Africa's Pulse, No. 21, Spring 2020

Africa's Pulse, No. 21, Spring 2020

Author: Cesar Calderon

Publisher: World Bank Publications

Published: 2020-04-07

Total Pages: 136

ISBN-13: 1464815682

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The COVID-19 pandemic has taken a toll on human life and brought major disruption to economic activity across the world. Despite a late arrival, the COVID-19 virus has spread rapidly across Sub-Saharan Africa in recent weeks. Economic growth in Sub-Saharan Africa is projected to decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years. The coronavirus is hitting the region’s three largest economies —Nigeria, South Africa, and Angola— in a context of persistently weak growth and investment. In particular, countries that depend on oil and mining exports would be hit the hardest. The negative impact of the COVID-19 crisis on household welfare would be equally dramatic. African policymakers need to develop a two-pronged strategy of “saving lives and protecting livelihoods.†? This strategy includes relief measures and recovery measures aimed at strengthening health systems, providing income support to workers and liquidity support to viable businesses. However, financing of these policies will be challenging amid deteriorating fiscal positions and heightened public debt vulnerabilities. Therefore, African countries will require financial assistance from their development partners -including COVID-19 related multilateral assistance and a debt service stand still with creditors.


Impact of COVID-19: Nowcasting and Big Data to Track Economic Activity in Sub-Saharan Africa

Impact of COVID-19: Nowcasting and Big Data to Track Economic Activity in Sub-Saharan Africa

Author: Brandon Buell

Publisher: International Monetary Fund

Published: 2021-05

Total Pages: 61

ISBN-13: 1513582496

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The COVID-19 pandemic underscores the critical need for detailed, timely information on its evolving economic impacts, particularly for Sub-Saharan Africa (SSA) where data availability and lack of generalizable nowcasting methodologies limit efforts for coordinated policy responses. This paper presents a suite of high frequency and granular country-level indicator tools that can be used to nowcast GDP and track changes in economic activity for countries in SSA. We make two main contributions: (1) demonstration of the predictive power of alternative data variables such as Google search trends and mobile payments, and (2) implementation of two types of modelling methodologies, machine learning and parametric factor models, that have flexibility to incorporate mixed-frequency data variables. We present nowcast results for 2019Q4 and 2020Q1 GDP for Kenya, Nigeria, South Africa, Uganda, and Ghana, and argue that our factor model methodology can be generalized to nowcast and forecast GDP for other SSA countries with limited data availability and shorter timeframes.


COVID-19 and the Response of Central Banks

COVID-19 and the Response of Central Banks

Author: Salewa Olawoye

Publisher: Edward Elgar Publishing

Published: 2023-01-20

Total Pages: 175

ISBN-13: 1802205373

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COVID-19 and the Response of Central Banks analyses the reactions of central banks to the COVID-19 crisis in Sub-Saharan Africa. It focuses on how the pandemic has affected the economic performance of Sub-Saharan African countries, many of which were already struggling with growth and sustainability. The first part of the book covers countries within monetary unions such as Cameroon, Congo, Senegal, and Cote d'Ivoire. In the second half, countries with their own independent central banks, The Democratic Republic of Congo, Nigeria, Ghana, and Sierra Leone, are discussed. Chapters highlights the differences between Monetary Union membership and independent Central Banks in policymaking during health crises and explore the role of central banking in minimizing the deleterious effects.


The economic costs of COVID-19 in Sub-Saharan Africa: Insights from a simulation exercise for Ghana

The economic costs of COVID-19 in Sub-Saharan Africa: Insights from a simulation exercise for Ghana

Author: Amewu, Sena

Publisher: Intl Food Policy Res Inst

Published: 2020-06-12

Total Pages: 24

ISBN-13:

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The objective in this paper is to estimate the economic costs of COVID-19 policies and external shocks in a developing country context, with a focus on agri-food system impacts. Ghana is selected as a case study. Ghana recorded its first two cases of COVID-19 infection on 12 March 2020. The government responded by gradually introducing social distancing measures, travel restrictions, border closures, and eventually a partial, two-week “partial” lockdown in the country’s largest metropolitan areas of Accra and Kumasi. Social distancing measures have been enforced nationwide and include bans on conferences, workshops, and sporting and religious events, as well as the closure of bars and nightclubs. All educational institutions are also closed. The partial lockdown measures in urban areas directed all residents to remain home except for essential business, prohibited non-essential inter-city travel and transport, and only essential manufacturing and services operations were permitted to continue (The Presidency 2020). At the time the lockdown was announced, Ghana’s Ministry of Finance revised its GDP growth estimate for 2020 downwards from 6.8 to 1.5 percent (MoF 2020), although the Minister warned that growth could fall further if lockdown measures were extended. The lockdown was initially extended for a third week but was officially lifted on 20 April. Social distancing measures remain in place nationwide, although a gradual easing of restrictions commenced in June. Ghana’s borders remain closed at the time of writing.


Covid-19 in Africa: Societal and Economic Implications

Covid-19 in Africa: Societal and Economic Implications

Author: Susan Arndt

Publisher: Springer Nature

Published: 2023-12-16

Total Pages: 330

ISBN-13: 3031403169

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Written amidst the ongoing Covid-19 pandemic, this edited volume draws on the expertise of social scientists and humanities scholars to understand the many ramifications of Covid-19 on societies, politics, and the economies of Africa. The contributors examine measures, communicative practices, and experiences that have guided the (inter)action of governments, societies, and citizens in this unpredictable moment. Covid-19 tested governments’ disaster preparedness as well as exposed governments’ attitudes towards the poor and vulnerable. In the same vein, it also tested the agency of the African populace in the face of containment measures and their impact on everyday social, cultural, and economic practices of ordinary people. In this vein, our concern is to understand the relationship between growing vulnerability on the one hand, and ingenuity of agency on the other, and how both were embodied, narrated and discoursed by the African poor, university students, religious entities, middle-classes, and those who bore the major brunt of the lockdowns. The volume is thus a useful resource for scholars of Africa, policy makers and those who want to understand Covid-19 in Africa. It provides a multiplicity of perspectives of the pandemic and African responses at different levels of society, economy and the political spectrum. The continental focus of this volume gives room for broader comparative analyses. Lastly, this interdisciplinary work benefits from the input of medical historians, anthropologists, sociologists, linguists, political scientists, literature scholars, urban planners, geographers and others.


Global Economic Crisis

Global Economic Crisis

Author: Alexis Arieff

Publisher: DIANE Publishing

Published: 2010-08

Total Pages: 34

ISBN-13: 1437932789

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Sub-Saharan Africa has been strongly affected by the global recession, despite initial optimism that the global financial system would have few spillover effects on the continent. Contents of this report: (1) Recent Develop.; (2) Congressional Interest; (3) African Economies; Trends Prior to the Crisis; Develop. Challenges; (4) How the Crisis is Affecting Africa: Internat. Trade: Trade with the U.S., and with China; Capital Flows: Migrant Remittances; Foreign Aid; (5) Implications of the Crisis in Africa; Sub-Regional Variations; Fiscal and Trade Balances; Poverty Reduction; Food Security; Political Stability; (6) Internat. Efforts to Address the Impact of the Crisis on Africa; Developed Countries; Internat. Financial Inst.; World Bank; ADB; IMF; African Gov¿ts.


COVID-19 in the Global South

COVID-19 in the Global South

Author: Carmody, Pádraig

Publisher: Policy Press

Published: 2020-10-21

Total Pages: 199

ISBN-13: 1529215889

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Available Open Access under CC-BY-NC-ND licence. Bringing together a range of experts across various sectors, this important volume explores some of the key issues that have arisen in the Global South with the COVID-19 pandemic. Situating the worldwide health crisis within broader processes of globalisation, the book investigates implications for development and gender, as well as the effects on migration, climate change and economic inequality. Contributors consider how widespread and long-lasting responses to the pandemic should be, while paying particular attention to the accentuated risks faced by vulnerable populations. Providing answers that will be essential to development practitioners and policy makers, the book offers vital insights into how the impact of COVID-19 can be mitigated in some of the most challenging socio-economic contexts worldwide.