Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, has been appointed as one of 14 global leaders to the World Bank Group’s High-Level Advisory Council on Jobs. This prestigious appointment acknowledges his transformative contributions to society, extending far beyond the banking sector.
“I’m honored to have been asked to serve on the World Bank Global Jobs Council to support the creation of jobs for the young people of Africa,” said Dr. Mwangi. “Young people are our future and the key to sustainable development for the continent. Equity’s Africa Recovery and Resilience Plan aims to create 50 million jobs in the region by 2030. My intention is to leverage the Council’s insights to maximize this initiative.”
The High-Level Advisory Council on Jobs was launched at the 2024 World Bank Group-IMF Annual Meeting in Washington, DC, underlining the importance of job creation as central to reducing poverty, fostering prosperity, and enhancing dignity. Having a job, often a measure of personal success, provides self-sufficiency, sustainability, and a sense of belonging. However, job creation remains a significant challenge globally, especially for youth and women in emerging economies.
With the Global South projected to add 1.2 billion working-age adults in the next decade, but only 420 million jobs expected to be available, addressing this employment gap is critical. The Council will focus on creating youth and female employment opportunities, transforming this demographic challenge into an economic opportunity.
The Council will be co-chaired by Tharman Shanmugaratnam, President of Singapore and former Deputy Prime Minister, and Michelle Bachelet, former President of Chile. Ajay Banga, President of the World Bank Group, emphasized the Council’s purpose: “This issue is fundamental to our collective future. The Council brings together 14 global leaders—policymakers, business executives, academics, and civil society pioneers—who have demonstrated expertise in job creation.”
The Council includes high-profile members such as Guy Ryder (UN Under-Secretary-General for Policy), Patrick Achi (former Prime Minister of Côte d’Ivoire), Nonkululeko Nyembezi (Chairman of Standard Bank Group), and Preetha Reddy (Executive Vice President of Apollo Hospitals Enterprise Limited), among others. These leaders will interact directly with senior World Bank Group management to ensure their recommendations influence actionable policies and programs.
Commenting on Africa’s demographic trends, Dr. Mwangi highlighted the continent’s unique position: “Over the next decade, one in four people globally will be African, and more than a third of the world’s young people will reside in Africa. This is the result of progress in life expectancy, per capita income, education, and nutrition. If effectively harnessed, Africa’s demographic dividend could contribute up to 15% of GDP growth and reduce poverty by 17% by 2030.”
Equity’s Africa Recovery and Resilience Plan, which aims to create 50 million jobs, aligns seamlessly with the Council’s objectives, reinforcing Dr. Mwangi’s commitment to empowering Africa’s youth and fostering sustainable growth across the continent.
The Council will convene every two months for an initial two-year period. Through regular engagement with World Bank leadership, the Council will offer thought leadership and implementable strategies to address global employment challenges.
Dr. Mwangi’s appointment reflects a shared vision for a future where meaningful job opportunities empower young people to thrive, driving sustainable economic transformation on a global scale.
