Gambia Tourism to Suffer $292 Million Loss Due to Coronavirus

“Gambia stands to lose $292 million as global travel restrictions imposed in the wake of the coronavirus pandemic wreak havoc with the country’s tourism, a key source of foreign exchange. Government revenue from the hospitality industry is forecast to decline by $108 million this year, while the sector as a whole is forecast to suffer a loss of $184 million, according to an impact assessment by the national bureau of statistics.”

via Bloomberg

South African Cabinet Considers Reopening International Borders

“The plan envisages borders being reopened in a two-phased approach, with travel initially being allowed within the continent before routes to destinations further afield are opened up, subject to conditions.”

via Bloomberg

South Africa May Be First in Region to Produce COVID-19 Vaccine

“The Coalition for Epidemic Preparedness Innovations, a global organization funding vaccine development, is considering the Cape Town-based Biovac Institute as a fill-finish site, according to Helen Rees, the chair of the organization’s Scientific Advisory Board. The state-owned vaccine company is one of a few in the country that has the capacity to package doses into sterile dispensers if clinical trials are successful.”

via Bloomberg

Nigerian Economy Falls by the Most in a Decade

“Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from COVID-19 hit output. Gross domestic product shrank 6.1% in the three months through June from a year earlier, compared with growth of 1.87% in the previous quarter, the Abuja-based National Bureau of Statistics said.”

via Bloomberg

Zimbabwe Suspends Parliament After Two Members Contract COVID-19

“Zimbabwe has suspended most parliamentary business after two lawmakers and two other people tested positive for the coronavirus.”

via Bloomberg

Morocco Cuts Rates to Record Low to Cushion Economy From Virus

“Morocco made its second-straight interest rate cut of 2020, pumping more stimulus into the tourism-reliant economy as it gradually emerges from a three-month lockdown. The benchmark rate was reduced by 50 basis points to a record low 1.5%, the central bank said Tuesday in a statement. It extends an easing cycle that began in March, when the institution cut 25 basis points.”

via Bloomberg

Guess Who Outperforms World in Coronavirus Mayhem

“Africa finds itself with fewer COVID-19 cases than other heavily populated regions. Even after testing almost tripled to 1.2 million, the director of the Africa Centres for Disease Control and Prevention, John Nkengasong, said the continent’s percentage is relatively small.”

via Bloomberg

Biggest Kenyan Bank Outpaces Rivals With $1 Billion Loan Reviews

“Kenya’s largest bank restructured more than 110 billion shillings ($1.03 billion) of loans by mid-May, the most by any of the country’s lenders, as measures to curb the coronavirus pandemic take their toll on businesses.”

via Bloomberg

Lockdown Easing in Europe Revives Kenyan Flower Industry

“Kenya’s flower industry is recovering from a near-collapse as European movement restrictions ease and Dutch auctions report an uptick in operations. Europe’s biggest supplier of flowers was hit hard by the crash of the global $8.5 billion trade in March as countries closed their borders to curb the spread of the coronavirus.”

via Bloomberg

Tanzania’s President Shuns Masks to Pursue Herd Immunity

“Tanzanian President John Magufuli ordered the phased reopening of schools and resumption of foreign tourist flights, touting the controversial ‘herd immunity’ strategy in the fight against the coronavirus pandemic. ‘Experts say herd immunity increases when there is contact between people,’ Magufuli said in a televised speech.”

via Bloomberg