“The country’s largest employer and livelihood for many, the informal sector, has seen its lowest contribution to the economy since 2014, despite recording growth rate which more than doubled the 2018 figure.”
“The lockdown has taken a vicious economic toll beyond the directly impacted states as governors impose curfews and other forms of restriction elsewhere. Businesses, particularly small-and medium enterprises with limited reserves, are struggling to stay afloat. Informal workers, artisans and craftspeople worry where the next paycheque will come from.”
“The article looks at how governments and private sector companies in the region continue to pursue major economic projects across key sectors, while addressing the challenges they are facing in light of the COVID-19 pandemic.”
“The banks now warn of a possible financial crisis due to the anticipated revenue loss from these measures. ‘We’re in a health crisis but we need to be careful so that we do not enter into a banking crisis that would weigh more on the prospects for an economic rebound,’ said Habil Olaka, chief executive of the Kenya Bankers Association.”
“Meanwhile, governments can help other enterprises adapt to new market conditions, like physical distancing. They can make tools for maintaining communication, like WhatsApp, more readily available, support digital payment channels, and provide web-based training on digital marketing and service delivery. In Egypt, Solano says, more and more businesses are coming online and advertising on social media.”
“Given the many unknowns about the pandemic, opinions vary wildly about the long-term medical implications, related solutions, and what will be needed to restore economies slowly and safely. COVID-19 is changing the business environment in practically every country, with most sectors in some form of crisis amid widespread fears of a protracted economic downturn.”
“AUDA-NEPAD Chief Executive Officer Dr. Ibrahim Assane Mayaki and Ecobank Group Chief Executive Officer Mr Ade Ayeyemi have agreed to collaborate on a continental initiative to support African Micro and Small-Medium Enterprises (MSMEs) as they face the economic and social challenges posed by the COVID-19 pandemic.”
“It’s fair to say Kenya’s predominantly informal sector is currently under shock, due to the impact of the coronavirus and the measures and mitigations that have followed: quarantines, social distancing rules, curfews, restrictions and possibly lockdowns. Mpesa’s inextricable link with Kenya’s biashara economy fully exposes it to this shock.”
“After 16 years of eking out a living as a small-scale builder, Misheck Woyo’s business came to an abrupt halt on March 27 when South Africa imposed a lockdown. Unable to pay rent and wages or even feed himself, he doesn’t know where to turn to for help.”
“The COVID-19 Temporary Employer/Employee Relief Scheme (COVID-19 TERS) provides for a payment
mechanism for employees who are not working from home during the lockdown period and are therefore not
able to render services to their employers and to be remunerated for such services by their employers.”
