Our Correspondent | Africa Guardian
Amidst widespread poverty across Africa, many of the continent’s leaders maintain lavish lifestyles, traveling in expensive vehicles, accompanied by large motorcades and entourages during international visits. This consumerism, coupled with corruption and poor governance, is intensifying Africa’s poverty and debt burden.
In the 1960s, African nations were on par with countries like South Korea in terms of GDP per capita. Today, South Korea boasts a high-income economy and a strong standard of living, while most African nations remain among the least developed. The disparity underscores a persistent development lag despite billions of dollars allocated to African development projects.
Poverty in Numbers
The Global Multidimensional Poverty Index (MPI) reveals the stark reality of poverty on the continent. According to MPI 2022, 579 million people in sub-Saharan Africa were living in poverty, surpassing South Asia’s 385 million. By 2023, this number had grown to 553 million, representing nearly half of the world’s 1.1 billion multidimensionally poor people. The report emphasizes that poverty in sub-Saharan Africa is not only widespread but also intensely severe, with millions lacking basic necessities like nutrition, clean cooking fuel, sanitation, and adequate housing.
The 2024 MPI highlights that 83.2% of the world’s multidimensionally poor reside in sub-Saharan Africa and South Asia. Despite efforts to combat poverty, progress remains painfully slow.
Leadership and Corruption
While poverty grips millions, African leaders’ displays of opulence reveal a troubling disconnect. Corruption siphons funds meant for development projects into private pockets, exacerbating the cycle of poverty and indebtedness. The UNDP’s Africa Governance and Development Outlook 2024 warns that in 2024, 17 million Africans, including over a million children, will face severe food insecurity. The report also highlights Africa’s dire human development indicators:
- Sanitation: Three in four sub-Saharan Africans lack access to safely managed sanitation.
- Electricity: Over half of the population lacks access.
- Healthcare: Primary healthcare remains inaccessible to 52% of people.
- Education: Africa has the highest global rates of education exclusion, with more than 30% of adults unable to read.
Mounting Debt Crisis
Africa’s external debt stock reached $1.13 trillion in 2023, with 25 countries either at risk of high debt distress or already in distress. Over the last decade, the government debt ratio in sub-Saharan Africa has doubled, and debt servicing obligations are projected to reach $363 billion from 2024 to 2028. In 2024 alone, debt servicing is expected to consume 12% of the continent’s GDP.
However, there are outliers like Tanzania, which remains in moderate debt status. These exceptions illustrate the importance of prudent fiscal management and prioritization of social investments.
A Call to Action
To address the intertwined challenges of poverty and debt, Africa’s leaders must take decisive action to reduce unnecessary expenditures and invest in development projects and essential services. The UNDP emphasizes the need for collective and strategic leadership to navigate domestic and global challenges, with a focus on reducing debt burdens and fostering sustainable growth.
The path to poverty alleviation in Africa requires transparency, accountability, and a shift from conspicuous consumption to equitable and impactful development. Without these changes, the continent’s potential will continue to be overshadowed by the weight of poverty and debt.
___