How to make education investments as effective as possible
TRECC is partnering with Millennium Institute and the Ivorian government to develop a tool analyzing education and ECD-related policies. The project will provide an overview of what can be done to effectively achieve SDG targets by facilitating simulations of different scenarios.
Education and early childhood development (ECD) have been identified as sectors with great potential return on investment. Families benefit from education and ECD interventions as well as governments and taxpayers. In a context of limited resources, it is essential to plan investments smartly so that they achieve better results. Investment in these areas is complex and requires extensive planning including at least three sectors: health, nutrition and education.
In partnership with TRECC, Millennium Institute will develop a tool to help the Ivorian government in planning education and ECD investments. The tool will employ data related to the government’s targets and investments and use it to perform policy analyses in relation to UN Sustainable Development Goals (SDG). It will also figure potential results by simulating different scenarios.
Thanks to these assessments, relevant Ivorian ministries will not only be able to estimate the investments needed to achieve the SGD targets by 2030, but the tool will also help them in three additional ways:
- Assessment of the situation. The policy analysis will identify which sectors run well and which are in need of investment, and provide an overview of current strengths and weaknesses.
- Defining goals. Because there are many potential outcomes for improvement, the model will help shape targets and define priorities. Multiple factors will be taken into consideration, including health, social and economic outcomes in the short, medium and long term.
- Strategy analysis. How can the Ivorian government reach its targets with the resources that are available? The project will provide some answers in this sense while considering synergistic effects that can happen across areas. The model will also help officials assess multiple investment strategy scenarios easily given certain investment and budgetary restrictions.
“Millennium Institute is very excited to be involved in the TRECC program in Ivory Coast,” says Derek Chan, analyst at Millennium Institute. “We believe that by coordinating with TRECC, the Ivorian government and NGO and private partners, our policy planning tool, based on a multi-sectorial macroeconomic model, will aid in the development of policies that will improve education and ECD outcomes. It is our expectation that with integrated efforts across all partners, Ivory Coast can strengthen its education system that will secure its future through strong economic, social and environmental development.”
The Millennium Institute is a nonprofit, non-governmental, organization based in Washington D.C. They support countries to develop effective strategies that will lead to measurable advances in the welfare of society in the context of the UN Sustainable Development Goals.