Throughout history, humanity has continuously sought to alleviate poverty, advancing from primitive bartering systems, such as exchanging sticks for stones, to contemporary economic strategies aimed at poverty reduction.
This journey reflects a complex evolution of approaches and ideas aimed at addressing economic disparities.
The rate at which the world is advancing is glaring. Using our Kenyan lingo ‘the syllabus is moving very fast’. Unfortunately, as the world advances, so does the gap between the haves and the have-nots.
Kenya, recognised as the largest and most advanced economy in eastern and central Africa, faces significant challenges, with 63 percent of its population living below the global poverty line.
Key factors contributing to this widespread poverty include economic disparity, government corruption, and various health issues. Addressing these challenges is essential for improving the living conditions of many Kenyans.
In his book The End of Poverty, Prof Jeffry Sachs equates poverty to a solvable problem that can be eliminated with careful planning, appropriate aid, and sustainable development strategies.
Sachs argues that poverty is a series of interconnected challenges that can be addressed by focusing on justifiable and practical solutions.
Sachs provides insights for effective poverty alleviation, such as increasing access to education, healthcare, and infrastructure development, while considering the long-term impact on the environment.
He underscores the urgent necessity for global collaboration in assisting developing nations with their efforts to improve the living conditions of their most impoverished citizens, allowing them to live with dignity.
Though the book was published many years ago, its concept remains relevant as the objective of eliminating extreme poverty is still being pursued today. But what are the most effective strategies for breaking free from poverty?
There are various approaches to escaping poverty backed by scientific research, all of which highlight the complexity of the issue and the need for a comprehensive solution.
One effective strategy is proper education. Education empowers people by providing information and skills that lessen their susceptibility to exploitation.
According to research, education may end the cycle of poverty by pro-stimulating economic growth, eliminating inequality, and producing a workforce with the necessary skills. People stimulate innovation and progress in the economy by acquiring certain skills and knowledge.
Saving money and avoiding fraud need an understanding of financial goods, markets, personal finance, credit ratings, and financial statements. According to research, there is a 5.9 percent reduction in the likelihood of poverty for every unit increase in financial literacy.
Gaining employable skills is essential to escaping poverty. Programmes for skill development can give people, especially the youth, the necessary skills to find work and raise incomes. Learning in-demand talents increases the chances of income. There are many online and local resources available for acquiring new skills.
Training programmes for skills and vocational skills have improved labour market outcomes.
Local NGOs, community centres, churches, and public libraries should support individuals looking to improve their circumstances.
Once individuals have escaped poverty, they should help others do the same. Using their success to support others in need can create a positive ripple effect in the community.
We are stronger together.
— The writer is an Innovations Evangelist and a PhD Candidate; [email protected]
