Friday, February 14, 2014

A Few Big Men

Sub-Saharan Africa sees, nearly 50% of its population live on less than US$1 a day: the world`s highest rate of extreme poverty according to the African Development Bank. In Africa, increasingly we are seeing the emergence of an elite obscenely rich section of society; “A few big men” with virtually all control of the economic factors of production.

“Africa grew at a faster rate in the last decade than most other regions, but the impact on poverty is much less than we would`ve liked. Africa`s growth has not been as powerful in reducing poverty as it could have been because of the high levels of inequality ,” says Francisco Ferreira, acting Chief Economist, World Bank Africa Region.

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