Koffi Wisdom MAWUDEKU's Blog

I was recently watching the news on one of our local television. There was a comment about middle class in African nations. The commentator said that there is a rising middle class in the sub-region because of the increase of incomes. As junior economist my attention was drawn on the issue of middle class in the sub region. What is a middle class in economics?  Do we have a middle class in the sub-region? The middle class is the broad group of people in contemporary society who fall socio-economically between the working class and upper class .  In the western countries the middle class represent a significant part of the population constitute a driving force for economic growth. Credit Suisse's Global Wealth Report 2014, estimated that people who belong to the middle class, have wealth between the range of $10,000-$100,000. There is a very low rate of people who belong to the middle class in the sub-region. What we have is should be called a center , a concen...

Economic development is the goal that all African nations should strive to reach in this 21 st century. It is obvious that without economic development there cannot be poverty alleviation. It is only through the application of sound economic policies that African nations especially in the sub-Sahara will overcome the threatening issue of poverty. Economic development specialists agree on four priorities that should be highlighted. What are they? 1-       Develop agriculture The industrialization success depends on the standard of living of the rural areas population. Agriculture development is vital not only because it is the sole mean to provide food to the population, but it is also the way to reduce significantly unemployment and curb the drift from the land. It also helps diminish significantly the dependence on the western and Asian countries. For instance if rice is to be grown extensively (there is enough land and a favorable condition), it wi...