A group, Foreign Investment Network has hosted a meeting on the threat of Covid-19 on the African economy.
The Webinar which held under the theme “Covid-19 Economic Threat: How industries in Africa can survive the shock”, had economic experts from all over the world brainstorm on the strategies for building a viable African economy in the face of looming recession.
They examined the impact of lockdown and discussed Africa’s integration so as to maximize the opportunities available.
In his remarks, the Commissioner of Trade and Industry, African Union, H. E Albert Muchanga stated that the impact of lockdown attributed to curbing Covid-19 spread has led to a lot of disruption of transit trade and productivity among African countries.
“The African Union is encouraging local manufacturers through the African Continental Free Trade Area (ACFTA). We are re-appraising our development strategies as this is definitely no time for commodity dependence.
“We are also looking at debt rescheduling for African countries and so far, we are encouraged by the efforts of our international partners like IMF and World bank”, he stated.
Other participants at the conference, including financial experts and members of the International Community expressed fear that some economies have nosedived while others are undergoing monumental shift.
They, however, noted that while the situation creates panic, it has also provided an opportunity for African countries to try digital investment and explore new tools for economic growth
They agreed on the need for Africa to start seeing the pandemic not as a threat to Africa’s economy, but as an opportunity to embark on neglected projects. They all believed it was high time Africa develops the right fiscal and monetary policies to safeguard its economy.
