Tags: AF | Ghana | World Bank

World Bank Head Says Poverty Can End in 15 Years

Friday, 16 October 2015 05:05 PM EDT

ACCRA, Ghana (AP) — The world is capable of ending global poverty in the next 15 years if countries make tough decisions to enact reforms that will spur growth, the president of the World Bank Group said Friday during a visit to Ghana.

Nations must also invest in their people and provide insurance so citizens don't fall back into poverty, said World Bank Group head Jim Yong Kim. He spoke in the capital, Accra, to mark the International Day for the Eradication of Poverty.

Kim said the World Bank wants to improve the lives of people around the world and has two goals: "end poverty by 2030 and to boost shared prosperity for the bottom 40 percent of the population in developing countries."

However, he cautioned that reducing poverty by 2030 "will be extraordinarily difficult, especially during this time of low global economic growth, low commodity prices and pending interest rate hikes."

A positive sign is that the number of people who earn less than $1.90 a day is likely to fall below 10 percent this year to 9.6 percent, he said. Poverty in sub-Saharan Africa has fallen from 56 percent in 1990 to a projected 35 percent in 2015, according to World Bank figures.

Progress in many countries is challenged by a rapid population growth, the group has said.

Kim also said global transparency was needed to fight the trend of illicit flows of money that affect poverty.

Kim is also in Ghana to participate in high-level talks and launch a report on poverty in Africa, the World Bank said.

Ghana's President John Dramani Mahama, who is meeting with Kim, said transformational programs are needed on a continental level to develop agriculture, creating jobs and providing food for the people in Africa.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Africa
The world is capable of ending global poverty in the next 15 years if countries make tough decisions to enact reforms that will spur growth, the president of the World Bank Group said Friday during a visit to Ghana.Nations must also invest in their people and provide...
AF,Ghana,World Bank
292
2015-05-16
Friday, 16 October 2015 05:05 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved