underscores why investing in young people is a strategic imperative for Ghanaian businesses.

The Economic Institution: A Pillar of Society
The economic institution is the backbone of any society, providing the framework through which individuals access basic necessities such as food, shelter, and clothing (Encyclopaedia Britannica – Economic Institution). In today’s globalized world, these necessities are often tied to financial resources, making the economic institution not just a facilitator of survival but a cornerstone of modern life. For businesses, this reality presents both a responsibility and an opportunity—one that extends beyond profit-making to shaping the future of society (UN Global Compact – Business Responsibility). In Ghana, where over 60% of the population is under the age of 25, this opportunity is particularly pronounced. By developing and implementing youth-focused policies, businesses can play a transformative role in addressing societal challenges while securing their own long-term success (World Bank – Youth Economic Inclusion).

The Interconnectedness of Social Institutions
The economic institution does not operate in isolation; it intersects with and influences other social institutions such as politics, education, religion, and family structures (Sociology Guide – Social Institutions). These interconnections are vividly illustrated in Venn Diagrams, which show how overlapping systems shape societal outcomes.

For instance, the quality of education directly impacts the workforce, which in turn affects economic productivity (UNESCO – Education and Economic Growth). Similarly, political stability influences business confidence (World Bank – Political Stability and Growth), while cultural and religious values shape consumer behavior (Harvard Business Review – Culture and Consumer Behavior). Within this intricate web, the youth emerge as a critical demographic. They are not only the future workforce but also the next generation of leaders, innovators, and consumers (United Nations – Youth and Development). Ignoring their needs and aspirations risks creating a disconnect that can have far-reaching consequences for both businesses and society.

The Cost of Neglecting Youth Policy
Historically, youth policy has been a neglected aspect of corporate strategy, often relegated to the periphery of social responsibility initiatives (McKinsey – Rethinking Corporate Social Responsibility). This oversight has had dire consequences globally, as evidenced by recent uprisings and social movements. The Arab Spring, for example, was fueled in large part by the frustration of young people facing unemployment and limited opportunities (Brookings – Arab Spring and Youth). Similarly, the UK riots, Occupy Wall Street, and Italian protests highlighted the growing disillusionment of youth who feel excluded from economic and social systems (The Guardian – Youth and Social Unrest).

In more recent years, the #EndSARS protests in Nigeria in 2020, led predominantly by young people demanding an end to police brutality and systemic corruption, demonstrated the power of youth (Amnesty International – #EndSARS Nigeria).

Mobilization and the consequences of ignoring their grievances. In South Africa, recurring youth-led protests over education inequality, unemployment, and service delivery have further emphasized the urgency of addressing youth concerns (South African Youth Protests – Al Jazeera). Globally, the Black Lives Matter movement, driven significantly by young activists, has highlighted systemic injustices and the demand for meaningful change (Black Lives Matter – Official Movement). Additionally, the 2021 youth-led climate strikes, inspired by activists like Greta Thunberg, have shown how young people are at the forefront of pressing global issues (Fridays for Future – Global Climate Strikes; Greta Thunberg – Climate Activism).

These events serve as stark reminders that neglecting the youth is not just a moral failing but a strategic misstep with the potential to destabilize societies and economies. As Jimmy Cliff powerfully reminds us in his song Treat the Youth Right:

Treat the youths right
Instead of putting up a fight
Treat the youths right
Or you’ll been playin’ with dynamite

When you go and look for a job
There is someone givin’ you a fight
Like they want you to go and rob
And we know that that’s not right

These lyrics resonate deeply in today’s context, urging businesses and governments to invest in young people, listen to their voices, and create opportunities that empower them to thrive. The time to act is now, for as Cliff’s timeless message underscores:

What was hidden from the wise and prudent
Now revealed to the babes and sucklings
What was hidden from the high school students
Now, revealed to the the kids and ducklings

Ghana’s Youth: A Demographic at a Crossroads

In Ghana, the stakes are equally high. With a youthful population brimming with potential, the country stands at a crossroads. On one hand, this demographic dividend offers immense opportunities for innovation, economic growth, and social progress.

On the other hand, the lack of meaningful engagement with young people risks exacerbating issues such as unemployment, underemployment, and social unrest. According to the Ghana Statistical Service, youth unemployment remains a pressing challenge, with many young people struggling to transition from education to meaningful work. This gap represents not just a loss of potential but also a ticking time bomb that businesses cannot afford to ignore.

The Role of Businesses in Shaping the Future
Corporate organizations have a unique role to play in addressing these challenges (World Economic Forum – The Role of Business in Society). By integrating youth policy into their core social responsibility strategies, businesses can create pathways for young people to thrive (UN Global Compact – Youth Development). This could involve initiatives such as mentorship programs, skills training, internships, and partnerships with educational institutions (International Labour Organization – Skills Development).

For example, companies in the technology sector could collaborate with universities to develop curricula that align with industry needs, ensuring that graduates are equipped with relevant skills (World Bank – Industry–Academia Collaboration). Similarly, businesses in the agricultural sector could invest in programs that empower young people to innovate and modernize farming practices, thereby addressing food security while creating employment opportunities (FAO – Youth in Agriculture).

Moreover, youth-focused policies are not just about altruism; they make good business sense (OECD – Investing in Youth). Young people are not only the workforce of tomorrow but also a significant consumer base today (McKinsey – Generation Z and Consumption). By engaging with them early, businesses can build brand loyalty, foster innovation, and tap into fresh perspectives that drive growth. Additionally, companies that prioritize youth development are likely to enjoy enhanced reputations, stronger community ties, and greater resilience in the face of social and economic challenges (Harvard Business Review – Purpose-Driven Companies).

A Call to Action: The Time is Now
The time for action is now. Ghanaian businesses have a unique opportunity to lead the way in shaping a future where young people are empowered to contribute meaningfully to society (African Development Bank – Youth and Jobs). By developing comprehensive youth policies, companies can help address the root causes of disillusionment and frustration, thereby mitigating the risk of social unrest (World Bank – Youth and Social Stability).

More importantly, they can play a pivotal role in unlocking the potential of Ghana’s youth, ensuring that the country’s demographic dividend becomes a source of strength rather than a liability (United Nations – Demographic Dividend).

The economic institution is not just a mechanism for wealth creation; it is a powerful force for social change (Encyclopaedia Britannica – Economic Institutions). By prioritizing youth policies, businesses in Ghana can align their strategies with the needs of society, creating a win-win scenario that benefits both the present and the future. The youth are not just beneficiaries of this approach—they are partners in progress, and their energy, creativity, and resilience are resources that businesses cannot afford to overlook. The time to act is now, before it’s too late. Let us seize this moment to build a brighter, more inclusive future for Ghana and beyond.