• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Sub-Saharan Africa’s growth fails to alleviate extreme poverty as number of poor Africans rise to 462 million

2 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Sub-Saharan Africa’s growth fails to alleviate extreme poverty as number of poor Africans rise to 462 million

The World Bank’s October 2023 Africa Pulse report reveals that growth in Sub-Saharan Africa has failed to adequately reduce extreme poverty and promote shared prosperity.

Moreover, the region has exhibited a lower responsiveness of poverty reduction to economic growth compared to other parts of the world.

The poverty headcount ratio, measured at $2.15 per day, has seen a slight decline to 37.2 percent in 2023 from a peak of 37.6 percent during the COVID-19 crisis in 2020. Alarmingly, the number of individuals living in poverty has increased to 462 million people.

The report underscores a disconcerting trend – despite Sub-Saharan Africa experiencing growth over the past two decades, it has not translated into more job opportunities for its population. The region achieved a modest annual average growth rate of 1.4 percent between 1991 and 2019, even though a growth spell during 2000–2014 saw output per capita expand at an annual rate of 2.8 percent.

This faster growth, however, resulted in only a marginal increase in the proportion of working-age individuals engaged in wage jobs, rising from 14 to 16 percent.

Furthermore, the report emphasizes the pressing need for African policymakers to develop inclusive growth strategies that can generate steady and productive employment opportunities for the more than 10 million youth entering the workforce each year.

RelatedPosts

BoG Reports 15.19% Decline in Dud Cheques Issued in 2024

Credit Bureau Searches Surge 114.6% in 2024 on Back of Digital Loan Growth 

Naira Stable as External Reserves Hit Eight-Month High of $40.15bn

Current growth patterns are producing a mere 3 million formal jobs annually, resulting in high youth unemployment rates. Addressing this employment gap is essential not only for inclusive economic growth but also to harness the demographic transition in the region and transform it into a demographic dividend.

Tags: Extreme Povertypoor AfricansSub-Saharan Africa's growth fails to alleviate extreme poverty as number of poor Africans rise to 462 million
No Result
View All Result

Highlights

Helicopter Crash: One Ghana Movement Calls for State-Funded Life Insurance Policy for Dependents of Government Appointees

Government on Course to Exceed 2025 Macroeconomic Targets 

Finance Ministry Invites Public Input for 2026 – 2029 Budget

CHAN 2024: Uganda Dominates Guinea; South Africa Holds Algeria

Ipswich Salvages Late Point in Championship Opener Against Birmingham

GFA and BetPawa Enhance partnership; Locker Room Bonus Extended to Malta Guinness Women’s Premier League for 2025/26 Season

Trending

Banking & Finance

BoG Reports 15.19% Decline in Dud Cheques Issued in 2024

August 9, 2025

BoG Reports 15.19% Decline in Dud Cheques Issued in 2024 The Bank of Ghana’s (BoG) Credit Reporting...

Credit Bureau Searches Surge 114.6% in 2024 on Back of Digital Loan Growth 

August 9, 2025

Naira Stable as External Reserves Hit Eight-Month High of $40.15bn

August 9, 2025

Helicopter Crash: One Ghana Movement Calls for State-Funded Life Insurance Policy for Dependents of Government Appointees

August 9, 2025

Government on Course to Exceed 2025 Macroeconomic Targets 

August 9, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.