I have vivid memories of my first trip to Ghana. It was in July 2006 and I was in the country to do a research on Ghanaian farmers. It was in Accra, where I watched my team, Italy, win the FIFA World Cup final against France. Other than being a lucky charm to me, I thought Accra was a nice and safe town but,I felt that it had the potential to grow.
When I came back seven years later, I was pleasantly surprised by the changes. The city was dotted with new buildings, new roads, and had a really buoyant atmosphere. Of course, Accra is not representative of the whole country, but according to a recent report that Pierella Paci and I presented in October, growth and poverty reduction have been widespread in the country.
Now you may ask as to how Ghana was able to achieve this. In our report, Poverty Reduction in Ghana: Progress and Challenges, we show that sustained and , from 52.6% to 21.4% between 1991 and 2012.( Note: For comparing 1991 and 2012 poverty rates for both absolute and extreme poverty, the study used the 1999 poverty line. Official poverty rates use the new poverty line re-based in 2013.) The impact of rapid growth on poverty has been far stronger in Ghana than elsewhere in Sub-Saharan Africa. Indeed, until 2005 — far above the Sub-Saharan average of 1.6%.
Since childhood, Gircilene Gilca de Castro dreamed of owning her own business, but struggled to get it off the ground. Her fledgling food service company in Brazil had only two employees and one client when she realized she needed deeper knowledge about what it takes to grow a business. To take her business to that next level, she found the right education and mentoring opportunities and accessed new business and management tools.
- financial inclusion
- International Finance Corporation
- Goldman Sachs
- Small Businesses
- Overseas Private Investment Corporation
- Career & Money
- Income Inequality
- Gender Gap
- Private Sector Development
- East Asia and Pacific
- Latin America & Caribbean
- Congo, Democratic Republic of
- United States
DAVOS, Switzerland – When we talk about particularly difficult issues at the World Bank Group, I always ask my team a simple question: What’s the plan?
If they have a plan, the next question I ask is whether the plan is serious enough to match the scale of the problem. Here at the World Economic Forum at Davos, one of the main issues before us is an extraordinarily tough one – how do we reduce the growing income inequality around the world? Income inequality has grown to enormous proportions but my question to World Bank staff and folks here in Davos is the same: What’s the plan to lessen income inequality across the world?
Income inequality can appear to be an intractable problem. But the fact is we already know a lot about how economies can grow in a way that includes even the poorest. We need a plan to tackle inequality and we think there are at least five things that we can do right now that could help.
DAVOS — The theme of this year's World Economic Forum here involves income inequality and how to close the wide gap between rich and poor. I think this is a smart choice for the meeting, which attracts some of the most powerful and wealthiest people in the world. But to battle income inequality, you need a serious plan. Watch this video from Davos to hear what we recommend as a smart plan of action.