Africa is experiencing unpredictable levels of poverty as economic growth has benefited only a small elite for decades, according to a report released on Wednesday.
Inequality is rife in Africa, home to seven of the world’s 20 most unequal countries, and over the next 15 years there could be an additional 250 to 350 million Africans living in extreme poverty, according to a report by the British charity Oxfam. .
“Inequality in Africa creates poverty, divides our societies, and stifles the potential of millions of people,” said Winnie Byanyima, Co-Chair of WEF Africa 2017.
“It will become a powerful obstacle to economic growth. Africa must stop imitating the policies that did not work in Europe and the United States and develop a new economic model that works for all Africans,” he added.
Swaziland is the most unequal country in the world, followed by Nigeria and South Africa, where three billionaires own the same amount of wealth as half of the poorest people, or about 28 million, according to the report issued during the Mundial Africa Economic Forum, in Durban, South Africa.
The forum started on Wednesday and will end on May 5th. 1,000 African CEOs, business leaders and various heads of state are expected, including Zimbabwean President Robert Mugabe, his South African counterpart Jacob Zuma, and Ugandan President Yoweri Museveni.
German Finance Minister Wolfgang Schaeuble and 14 senior German executives are also expected to attend.
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