Justice for Africa is not merely a slogan; it is a call to action that echoed powerfully in Addis Ababa during the 46th Ordinary Session of the Executive Council of the African Union (AU). At the heart of this gathering was a defining message: reparations for Africans and people of African descent are both a moral imperative and an economic necessity. This session on reparative justice highlighted Africa’s enduring colonial scars and the pressing need to address historical and systemic injustices.

Mr. Claver Gatete, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), delivered a compelling address on the structural inequalities that continue to hinder Africa’s economic growth. From the transatlantic slave trade to colonial-era resource extraction, Africa has suffered relentless economic dispossession. Yet, paradoxically, it remains one of the world’s most resource-rich continents. It holds 30% of the world’s mineral reserves, 40% of its gold, and up to 90% of its chromium and platinum. Additionally, 65% of the world’s arable land lies within its borders. Despite these vast resources, Africa accounts for less than 3% of global trade and only 1% of global manufacturing output—an economic imbalance that calls for urgent redress.

The historical context of this economic injustice is deeply rooted in Africa’s past. The Berlin Conference of 1884–85, orchestrated by European powers, led to the arbitrary partitioning of the continent, disregarding existing ethnic and political boundaries. This facilitated a system of forced labour and ruthless exploitation of Africa’s wealth. Under King Leopold II’s rule, for example, an estimated 10 million Congolese perished between 1885 and 1908 due to brutal colonial policies in the Congo Free State.

Similarly, the transatlantic slave trade, spanning the 16th to 19th centuries, forcibly removed millions of Africans from their homeland, stripping the continent of its human capital and leaving a legacy of suffering. The effects of these atrocities persist today in the form of systemic racism and global economic disparities.

The injustice extends beyond historical exploitation. Africa remains significantly under-represented in international financial institutions. The International Monetary Fund (IMF), for instance, allots the entire African continent the same voting share as Germany, despite its 54 sovereign nations. Additionally, biased credit rating systems label most African economies as high-risk, increasing borrowing costs and deepening cycles of debt.

One of the most striking economic paradoxes discussed during the session was Africa’s disproportionate burden in the fight against climate change. Despite contributing the least to global carbon emissions, Africa bears the brunt of climate disasters, losing up to 5% of its GDP to climate-related damages annually. Yet, from the US$10 trillion invested globally in clean energy between 2015 and 2022, Africa received just 2%. This glaring disparity underscores the need for equitable climate financing mechanisms that recognise Africa’s vulnerabilities and provide substantial funding for adaptation and mitigation.

To address these injustices, Mr. Gatete outlined five crucial pathways:

1. Reforming the Global Financial System—Advocating for debt restructuring, fair credit assessments, and greater African representation in global financial decision-making.
2. Harnessing the African Continental Free Trade Area (AfCFTA)—Strengthening intra-African trade, industrialisation, and regional value chains in a market of 1.5 billion people with a combined GDP of over US$3 trillion.
3. Maximising Resource Value Addition—Shifting from raw material exports to local processing industries that create jobs and economic growth for Africans.
4. Engaging the African Diaspora—Mobilising the global African community for economic investment, cultural partnerships, and heritage-based initiatives.
5. Fostering Free Movement and Regional Integration—Implementing the AU Protocol on Free Movement of Persons to unlock economic opportunities and unity.

Justice for Africa is not just about historical reparations—it is about reclaiming economic sovereignty, securing fair access to global markets, and dismantling structures that sustain African dependency. As Africa asserts its rightful place on the world stage, the AU’s commitment to reparative justice serves as both a rallying cry and a strategic blueprint. The time for action is now, and the world must listen.

King Richard Igimoh is an award-winning communication strategist with over two decades of experience in the field. He excels in Diplomacy, Journalism, Economic and International Affairs. As the Group Editor and a key member of the management team at the African Leadership Organisation, he continues to contribute significantly to promoting Africa’s dignity and opportunities globally

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Global wealth inequality is striking, with the wealthiest 1.5% of the global population owning nearly 48% of the world’s wealth. Additionally, the top 10% hold around 75% of total wealth, while approximately 50% of the global population possesses almost no wealth. As of now, around 9% of the global population—approximately 720 million people—live in poverty, according to the World Bank.

READ ALSO: The Global Impact of African Natural Resources: A Wealthy Continent’s Contribution

A small number of people hold the majority of wealth. The richest 1% own more wealth than the remaining 99% combined, according to reports from organisations like Oxfam and the World Inequality Lab.

This disparity extends beyond income and includes ownership of assets such as stocks, businesses, and real estate. Global wealth is predominantly concentrated in developed countries, especially in North America and Europe. However, factors such as tax laws favouring the wealthy, automation eliminating middle-class jobs, and the growing link between income and access to healthcare and education are contributing to rising inequality, even in these regions.

The 2024 Africa Wealth Report by Henley & Partners states that Africa is home to 135,200 high-net-worth individuals (HNWIs) with investable wealth exceeding USD 1 million. The continent also has 21 billionaires and 342 centi-millionaires, each with a net worth of at least USD 100 million.

More than 90% of Africa’s billionaires and 56% of its millionaires come from the continent’s wealthiest markets, including South Africa, Egypt, Nigeria, Kenya, and Morocco.

Algeria, which ranks 152nd globally, has the lowest inequality index in Africa at 27.6%. According to DataPanda, Egypt ranks second with an index of 31.5%, placing it 133rd globally, while Seychelles follows closely with an index of 32.1%, ranking 129th globally.

The top 10 African nations with the least Wealth Disparity

Algeria, with an inequality index of 27.6% and a global rank of 152nd, exemplifies Africa’s progress in reducing wealth inequality. The country’s government has implemented various policies to foster inclusive growth and reduce poverty. These efforts, combined with the nation’s abundant natural resources, have contributed to a more equitable wealth distribution.

Egypt has made significant strides in reducing wealth inequality, as evidenced by its relatively low inequality index of 31.5% and a global rank of 133rd. Recent economic growth has been driven by factors such as increased foreign investment, rising commodity prices, and domestic reforms.

Seychelles has shown remarkable progress in curbing wealth disparity, with a low inequality index of 32.1% and a global ranking of 129th. This progress can be attributed to the rapid adoption of technology, which has transformed various sectors and created new opportunities for wealth generation and job growth.

Mauritania, with an inequality index of 32.6% and a global rank of 126th, demonstrates notable progress in reducing wealth inequality. The country is diversifying away from traditional commodities, decreasing its vulnerability to price fluctuations, and fostering sustainable growth.

Tunisia, often overlooked in discussions of African economic success, presents an interesting case study. With an inequality index of 32.8% and a global rank of 123rd, Tunisia has significantly reduced wealth disparity. This progress is the result of economic reforms, social safety nets, and a focus on education and skills development.

Mali, ranking 117th globally with an inequality index of 33.0%, is making headway in closing the wealth gap. Key factors driving this change include economic growth, entrepreneurship, technological advancements, and government initiatives.

Guinea stands out as an example of a nation addressing wealth inequality, ranking 110th globally with an inequality index of 33.7%. The government has implemented several measures to encourage inclusive growth.

Niger, often overlooked in discussions of African economic expansion, presents an intriguing example. With an inequality index of 34.3% and a global rank of 107th, Niger demonstrates that positive changes in wealth distribution can occur even in countries with historically modest levels of economic development.

Ethiopia has made notable progress in reducing wealth disparity. With an inequality index of 35.0% and a global rank of 102nd, Ethiopia stands out for its relatively equitable wealth distribution compared to many other African nations.

Nigeria, Africa’s most populous country, exemplifies this trend. While still facing significant challenges, Nigeria has seen an increase in its HNWI population and a growing middle class. Despite its high inequality index of 35.1%, the country’s economic growth and increasing opportunities have led to a more equitable distribution of wealth.

Africa’s journey towards a more equitable future is still in its early stages. By leveraging its abundant natural resources, investing in education and healthcare, and embracing technological advancements, the continent has the potential to become a global economic powerhouse. As the world shifts towards a more sustainable and equitable future, Africa is well-positioned to play a leading role.

The post Reducing Wealth Inequality: Africa’s Progress in Wealth Distribution appeared first on African Leadership Magazine.

Margaret Nienaber, Standard Bank Chief Executive for Wealth says:

“Peggy-Sue has distinguished herself as an exceptional industry specialist over many years in the financial services industry. Her knowledge gathered both here and abroad will come to bear as she executes on Standard Bank’s Wealth strategy. Wealth Management is a far broader concept today than it ever was, and Standard Bank is well positioned to drive the vast array of wealth management and insurance solutions needed to make a difference in the lives of individuals of any age, and any stage of their life – for themselves, their businesses and their communities. We welcome Peggy-Sue and look forward to working with her as we continue to enable our client’s legacies and dreams.”

Outside of her achievements in the banking industry, Peggy-Sue founded the Peggy-Sue Khumalo Honorary Scholarship in partnership with the then CIDA City Campus, aimed at girls from rural communities.

In May 2011 she was selected as an honorary member of the Wits International Golden Keys Society and works with several charities, including; Little Eden, Seeds of Africa, the Teddy Bear Foundation and the Liliesleaf Trust.

Peggy-Sue will report to Margaret Nienaber, Chief Executive Standard Bank Wealth and Lungisa Fuzile, Chief Executive Standard Bank South Africa

Short Bio

EDUCATION

1997 – 1998 Damelin College PR and Communications Diploma

2000 – 2003 University of Manchester, UK BA Hons (Economics & Political Science)

2003 – 2004 University of Manchester, UK MSc (Economics)

2013 – 2013 Archbishop Desmond Tutu Leadership Program Said Business School, University of Oxford, UK Archbishop Tutu African Oxford Fellow

2015 – 2015 Authentic Leadership Development Program, Harvard Business School, Boston US

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