Nature of future work & Proposals

The nature of work is changing. Write a proposal to provide a solution which can convey how the nature of work is changing and what your country (Ghana) can do to prepare and support the country’s workforce The fear that machines are coming to take over the jobs of human beings has been a concern for many people for many years. Since the introduction of industrialization of weaving in the early 18th Century, a technological leap has raised productivity. But it has also increased the fears of thousands of workers that they would lose their jobs. Even though innovations and technological progress have caused some disruption, they have also created more new jobs. Today, the advanced innovation and technologies continue to affect every part of human lives. This situation creates much uncertainty about the security of jobs in the near future. It is interesting to advance arguments for and against the assertion that “The nature of work is changing.” There is a global view that technology and innovation are changing the nature of work. In the future, the forces of automation and innovation will mostly shape employment. It has become necessary that all countries, especially developing countries like Ghana, will need to take quick action to ensure that they can compete in the world economy of the future. It will be interesting to propose a solution to what Ghana, an emerging economy can do to prepare and support the country’s future workforce. There are many benefits that can be reaped from automation and innovation. There are immediate benefits like high productivity, lower consumer prices and efficient delivery of public services. There can also be impacts on business, for example, online platforms are making online shopping easy. A few drawbacks like job losses can also rear their ugly heads. “Many jobs today, and many more in the near future, will require specific skills—a combination of technological know-how, problem-solving, and critical thinking as well as soft skills such as perseverance, collaboration, and empathy.” – World Development Report 2018. All countries need to invest in their people especially in health and education, which are the building blocks of ‘human capital’ – a new framework proposed by the World Bank. Human Capital is “the sum total of a population’s health, skills, knowledge, experience and habits.” The benefits of investing in human capital are numerous. Some of these benefits are as follows; a) Studies have disclosed that a focus on the first 1,000 days of child development will be cost-effective as compared to the amount of resources needed to repair the damages later; b) Some benefits of human capital go beyond generations; c) Individual investments in human capital add up: Estimates made by development economists indicate that “human capital alone explains between 10 and 30% of differences in per capita income across countries.” Educating mothers will reduce inequality, influence better child healthcare, and reduction in poverty. Human capital has been found to increase trust, transparency and tolerance in students. Human capital is associated with social participation and other societal benefits. Traditionally, economists measure the productivity of a country by the Gross Domestic Product (GDP). But now the World Bank’s new Human Capital Project aims at using the Human Capital Index which is a better measure to fix that problem The question that arises is that how will the people who are currently at work adapt to the demands of future work in terms of requisite skills. People learn valuable skills at work. The simple solution here is that there should be lifelong learning for all workers. Investment in human capital should not be the concern of only the ministries of education and health. Governments should ensure that universal, guaranteed minimum levels of social protection are enforced. This could be done by introducing appropriate reforms on subsidies and policies on labor market regulations, taxation etc. There should be social inclusion of all gender in the investment of human capital. Another important question or concern is how Ghana can prepare and support her future workforce. The country Ghana can be located along the coast of West Africa. The country’s economy is largely agricultural. But this sector has a lot of old people with little produce. The industrial sector has few factories while a lot of people can be found in the service sector. Although some level of technology is being used in the economy, it is not so advanced to meet the demands of the future work The proposals I wish to make include the following: a) There should be a national effort to invest in human capital and place less emphasis on visible projects such as roads, schools and airports with the aim of winning votes. b) The content of the curriculum in the schools & universities should be tailored to meet the needs of the country. c) There should be long-term national policies on the systems of education, health and agriculture. These policies should not be changed because a different government is in power. d) All leakages of public and private funds which may be lost through abuse of power, bribery & corruption should be blocked. On the basis of the arguments made above, it can be said that there is a global view that the nature of work is changing. All countries must strive to invest in human capital in order to provide the workers of tomorrow with the high-order and sociobehavioral skills and technology needed for the future workplace. Some proposals have also been made to help Ghana prepare and support her future workforce.

Finance & Investment Proposal for Zenotopea

FINANCE & INVESTMENT STRATEGY PROPOSAL FOR ZENOTOPEA, A HYPOTHETICAL AFRICAN COUNTRY FROM THE POINT OF VIEW OF AN ASSUMED GOVERNMENT OFFICIAL Africa can develop and must develop. The growth and development of a country give an idea of an increase in that particular country’s socio-economic and political situation. However, much emphasis is placed on the economy when people think of growth and development. I think it is a question of “achieve economic development first & the other things will be added.” A look at the countries in Africa shows that there is an abundance of natural resources and basic human resources. There are problems such as illiteracy, poverty, disease just to mention a few. The situation is not different from the economy of Zenotopea, a hypothetical African country with an emerging economy. This write-up is a proposal that spells out the strategy for identifying and mobilizing the sources of funding for the development of Zenotopea. The strategy is aimed at helping the new government of the country over the next five years. The economic health of a country is usually measured by examining its economic growth and development. Economic growth may be defined as an increase in the production of primary goods and services of a country over a specific period. Economic growth is conventionally measured as the percent rate of increase in real Gross Domestic Product (GDP). On the other hand, economic development may be defined as the process by which emerging economies with low living standards become highly industrialize & advanced economies with high living standards. A country's economic development is usually indicated by an increase in the quality of life of its citizens. . The 'Quality of life' is often measured using the Human Development Index, which is an economic model that considers factors like literacy rates, life expectancy and poverty rates. The priority development projects the government of Zenotopea has identified are in the areas of education, health and power. But this proposal will be based on only power. The financing needs are critical for providing infrastructure for renewable energy with emphasis on solar energy. There will be the need for funding of solar panels, training and development of staff and general education of the citizens on the importance of renewal energy. An estimated amount of $5.6 billion will be needed as funding. An amount of $1.6 billion is estimated to be spent in year 1 and $1 billion each year for the next four years. The country has a challenge of debt sustainability with a current record of 50% Debt to GDP ratio. However, some sources of finance have been identified from international, domestic, public and private areas. There will be a mass education of all citizens for six months across the country using Government Information Services Vans about the importance of solar energy. Technocrats who are experienced in negotiations should be selected fairly to engage financiers from international, local, public and private sources. The country should work with a development partner like the World Bank Group for support. This support could be in the form of structuring a Public Private Partnership (PPP) with some international companies or asked to provide funding and risk mitigation instruments. There should be bidding for the selection of two or three efficient international solar power companies for the project. The sources of finance can be accessed as follows: The government should computerize many systems so as to get proper account of revenue; taxes should be reduced and more people encouraged to pay taxes; the treasury bill rate should be raised to at least 20% to mobilize funds and foreign investors should be encouraged and attracted to come and invest in the country. There may be barriers in accessing the sources of finance that have been identified. There may be issues of inflation, currency fluctuation, risk, transparency, inclusiveness, access and stability. The government of Zenotopea should ensure that there is adequate regulation and policies to mitigate all financial systemic risks. As much as possible the state should collaborate with multilateral Development Banks (MDBs) to address barriers connected with accessing the sources of finance. There should be measures put in place to check leakages of funds through corrupt practices. In conclusion, one can say that the conditions in Zenotopea are similar to most of the African countries. This strategy will be useful and applicable to many countries in Africa. It is my viewpoint that Africa can and must develop.