The price of inequality in Africa Online publication date: Tue, 14-Feb-2023
by Nkechinyere R. Uwajumogu; Kalu E. Uma; Richard O. Ojike
African J. of Economic and Sustainable Development (AJESD), Vol. 9, No. 2, 2023
Abstract: Most developing regions achieved the Millennium Development Goals of halving extreme poverty and hunger at the end of 2015 except Sub-Saharan Africa where about 40% of its people live in extreme poverty. Rather, the African region is facing high and worsening inequality; a cause and consequence of poverty. This paper highlights the extent, causes and consequences of inequality. It found that the different dimensions of inequality are worsening and are caused by inefficient market system, fragile political system and volatile macroeconomic conditions. The paper also found the prices of inequality to include less and non-inclusive economic growth, poverty and increased vulnerability, exclusion, political instability, human capital underdevelopment and unsustainable production and consumption. It therefore suggested that human capital accumulation should be pursued vigorously since the human capital is the commonest asset owned by the poor, review of tax policy and increased social protection targeted at the poor, etc.
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