Chic African Culture Africa Factbook

Purchasing With Direction

Purchasing Power Parity is a better way to buy goods and services throughout the world.

Purchasing Power Parity exchange rates are used to ensure that a loaf of bread is priced equivalently across the world to equalize purchasing power.

In Africa and throughout the world purchasing power parity is a formula for measuring prices in different localities. Prices of goods and services differ greatly across countries, it is important purchasing power parity exchange rates are constructed to ensure that the same quantity of goods and services are price equivalent across the world, price of a product in a foreign country can be very different from the same product in your own home town.

In 1990, a group of independent researchers and the World Bank proposed to measure the world’s poor using the standards of the poorest countries in the World. They examined national poverty lines from some of the poorest countries in the world, and converted the lines to a common currency by using purchasing power parity exchange rates.

The Purchasing Power Parity exchange rates are constructed to ensure that the same quantity of goods and services are priced equivalently across countries. Purchasing Power Parity converts into US dollar and, more importantly, into the currencies of each developing country.

Purchasing Power Parity allows for economists to compare economic productivity and standards of living between countries. The current Purchasing Power Parity is computed from 2011 inflated numbers based on price data from across the world, and the responsibility for determining a particular year’s Purchasing Power Parity rests with the International Comparison Program, an independent statistical program with a Global Office housed within the World Bank’s Development Data Group.

Out of Africa shop Johannesburg South Africa.

Jamaica Purchasing Power Parity is $9,761 and Kenya $4,330, one Purchasing Power Parity dollar should buy the same loaf of bread in Kenya, or Jamaica therefore; think in Purchasing Power Parity terms when analyzing the data below.

African County Purchasing Power Parity 2019
Algeria $11,350
Angola $6,654
Benin $3,287
Botswana $17,766
Burkina Faso $2,190
Burundi $752
Cabo Verde $7,172
Cameroon $3,653
Central African Republic $945
Chad $1,580
Democratic Republic of the Congo $1,098
Republic of the Congo $3,298
Cote d'Ivoire $5,238
Djibouti $5,519
Egypt $11,763
Equatorial Guinea 18,558
Eritrea No Data
Eswatini $8,688
Ethiopia $2,220
Gabon $1,4870
The Gambia $2,207
Ghana $5,413
Guinea $2,564
Guinea-Bissau $1,989
Kenya $4,330
Lesotho $2,768
Liberia $1,428
Libya $1,5174
Madagascar $1,646
Malawi $1,060
Mali $2,327
Mauritania $5,197
Mauritius $22,989
Morocco $7,515
Mozambique $1,280
Namibia $9,637
Niger $1,219
Nigeria $5,135
Rwanda $2,226
Sao Tome and Principe $3,964
Senegal $3,395
Seychelles $29,056
Sierra Leone $1,718
Somalia No Data
South Africa $12,482
South Sudan No Data
Sudan $3,958
Tanzania $2,660
Togo $1,596
Tunisia $10,756
Uganda $2,181
Zambia $3,479
Zimbabwe $2,836
Somali shilling notes.

Does not having money make you poor?

Living Standards Measurement.

Research estimates that by 2030 up to two-thirds of the global extreme poor may be living in fragile and conflict-affected economies. There are many non-monetary indicators on education, health, sanitation, water, and electricity that are extremely important for understanding the many dimensions of poverty that people experience. These are an important complement to monetary measures of poverty and are crucial to effectively improving the lives of the poorest.

The World Bank estimates that 40 million to 60 million people will fall into extreme poverty living under $1.90 per day in 2020. The global extreme poverty rate could rise by 0.3 to 0.7 percentage points, to around 9 percent in 2020.

Access to good schools, health care, electricity, safe water, and other critical services remains elusive for many people, often determined by socioeconomic status, gender, ethnicity, and geography.

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