Africa’s boom creating disturbing income gaps – K.Y. Amoako

Dr. K. Y. Amoako
Dr. K. Y. Amoako

A Ghanaian economist and a former international civil servant, Mr Kingsley Y. Amoako has opined that the boom in Africa’s economy is causing some income gaps.

According to the former Boss of the UN Economic Commission for Africa (UNECA), these income gaps are disturbing as Africa continues to experience rising inequality amid non-inclusive growth.

“Africa’s boom is creating disturbing income gaps that will undermine long-term efforts to reduce poverty,” said Mr Amoako who is also President and Founder of the African Center for Economic Transformation (ACET) based in Accra.

Mr Amoako was speaking at the Stanley Please Memorial Lecture held by the World Bank in Washington DC last week.

Africa’s economy grew at 6.6% in 2012, according to the 2013 African Economic Outlook (AEO). At least five African countries were among the world’s top ten fastest growing economies in 2012.

Despite the continent’s shine in economic progress, the former World Bank economist noted that Africa continues to face persistent, structural development hurdles. “It continues to lag behind the rest of the world in most economic indicators,” Mr Amoako said.

According to him, Africa’s challenges are immense, but “they’re not insurmountable”.

Mr Amoako highlighted lack of economic diversification, rising inequality, rapid urbanization, unemployment and adverse climate as some of the challenges facing the continent.

But going forward, Mr Amoako said that Africa’s economic transformation, not just its growth, is so critical. He adds “Transformation won’t solve all of Africa’s most pressing problems, but it’s a necessary condition to start.”

He continued “…big transformative shifts that are, in my view, required for Africa to ensure that continuing growth is sustainable—economically, socially, and environmentally.”

Mr Stanley Please was a leading World Bank economist who contributed significantly to the evolution of economic policy reforms in Africa.

In his early years in the Bank he played a key role in improving the policy focus of economic research and when he moved to operations in the East Africa Region, he was a leader in underlining the role improved economic policies needed to play in Africa.

By Ekow Quandzie

Watch K.Y. Amoako’s speech at the Stanley Please Memorial Lecture

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1 Comment
  1. kerry says

    Mr. Amoako this is what Ghana and African leaders have been told many many many times yet they continue on the path of corruption, greed, ignorance, selfish gains and leaving majority of the population in darkness continual road of poverty. Look in Ghana the disperity of those who have and those who don’t have. Don’t care artitude with dirty, poor roads, poor rail, evironmental damaged with illegal mining distruction of water bodies full of synide, mercury, same water use for Agriculture, drinking. No wonder cancer is showing it urgly head. they Import everything, no manufacturing with Chinese substandard products full of led. With parliamentarians less educated what their responsibilities are interms of their communities, economically, socially, and environmentally accountable. Why Ghana and Africa with all these resouces Ghana elite are rich and the rest of the population are poor. If minority White South Africa can developed South Africa with the resources to this magnitude why Ghana continue to struggle all these years, something is wrong with these leaders. South Korea been in two wars yet today they GDP is five times of Ghana why because they learn and work very hard for each pesewa, Ghana leaders want easy money and less work just like Ghana public sector. Ghana economy had benn pooly poorly poorly manage for many years.

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