Business News of Sunday, 24 June 2018
Source: africanews.com
A United Nations report finds millions of people in Ghana are not benefiting from the country’s booming economy, but remain mired in poverty. The U.N. Special Rapporteur on extreme poverty and human rights has submitted the results of his 10-day fact-finding mission to Ghana in April to the U.N. Human Rights Council.
U.N. Investigator Philip Alston says Ghana is the fastest growing economy in Africa and one of the three fastest growing economies in the whole world. He says this success is making the rich richer, while a high proportion of the population continues to live in poverty.
He says the poor are losing out amidst the country’s growing wealth because Ghana spends 50 percent less than its peer countries in Africa on social protection.
According to him says most of the country’s resources are being plowed into private investment projects designed to make the wealthy better off. He says this policy comes at the expense of providing better employment opportunities and welfare benefits for the poor.
“So, the risk is that Ghana continues to be the great economic success story in the continent, but that very little of the wealth will trickle down to a fairly extensive number of Ghanaians, who continue to live in poverty,” said Alston.
Statistics show one in five Ghanaians live in poverty and one in eight live in extreme poverty. Alston says he finds it particularly troubling that 28 percent of children live in poverty.
" #Ghana beyond #aid needs to be a WISE economy - #wealthy, #inclusive, #sustainable, #Empowered." Going #digital will help with this. Panel discussion at #ATF2018 @AcetforAfrica #dialogue4action pic.twitter.com/cm3kf98Yme
— Karishma Banga (@karishma_banga) June 21, 2018
Ghana is the second fastest growing economy in Africa of 2018.
— Africa Facts Zone (@AfricaFactsZone) April 23, 2018