Sharp Daily
No Result
View All Result
Friday, July 25, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Opinion

Opinion: Let’s make capitalism work for Africa’s majority

Brian Otieno by Brian Otieno
June 10, 2025
in Opinion
Reading Time: 2 mins read

Capitalism, an economic system where resources are privately owned, and production is driven by profit motives in competitive markets is often regarded as the most successful system in history. With Proponents arguing that the system has driven innovation, lifted millions out of poverty, and fueled global growth. However, it has also produced deep inequalities, environmental damage and social unrests particularly in Africa due to scramble over resources. Capitalism in its very nature presents a paradox offering hope for prosperity while also reinforcing old hierarchies.

Capitalism born in Europe, spread globally largely through colonization, trade, and globalization.  We read from History that in many ways, African economies were forcibly integrated into capitalism during the colonial period through forced labor and slave trade leaving behind dependency and underdevelopment in our land.

Still, capitalism has not been all bad for the continent. We have seen market reforms, deregulation, and globalization helping several African countries achieve sustained growth. Countries like Kenya, Rwanda, and Ghana have become hubs for innovation and entrepreneurship, with innovations such as M-Pesa, has transforming access to finance for millions. African creatives, farmers and entrepreneurs also pushing the boundaries of what’s possible under a capitalism economy.

But capitalism’s flaws remain starkly visible. Inequality is rising both within countries and between regions. in 2022, the richest 10.0% in Africa earned 55.0% of total income, while the poorest 50.0% earned less than 10.0%. The average income of the 10.0 % richest individuals was USD 32157.2 yearly, while the income of the poorest 50.0% was USD 1,064.2 as per from World Inequality Database, alarmingly the pattern is similar even in developed states. This widening inequality gaps can be blamed on capitalism according to some scholars as those with more money will be able to exert disproportionate influence over in making to favor their interests.

RELATEDPOSTS

Navigating inflation and currency risks in African investments

June 10, 2025

A guide to investing in Africa

June 10, 2025

Wealth will therefore be concentrated in the hands of a small elite, as a majority struggle in grinding poverty. Posh homes expand rapidly, but so do informal settlements as private investment often prioritizes profits over public welfare, leading to neglect in essential areas like education, health, and rural development.

Moreover, capitalism in Africa often operates in weak regulatory environments. This creates space for corruption and exploitation. Foreign multinationals extract resources and repatriate profits, while local economies remain dependent on raw material exports and vulnerable to global shocks. The logic of capitalism clearly doesn’t align with the needs of African communities!

Yet, rejecting capitalism altogether isn’t a solution. The alternative state socialism has largely failed across the continent. What’s needed is a “Afrocapitalism” one that is inclusive, accountable, and rooted in African realities. A system that will encourage enterprise balancing it with strong public policy. A capitalism that builds infrastructure, supports farmers, empower youth, and protects the environment.

African capitalism must serve people, not just profits. We must now forge a version of capitalism that delivers not just wealth, but dignity, equity, and hope!

Previous Post

Breaking the 9-to-5: Is the gig economy the future of work?

Next Post

How multinationals crashed Softa Bottling Company

Brian Otieno

Brian Otieno

Related Posts

Economy

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
Economy

Strategies to boost alcohol and tobacco tax revenues

July 16, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,
Opinion

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025
Opinion

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025
Economy

What happened to president Ruto’s economic dream?

June 27, 2025
Opinion

Opinion: Populism feeds votes, not growth

June 27, 2025

LATEST STORIES

Shri Krishana Overseas lists on NSE

July 25, 2025

Why young professionals should care about pensions

July 23, 2025

How Kenya can reinforce fiscal rules to prevent recurrent budget overruns

July 23, 2025
commercial illustrator

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025

Transferring Your Retirement Benefits Between Pension Schemes in Kenya

July 23, 2025

Invest in stability: introducing the Cytonn USD money market fund

July 18, 2025

The Importance of Asset Diversification on Kenyan Pension Funds

July 18, 2025

Park your money where it grows: Why more Kenyans are turning to Cytonn Money Market Fund

July 16, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024