The number of COVID-19 infections across Africa surpassed half a million on 8 July said the World Health Organization, as it flagged growing concern of countries in the continent experiencing a sharp rise in cases.
Coronavirus impact: “The naira is gone. It’s just a question of when”
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