James Mwangi, the CEO of Equity Bank Holdings, has been appointed to the World Bank’s High-Level Advisory Council on Jobs. This prestigious council, launched during the 2024 World Bank Group-IMF Annual Meeting in Washington, D.C., brings together global leaders to offer actionable, scalable policies and programs that the bank can explore, test, and scale in its mission to reduce poverty and increase prosperity worldwide.
The council’s formation underscores the World Bank’s commitment to addressing global job creation as a central issue in combating poverty, fostering prosperity, and enhancing dignity for people around the world. With a vision that recognizes the transformative power of work, the council is tasked with guiding the World Bank in developing strategies to create meaningful and sustainable employment opportunities, particularly in emerging economies.
Mwangi, a renowned business leader with vast experience in financial services and development, is among the fourteen distinguished global leaders appointed to the council. His selection reflects his longstanding commitment to social and economic development, which extends beyond the banking sector. His contributions in fostering financial inclusion in Africa, empowering communities, and promoting entrepreneurship have had a profound impact, especially in sub-Saharan Africa.
World Bank President, Ajay Banga, expressed his enthusiasm in appointing Mwangi, acknowledging his expertise and experience in leading impactful projects in the private sector. Banga emphasized the importance of the council, which consists of policymakers, business leaders, academics, and civil society pioneers, in addressing the interconnected issues of job creation, poverty reduction, and economic growth. The bank hopes to benefit from the diverse perspectives of the council members, and it sees Mwangi’s inclusion as a vital part of this effort.
For Mwangi, his appointment is a recognition of the progress made in Africa and a call to action for the continent’s future. In his remarks following the announcement, Mwangi highlighted the demographic shifts occurring across the globe, particularly in Africa, where rapid population growth is coupled with improvements in health, education, life expectancy, and income levels. He noted that by 2050, one in four people on the planet will be African, and more than a third of the world’s young people will reside on the continent. These demographic trends, he argued, present both opportunities and challenges that must be addressed through targeted policies and programs that foster job creation.
Mwangi emphasized that the rapid population growth in Africa is a direct result of progress on the continent. The improvements in life expectancy, education, and income are positive indicators of development, but they also mean that Africa’s workforce is growing at an unprecedented rate. This growth brings with it an urgent need for jobs to sustain the economic momentum and ensure that the demographic shifts translate into long-term prosperity for the continent. According to Mwangi, the World Bank’s work through this council will be crucial in shaping strategies that will leverage Africa’s demographic advantage to build a vibrant and sustainable workforce.
In the coming decade, as Africa continues to experience demographic changes, the need for innovative policies that prioritize job creation will be critical. Mwangi’s appointment comes at a time when there is an increased focus on the potential of youth in Africa, who will play a pivotal role in driving economic growth. By focusing on job creation as a means to foster dignity, the World Bank’s High-Level Advisory Council on Jobs is poised to play a pivotal role in shaping global development strategies.
Through this new platform, Mwangi and his fellow council members will advise the World Bank on how to scale solutions that can tackle global unemployment, reduce inequality, and empower the next generation of workers worldwide. Their efforts will be instrumental in ensuring that the benefits of economic growth are distributed widely, particularly to those in the most vulnerable communities. As Mwangi has noted, the future of the world’s young people especially in Africa depends on creating sustainable and inclusive economic opportunities that can transform potential into tangible results.
