More taxation to raise government revenue for the social state in Africa would do nothing to solve the developmental crises that African states have faced in the two centuries since the violently aggressive European markets have usurped their economies.
Both Europe and the United States have high levels of capital inequality, with the top 10% owning 60% of all capital in Europe and 70% of all capital in the United States. Europe and the US are on the precipice of a Third Civil War.
The history of capitalism and the distribution of wealth has always been deeply political, and it cannot be reduced to purely economic mechanisms. Wealth only accumulates in the hands of a few. Or as our African economic elders had always believed it, 'this thing [capitalism] will kill us, one by one, until one day any one who seeks a decent living without an inheritance will become like him who carries water in a sieve'.
DAKAR, Senegal — It was his first post-election news conference, at a luxurious villa high above the Congo River, and the president of the...
Debatable reports from various distinguished quarters both on the continent and elsewhere shown that a third of Africans are now in the middle class. A report by the African Development Bank (AfDB) states that Africa’s middle class will triple to more than one billion people in the next half-century.
With black wealth levels just 1/11th of white wealth levels, black entrepreneurs in the U.S. face substantial disparities in financial capital at the onset of starting a business.
Development aid has not only erased the feedback mechanism between the government and its people, but it has also removed or failed to implement and enforce measures towards accountability.
According to Hess, it had achieved “outstanding drilling performance in terms of drilling time and cost per foot with gross costs averaging $40 million per well for the last three wells, including success case logging”.
Capacity Development Centre Ghana in an article cites statistics from the Registrar General’s Department that 92 percent of companies registered are micro, small and medium enterprises. They are noted to contribute not less than 70 percent to the GDP of the country and therefore have significant impact on economic growth, income and employment.
The time is ripe, more than ripe, said Mr. Seth Tepker, for the government to walk out of the dilemma. Fuel subsidies he emphasized are hurting the Ghanaian economy!