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Business News of Thursday, 5 December 2024

    

Source: www.ghanawebbers.com

Broader access to jobs and public services key to addressing inequality and reducing poverty in Africa – World Bank

Makola market in Accra Makola market in Accra

The World Bank's new report, Leveling the Playing Field: Addressing Structural Inequalities to Accelerate Poverty Reduction in Africa, highlights how structural inequalities—based on factors like gender, ethnicity, birthplace, and parental background—have hindered poverty reduction in Sub-Saharan Africa.

With a 38% extreme poverty rate in 2022, the region is the world's second-most unequal after Latin America and could host 87% of the global extremely poor by 2030 without reforms.

The report identifies successful strategies to combat inequality, such as Ethiopia's land reforms, Kenya's mobile money innovations, and Ghana's investments in education and agriculture. These initiatives demonstrate that inequality is not inevitable and can be tackled with well-designed policies.

Addressing these structural barriers is critical for transforming economic growth into inclusive development, enabling millions to access jobs, education, and public services.