Oxfam: Women lost $800bn in earnings in 2020

A recent report by Oxfam has unveiled the harsh reality of the devastating impact of inequality on women and humanity at large. The COVID-19 pandemic has not only set gender parity back from 99 years to now 135 years, but it has also resulted in women collectively losing a staggering $800 billion in earnings in 2020. Peter Kamalingen, the Pan-African Director at Oxfam International, highlighted the gravity of the situation in a recent interview with CNBC Africa. Kamalingen emphasized that the title of the report, 'Inequality Kills,' is not an exaggeration. He explained how inequality is directly leading to the deaths of millions of people worldwide every day. From lack of access to healthcare to hunger, dispossession, and climate catastrophes hitting the most vulnerable populations the hardest, the impact of inequality is profound. The report revealed that the world's 10 richest men have more than doubled their fortunes during the pandemic, accumulating wealth at a staggering rate of $1.3 billion a day. In Africa, the situation is dire. Kamalingen stressed the need for African governments to take practical measures to address inequality. One key recommendation is to tax the wealthy more deliberately and utilize the increased revenue to invest in critical areas such as healthcare, education, and social protection. Countries like Sierra Leone have already taken steps in this direction by boosting teacher salaries by 30% during the pandemic. Furthermore, the report underlines the importance of unionization of workers in combating inequality. Better labor rights and space for trade unions allow workers to negotiate for better terms and dignified jobs. Kamalingen urged African countries to prioritize labor rights to ensure sustainable economic growth that benefits the entire workforce. Despite some progress, Africa still faces significant challenges in addressing inequality due to high levels of poverty. Kamalingen called upon civil society and advocates across the continent to unite in pushing for policy changes and a shift in economic systems. By pooling their resources and voices, African citizens can drive meaningful change and hold their leaders accountable to prioritize the needs of the people. Examples from countries like Ghana, where dropping school fees led to a significant increase in student enrollment, demonstrate the positive impact of policies that address inequality. As the Oxfam report continues to shed light on the devastating consequences of inequality, it is imperative for stakeholders across Africa and the globe to come together and take decisive action to create a more equitable and just world for all.