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Coronavirus impact: “The naira is gone. It’s just a question of when”

By Nicholas Norbrook
Posted on Friday, 6 March 2020 17:02

Are African policymakers awake to the dangers posed by the conjunction of coronavirus and current continental debt levels?

Investment analyst Aly-Khan Satchu is not so sure they are.

Particularly when it comes to weak currencies being propped up by government intervention like Nigeria’s naira. Or indeed cash-strapped commodity dependent governments such as in Angola or Zambia.

  • Not only do you have coronavirus pulling down key economic sectors like tourism and commodity exports
  • Locusts are devastating livelihoods for farmers in East Africa
  • But you also have a real debt headache – with many African countries having maxed out their balance sheets.

READ MORE FROM SATCHU HERE: Debt, coronavirus and locusts create a perfect storm for Africa

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