Equity Group Chief Executive Officer James Mwangi believes reforms to capitalism could spur economic growth in insulating against the crisis caused by the Covid-19 pandemic.
Speaking at the Greener and Fairer: Challenging the reforming capitalism conference in France, Dr. Mwangi said that learning from the pandemic experience, presents an opportune moment to restructure the systems that have led the world to the current situation.
He stated that capitalism reforms driven by purpose and sustainability in mind could deliver solutions to the myriad of economic problems.
“The reform of capitalism needs to start with the creation of opportunities,” said Dr. Mwangi.
The world is facing a public health crisis as it grapples with the Covid-19 pandemic. Other key areas affected by the pandemic, has been the poverty levels and income inequalities.
A recent survey of 37 countries conducted by the Save the Children organization, indicates that three out of four households suffered declining income since the advent of the pandemic, with 82% of poorer households most affected.
The conference was organized by the Paris Peace Forum, which is a platform that advances governance solutions, bringing together international stakeholders to construct new forms of collective action.
In September, Dr. James Mwangi was awarded the 2020 Oslo Business For Peace Award, where he was recognized for his outstanding leadership towards promoting financial inclusion across the region.