How are key sectors across African economies faring in the face of Covid-19?
Africa | Economy
As part of its ongoing research on the impact of Covid-19 on emerging markets, Oxford Business Group recently conducted a survey with some 300 CEOs across Africa to assess the level of disruption to business in the region and the implications of the pandemic for key sectors such as industry and agriculture.
Carried out in collaboration with BASF, the survey reveals that, like in most of the world, activities in Africa have been disrupted, with tourism and construction the hardest hit. Importantly, however, ongoing economic diversification agendas have meant that different economies are affected to different degrees.
Countries with established industrial bases have been able to better weather the storm and minimise supply chain disruptions. However, almost all consider access to raw materials and transport and logistics to be major continuing challenges during this pandemic. Bringing about solutions to these obstacles will be key to ensuring that self-sufficiency and access to basic necessities and essential goods are guaranteed.
Technology and innovation have occupied a central role in that regard over the past few weeks, with most companies currently engaged in some form of digital upgrade to keep operations going despite reduced capacity. The momentum is expected to continue in the aftermath of the pandemic, led primarily by financial services and education.
The road to recovery will be paved in phases, however, and only half of the CEOs surveyed anticipate business to fully resume by September 2020. With the recent drop in oil prices, recovery plans are likely to be more heavily impacted in oil-producing countries.
Click here to download the full results of the Africa Covid-19 CEO Survey.