Africa is growing, but who is benefitting.

Teodoro Obiang:

Africa is home to six of the ten fastest growing economies in the world. It is the second fastest growing region in the world. And yet, even with all these amazing statistics, Africa still remains the world's poorest continent. It appears that Africa is growing yes, only that the fruits of growth are not percolating down to the grassroots. There is a growing inequality in the continent.

For example, three years ago, a widely cited report noted that for every 56 shillings that a rich Kenyan was making, a poor Kenyan was making just one shilling. This shows that the rich make 56 times more than the poor. If we could use Kenya as a case study, then the continent is really one of the places with the highest inequalities in the world. Ventures Magazine projects that the number of African billionaires is rising, and puts the number at more than 50. On the other hand, Forbes magazine estimates that the number of dollar billionaires in Africa could equal that of Latin America.

What's more, many of the continent's richest hide their wealth in safe tax havens, where the wealth cannot be traced. According to a BBC assignment report in 2012, Equatorial Guinea is supposed to be at par with Great Britain on paper. Its per capita income is $34,000, making it one of the richest countries in the world. And yet, the wealth is concentrated in just a few hands. The country's President, Teodoro Obiang, has silenced opposition voices, and his son owns hotels in France and has several luxury yatchs. What's even worrying was that this siphoning off of the country's wealth took place with the help of Western banks and multinationals.

Africa is growing at break neck speeds no doubt. For it to claim the 21st century, it will have to ensure that just as it encourages growth, it will also have to encourage the spread of this growth. It cannot be that only a tiny elite benefit from Africa's huge resources. Otherwise, the growth will feel very hollow, and will consign Africa to its perennial place as the world's poster child for poverty in the midst of plenty.