Financing Africa’s Future Growth and Development: Some Innovations

Abstract

The main development challenge facing Africa now is how to reduce significantly the extent and depth of poverty in the region while transforming the structure of its economies. Making poverty reduction the focus of current development initiatives is justified by the extent and depth of poverty in the region and also by the fact that such poverty slows down all manner of social and economic progress. By the early 1990s, as many as 51% of the population of Africa lived below a poverty line of $34 per person per month. Throughout Africa, the current average income of each person has been estimated at 83 cents per day. Despite the significant variations among the different parts of the region, it is obvious that Africa will have to devote a significant chunk of its resources to fighting such humiliating poverty in the coming years if its peoples are to survive the growing demands of a rapidly changing world.

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