Viewpoint: This is how to create inclusive growth for an Aspiring Africa
The “Africa Rising” narrative is increasingly giving way to that of “Aspiring Africa”, as the Base of the Pyramid (BoP) shrinks and the new middle class burgeons.
Central to this new narrative is inclusive growth: the idea that economic growth must come with equitable opportunities for all participants, with benefits enjoyed by every section of society.
As Africa develops, it is pivotal to ensure that the currently underserved majority feels the benefits. This is not only about poverty reduction, but about creating opportunities for lower-income segments to generate wealth. It is a virtuous cycle; inclusive growth equals faster and better economic growth.
If we can ensure that Africa’s economic development happens in a more equitable and sustainable way, the macroeconomic positives are myriad. Offering young, aspiring Africans the opportunity to create wealth, has the effect of turning this demographic into producers and consumers of additional products and services.
- Financial Inclusion