African Middle Class Growth In the Past 40 Years
Africa’s middle class population and Kantanka African car manufacturer entrepreneur.
Many attributes set apart Africa’s middle class from the poor. One factor is the vast majority of Africa’s middle class is not likely to develop its income from agricultural activities such as the case with Ghana's first family of car manufacturers, Kantanka.
|Ghana's Kantanka Omama Luxury Pickup|
Numerous economic news outlets report sub-Saharan African countries are expected to prosper in the next 40 years reflecting an improving quality of life. High growth rates viewed in context as the United Nations defines middle class as someone living on $10-$100 a day however, and the African Development Bank Group defines middle class as someone living on $2-$20 a day.
|Year of Stat||Upper Middle Class Population $10-$20 per day|
Household income figures do not always reflect class status since there is no universally recognized definition of middle class. There are the United Nations guidelines, so if you happen to wonder if an African family is middle class, you can consult the United Nations or the African Development Bank Group financial guiding principles.
Nevertheless, after that, you are on your own to decide if an African family is lower middle class, middle class, upper middle class or in the spectacularly well-to-do range. However, to get us started thinking about financial status, an African household with four people living off $2,920 is considered lower middle class or floating class.
About 60 percent of Africa’s middle class, approximately 180 million people, remain lower middle class or floating class, barely out of the poor category. They are in a vulnerable position and face the relentless chance of dropping back into the poor category in the event of any unforeseen catastrophic event.
In Mauritania although nearly 43 percent of the population is classified as middle class, only 5 percent are considered stable with income levels of over $4 per day. The same situation applies in the three most populous countries in Africa, Nigeria, Ethiopia and Egypt where more than half of the middle class is in the floating category, living on less than $4 per day.
However, the glass is half-full, more than half of Africa's population is under age 35, and they are growing up well educated and technically well informed. As more countries that are African embrace electronic payments through the mobile phone, access to the internet gives a platform for economic growth potential to African entrepreneurs.
One up and coming African entrepreneur has arrived as an upper class African businessperson, Apostle Dr. Ing. Kwadwo Safo Kantanka. His family owned Kantanka automobile is a Ghanaian automobile manufacturing and assembling company located off Accra-Winneba Highway, Cape Coast Road, Gomoa-Mpota, Central Region, Ghana.
Kantanka Group is split into an electronics division and a car manufacturing company that is Ghana's first carmaker. Founder of Kantanka Automobile Company and Kantanka Group, Apostle Dr. Ing. Kwadwo Safo Kantanka is also the founder of the Christ Reformed Church and known as the Star of Africa, which is the same emblem, used on the hood of his Kantanka car line.