As the Coronavirus pandemic continues to spiral across the globe, Vice President Dr. Mahamudu Bawumia has urged African countries to get ready for a radical change in global economic outlook.
Dr. Bawumia took to his Twitter to anticipate the impact of COVID-19 on economies and therefore raised concerns on the need for countries in Africa to get ready.
“The post COVID-19 global economic architecture is going to be a radically different one”.
He also predicted that many countries will even be more self-reliant in the production of goods and services after the eradication of the virus.
“It will usher in more self-reliance in the production of goods and services. We in Africa have to get ready for this new future.” he said.
Ken Ofori- Atta calls on China to help Africa
China must do more to help ease the debt burden of African countries facing economic calamity due to the coronavirus pandemic, Ghana’s finance minister has said.
Africa accounts for just a fraction of global cases of the disease, but its countries are already feeling the impact, with the continent’s economies expected to contract, putting about 20 million jobs at risk.
“My feeling is that China has to come on stronger,” Ken Ofori-Atta said during a conversation on Monday with Masood Ahmed, president of the Washington-based Center for Global Development (CGD) that was posted on the think tank’s website.
“African debt to China is $145bn or so, over $8bn of payments is required this year … So that needs to be looked at.”
African governments are calling for $100bn in assistance, including support for a moratorium on all external debt and eventually, some debt write-offs.