A new report by Oxfam has laid bare the deepening inequality crisis in Africa, revealing that just four of the continent’s richest billionaires collectively hold $57.4 billion in wealth—surpassing the combined wealth of 750 million people, or half of Africa’s population. Released ahead of the African Union Mid-Year Coordination Meeting in Malabo, Equatorial Guinea, the report highlights how this extreme concentration of wealth is accelerating inequality and undermining efforts to improve public services and reduce poverty.

The report, titled Africa’s Inequality Crisis and the Rise of the Super-Rich, shows that over the past five years, African billionaires have increased their wealth by 56%. The richest 5% of Africans now hold nearly $4 trillion, more than double the combined wealth of the remaining 95% of the continent’s population. The average member of Africa’s richest 1% earns in just three days what it takes a person in the poorest half of the population to earn in an entire year. Even if the five richest men in Africa lost almost all their wealth—retaining just 0.01%—they would still be 56 times richer than the average African.

The report also draws attention to the stark gender wealth gap, noting that men in Africa own three times more wealth than women, the widest disparity of any region worldwide. This inequality is not accidental but driven by policies and tax systems that disproportionately benefit the wealthy elite while placing heavier burdens on ordinary citizens. For every dollar African governments raise through income and wealth taxes, they collect nearly three dollars through indirect taxes such as value-added tax (VAT), which disproportionately affect poorer populations.

Furthermore, many African countries have reduced spending on essential public services such as education, health, and social protection in recent years, even as inequality worsens. The report warns that this trend undermines the African Union’s goal of reducing inequality by 15% over the next decade.

Oxfam calls for urgent reforms, including progressive taxation targeting the wealthiest individuals and corporations, increased investment in public services, and measures to close loopholes that enable illicit financial flows and tax avoidance. The organization argues that a modest tax increase—just 1% more on wealth and 10% more on income for the richest 1%—could generate $66 billion annually, enough to fund free quality education and universal electricity access across the continent.

The report also highlights the political consequences of rising inequality, warning that “political capture” by the wealthy elite undermines democratic processes and pro-poor government policies. In countries like Nigeria, political party fees and vote-buying exclude many from political participation, deepening social divisions.

As Africa’s leaders meet to discuss the continent’s future, Oxfam stresses that addressing the extreme concentration of wealth is not only a matter of fairness but essential for sustainable development and democracy. The report concludes that without bold action to tax the super-rich and invest in the majority, Africa’s inequality crisis will continue to worsen, leaving millions trapped in poverty while a tiny elite amasses unprecedented fortunes.

Yusra Home, Ethiopia’s leading luxury furniture company, has announced a landmark partnership with Ashley Furniture Industries, the world’s largest home furniture manufacturer. The exclusive signing ceremony is scheduled for July 11, 2025, at the National Palace in Addis Ababa, marking a historic moment for Ethiopia’s retail and interior design sectors.

Under this strategic collaboration, Yusra Home will become the exclusive distributor and retail partner of Ashley Furniture in Ethiopia, bringing globally recognized furniture designs, innovation, and affordability to one of Africa’s fastest-growing consumer markets. The partnership aims to modernize Ethiopia’s home furnishing industry by introducing international standards in production, design, and retail.

The alliance is expected to generate significant benefits beyond consumers, including knowledge transfer, job creation, and capacity building throughout the local furniture value chain—from manufacturing and logistics to interior design and retail services. This initiative positions Ethiopia as an emerging hub in the regional furniture market.

The signing event will gather senior government officials, private sector leaders, international guests, and representatives from both companies. The program includes keynote speeches and showcases the future impact of the partnership on Ethiopian homes and lifestyles.

“We are honored to welcome Ashley Furniture to Ethiopia,” said Yusra Nurhussein Reja, Founder and CEO of Yusra Home. “This partnership is a commitment to elevating the quality and accessibility of furniture for Ethiopian families, combining global excellence with local aspirations.”

The collaboration will culminate in the opening of the first Ashley HomeStore in Addis Ababa by September 2025. The store will offer a wide range of furniture products, including sofas, dining sets, bedroom collections, and decorative accessories.

Mark Marais, Vice President for Africa at Ashley Furniture, will attend the signing ceremony to formalize the partnership and share the company’s vision for expanding its footprint across East Africa.

Ashley Furniture Industries, founded in 1945, operates over 1,100 HomeStores globally and is renowned for its extensive product range, innovative manufacturing, and commitment to customer value. The company’s entry into Ethiopia represents a significant milestone in its ongoing expansion across the African continent.

This partnership is expected to transform Ethiopia’s furniture retail landscape, providing consumers with greater choice and quality while fostering economic growth and industrial development.

Moscow, Russia

Russia is set to significantly increase its fertiliser exports and agricultural technology cooperation with African nations, underscoring a new phase of strategic partnership that includes Ethiopia and is increasingly shaped by the countries’ growing engagement within the BRICS alliance.

At a recent Global Food Security Conference in Russia, officials from PhosAgro Group—one of the world’s largest phosphate-based fertiliser producers—announced that Russian fertiliser exports to Africa have soared more than six-fold since 2018, reaching 740,000 tonnes in 2024. In the first half of 2025 alone, exports rose by a third compared to the same period last year. PhosAgro’s deputy chief executive, Siroj Loikov, stated that Africa is now a priority for the company’s international development, with plans to double exports over the next five years.

Russia currently supplies fertilisers to 21 African nations, with Ethiopia among the top recipients. The Russian Fertiliser Producer Association (RFPA) highlighted that these products are among the world’s most environmentally friendly, free from harmful levels of cadmium and other toxic substances that have contributed to soil degradation in parts of Africa. This focus on sustainability is seen as vital for supporting Africa’s food security and agricultural productivity.

Beyond fertiliser, Russia is also stepping up efforts to share agricultural technology with African partners. The Kirov Plant in St Petersburg, one of Russia’s largest tractor manufacturers, has offered to train engineers from Ethiopia and other African countries in assembling advanced, new-generation tractors tailored for African conditions. This initiative is part of a broader Russian strategy to modernise agriculture through mechanisation, research, and domestic production, with the aim of making African nations more self-sufficient and resilient in food production.

Ethiopia stands out as a key partner in Russia’s African engagement. The two countries have steadily deepened their economic and diplomatic ties, with cooperation spanning trade, infrastructure, energy, and agriculture. Ethiopia’s inclusion in the BRICS group—a bloc of major emerging economies that includes Brazil, Russia, India, China, South Africa, and several new members—has further elevated the relationship.

Within BRICS, Ethiopia and Russia are pushing for a more multipolar world order and greater South-South cooperation. The partnership is also expected to facilitate increased investment, technology transfer, and policy coordination, particularly in sectors critical to food security and sustainable development.

Russian officials have repeatedly emphasised their commitment to mutually beneficial cooperation with Africa, positioning their country as a reliable supplier of agricultural inputs and expertise. This approach aligns with Africa’s urgent need to boost food production for its rapidly growing population and to address challenges such as land degradation and climate change.

For Ethiopia, the expanding partnership with Russia—now reinforced by BRICS membership—offers access to advanced agricultural technologies, sustainable fertilisers, and new opportunities for trade and investment. Both countries have signaled their intention to deepen collaboration through joint ventures, training programs, and exchange initiatives involving agronomists, engineers, and policy experts.

In a decisive move to tackle the persistent funding crisis facing small and medium-sized enterprises (MSMEs) across Africa, African leaders and financial institutions have launched the African Strategic Investment Alliance (ASEA). Accredited by the African Union, ASEA aims to close the continent’s staggering $330 billion annual financing gap, with a particular focus on youth- and women-led businesses and climate-friendly sectors.

The announcement came during the third African Entrepreneurship Forum, where stakeholders highlighted the severe mismatch between the demand for SME financing and the availability of funds. Despite the presence of over 102 development finance institutions, 600 commercial finance institutions, and 39,000 microfinance providers, only about 7% of the demand for small business financing is currently met. This financial exclusion is widely recognized as a major barrier to poverty reduction and sustainable economic growth.

ASEA’s origins trace back to a memorandum of understanding submitted to the African Union in 2021. Following extensive consultations and revisions by technical committees comprising ministries of finance and central bank governors, the Alliance received official recognition at the 2022 African Union Summit. Spearheaded by AeTrade Group and supported by various stakeholders, ASEA is designed as a special-purpose institution to mobilize “nuanced and risk-reducing investments” that foster domestic resource mobilization.

Eskinder Asfaw (PhD), Vice President of Strategy, Planning, and Transformation at the Commercial Bank of Ethiopia (CBE), underscored the urgent need for such an initiative. “CBE has digitally lent 30 billion Ethiopian birr to over one million farmers and supported 800,000 micro-businesses, but what we’re doing is still not enough,” he said. Eskinder expressed optimism that ASEA could play a “significant role” in channeling capital from charities and development finance institutions (DFIs) to MSMEs.

ASEA plans to structure investments by blending patient capital from charities and DFIs with commercial lending practices. This layered investment approach aims to reduce risks for banks, enabling them to finance high-impact but traditionally high-risk sectors such as youth-led startups and climate-smart agricultural businesses.

The Alliance’s launch marks a pivotal step toward transforming Africa’s entrepreneurial landscape by expanding access to finance, promoting inclusive growth, and supporting climate resilience. As ASEA gains momentum, it is expected to become a vital platform for unlocking capital and accelerating sustainable development across the continent.