News & Analysis: Gabon
“A survey conducted by the Africa Centres for Disease Control and Prevention (Africa CDC), in partnership with the London School of Hygiene & Tropical Medicine (LSHTM) has shown that a predominant majority (79% average) of respondents in Africa would take a COVID-19 vaccine if it were deemed safe and effective.”
“Six men in yellow biohazard suits clamber in suffocating heat towards a cave in the heart of the Gabonese jungle. Their quest: to unlock new knowledge on how pathogens like coronavirus leap the species barrier to humans.”
“While many nations ease their COVID-19 measures and citizens dare to breathe a little easier, experts are warning against letting the continent’s success lapse into complacency. The continent’s hardest-hit nation, South Africa has reeled under one of the world’s strictest lockdowns.”
“This year, the coronavirus pandemic has forced governments to grapple with difficult questions regarding lockdowns, contact tracing and the provision of emergency financial assistance to citizens now without work. In developing countries, these hardships are magnified with the World Bank estimating that remittances – money transfers sent from foreign workers to their home countries – to low and middle-income countries (LMICs) are projected to fall by 19.7 percent (from $554 billion in 2019 to $445 billion in 2020). Considering the significant role that remittances play in alleviating poverty and improving nutrition, many governments have turned to mobile cash transfers for vulnerable citizens to use while minimising COVID-19 exposure.”
“The Executive Board of the International Monetary Fund today approved a purchase of $152.61 million [to Gabon]. This is the second purchase under the Rapid Financing Instrument to Gabon since the onset of the pandemic. It aims at helping Gabon in meeting its urgent balance of payments needs.”
“Government debt burdens across sub-Saharan Africa are rising at a faster pace and to higher levels than elsewhere in emerging markets, heightening the risk of further rating downgrades and defaults, ratings agency Fitch warned.”
“Central Africa countries announced various stimulus packages to alleviate the impact of the crisis on the population and on the economy. However, those measures had only redistributive impacts in the very short term, without significant effect on the overall production level.”
“Economies and livelihoods have been heavily affected as the demand for Africa’s commodities has fallen and tourism has declined sharply. Remittances — which can account for more than 10% of Gross Domestic Product (GDP) — are also drying up.”
“‘While the scale and reach of the impact on employment will differ among countries and sectors, the main effects will be a drop in earnings (income) and increased underemployment (reduced hours) rather than unemployment.”
“As Africa braces for a head-on collision with coronavirus with the World Bank announcing its first recession in 25 years, the continent can eventually look forward to many post-COVID-19 recovery and growth narratives. Public and private leaders should draw on past experiences to face the economic challenges of COVID-19.”
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