Africa has some time to address this problem, given the current youthful demographics.
Africa – Demographic Dividend
Source: UN, RisCura
This should suppress what should be considered an urgent, latent and long-term socio-economic threat to the continent. Certain African countries, like Mauritius, already must contend with the impending and immediate challenge of providing adequate coverage for older people (and beneficiaries). Current models predict that the Mauritian population grouping of people older than 65 will proportionately be the country’s most significant population age group by 2030.
Population by broad age groups
Accelerated population ageing
Sustainable pension growth will prove critically important for the OECD countries, as most of them face accelerated population ageing. In 1990, the number of people older than 65 per 100 people of working age (20 to 64 years old) was measured at 21. This measure is forecast to reach 53 by 2050 (more than double). The median age in the OECD in 1990 was 32.5. By 2050, the OECD median age is forecast to be 46.8. In contrast, the forecast median age for Africa in 2050 is 23.9.
Median Ages of OECD Countries
Source: OECD Pensions at a glance, 2021