• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Every month in lockdown costs Africa US$65.7bn—report

11/05/2020
Reading Time: 2 mins read
lockdown in africa, ghanatalksbusiness.com
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The Economic Commission for Africa (ECA) has estimated that a full one-month lockdown across Africa would cost the continent about 2.5 percent of its annual Gross Domestic Product (GDP), equivalent to about US$65.7bn per month.

This is “in addition to the wider external shock of lower commodity prices and investment flows,” the commission said in its report titled “COVID-19: Lockdown Exit Strategies for Africa”, which was issued on May 7.

According to the report, businesses surveyed by ECA on average were operating at only 43 percent capacity between 14 and 20 April, though with larger firms reporting to operate at a slightly better capacity.

The report cited the manufacturing, health, entertainment, utilities, transport and trade sub-sectors to be operating at the lowest capacities.

Localised or national lockdowns were in place in at least 42 African countries as of 30 April. Thirty-eight of these lockdowns had already been in place for at least 21 days, it found.

Estimated case fatality rates for COVID-19 vary widely due to large differences in testing, reporting and attribution across countries. As more data is collected, African countries can better ascertain the severity of population vulnerabilities, like tuberculosis or malnutrition, on COVID-19 mortality, the report added.

The report said some of the challenges complained of by companies on the continent included a lack of operational cash flow as well as the reduction of opportunities to meet new customers.

Some companies also stated that their businesses were closed, in addition to a decline in workers’ productivity from working at home.

During an online debate to launch the report, the ECA’s Executive Secretary, Vera Songwe, said governments across the world are now confronted with the major challenge of putting in place appropriate exit strategies to come out of COVID-19 lockdown measures.

She said any exit strategy will need to balance the preservation of lives while alleviating economic challenges and continuing to suppress the spread of the virus.

In Ghana, for instance, the government lifted a 21-day lockdown on April 20 and has subsidised electricity and water consumption by households and businesses for the months of April to June, at a cost of GH₵1.3bn. In addition, it has made available GH₵600m to provide soft loans to small and medium-sized businesses.

The funds are expected to support over 200,000 enterprises as part of the Coronavirus Alleviation Programme (CAP).

Source: Thebusiness24online.com

Previous Post

This is how much each SME will get from GH₵600m stimulus package

Next Post

FUEL WATCH: Pump Prices in Ghana decline marginally as at w/c 10th May, 2020

Related Posts

African economic outlook, ghanatalksbusiness.com

African Economic Outlook 2022: Africa’s 2021 economic rebound impacted by Covid-19 and Russia-Ukraine war

06/06/2022
African cities, ghanatalksbusiness.com

African Cities must be Regionally Productive, Worldwide Connected, and Self-reliant

19/04/2022
African economic outlook, ghanatalksbusiness.com

Africa’s e-government efforts are bearing fruit

21/12/2021
One Africa report, ghanatalksbusiness.com

Corruption is the commonest story Africa’s youth hear about the continent

11/11/2021
covid-19 recession, ghanatalksbusiness.com

Sub-Saharan Africa exits recession in 2021 but recovery still vulnerable

08/10/2021
Where to invest in Africa, ghanatalksbusiness.com

Where to invest in Africa – Ghana ranks 6th in the top 10 destinations

27/09/2021
Next Post
Price of Diesel, ghanatalksbusiness.coms

FUEL WATCH: Pump Prices in Ghana decline marginally as at w/c 10th May, 2020

Savings and Loans Companies, GHASALC, ghanatalksbusiness

Savings & Loans companies want Gov't to channel GH₵600m stimulus package through their members

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In