(Ecofin Agency) - Each year, sub Saharan Africa loses nearly $95 billion average because of gender inequality, the United Nations Development Program (UNDP) revealed in a report published on August 28. “In itself, gender equality is a good thing really, but often, it’s only when money is mentioned that people say things like ‘oh my God, there will be consequences if we don’t do anything’,” said Helen Clark, the UNDP administrator at the launch of the annual report on human development in Africa, in Nairobi, Kenya.

“If gender gaps can be closed in labor markets, education, health and other areas, then poverty and hunger eradication can be achieved,”said New Zealand’s former Minister and Candidate to Ban Ki-Moon’s position at the UN.

The report also highlights that African women show a level of human development that equals 87% of African men.

In terms of economy, the UNDP indicates that 66% of women in Africa work in the non-agricultural informal sector and earn 70 cents for a task that pays men 1 dollar.

“Closing the gender equality gap will not only put Africa on the path to a two-digit economic growth but also significantly help it achieve its various development goals,” said UNDP’s director for Africa, Abdoulaye Mar Dieye.