By Rufus Mwanyasi
Remember when they said that a rising tide lifts all boats? Well, that wasn’t entirely true. Africa had some of the fastest-growing economies in the world posting an average of 5.4 percent of gross domestic product (GDP) growth between 2000 and 2010, adding about Sh7.5 trillion annually to GDP.
McKinsey Global Institute even described the potential and progress of African economies as “Lions on the move”. But that growth failed to translate into lower rates of poverty.
Poverty levels have barely improved. In fact, according to Gallup World, by 2013, the 10 countries with the highest proportion of residents living in extreme poverty were all in sub-Saharan Africa.
In 2016, 75 percent of the world’s poorest countries were located in the continent according to World Bank. Ten of the world’s 19 most unequal countries are in sub-Saharan Africa according to United Nations Development Programme (UNDP). Did Trickle-down economics fail or was it Trick-down economics?
Not my interest today. Today’s article seeks to further an idea; Employee Stock Options Plans (ESOPs) that might help rebalance inequality…Read more>>
