For the past decade, Africa has had strong growth. A new economic momentum has been created. The continent weathered the financial crisis and has bounced back. But headline economic growth is not enough. Deliberate policies to reduce inequalities and promote inclusion are now needed more than ever before. It is time to focus on what people want: decent work, a living wage, access to basic service, more democracy and accountable governments. Africa and its people aim to be a pole of growth in the decades ahead. Read more
Poverty is on the retreat in Africa
Mar 26th 2012
Overcoming extreme poverty remains at the top of the development agenda in Africa and this commitment is paying off but at a slower pace. Recent evidence indicates that poverty in Africa and in all the regions of the world declined over the period 2005-2010. In Africa, the proportion of people living below the poverty line decreased to 40% in 2008 from 47% in 1990, making it the first ever reversal of the long term poverty trend. However, there are disparities in the rate of decline between Africa and other regions. For example, between 1990 and 2008, the average rate of decline in the poverty headcount for Africa was nearly twice and three times lower at 9% relative to Asia’s 15% and Latin America’s 24%.
Mthuli Ncube
Professor Mthuli Ncube is the Chief Economist and Vice President of the African Development Bank, and holds a PhD in Mathematical Finance from Cambridge University, UK, on “Pricing Options under Stochastic Volatility”.
