Africa may experience a moderate economic recovery in 2021, but is unlikely to reach 2019 growth levels until 2022, according to various analysts including David Rogovic, vice president and senior analyst of the Sovereign Risk Group at Moody's Investors Service. The IMF estimates that it will be necessary to mobilize US$345 billion over the next three years to help countries recover fully from the economic effects of Covid-19, while the debt service suspension initiative (ISSD ) of the G20 will only provide eligible countries with US$6.5 billion until June 2021,” said a statement from the African Trade Insurance Agency (ATI).

He reports on a virtual roundtable held in Nairobi, Kenya, during which Manuel Moses, the new ATI Managing Director, emphasized the importance of partnerships in helping African economies recover following to this unprecedented pandemic.

Which prompts analysts to point out that the forecasts are not really surprising given that the African countries likely to be the strongest are those which, like Senegal and Uganda, were already implementing fiscal policies before the pandemic. and monetary policies, while countries that were already vulnerable before the pandemic are expected to experience a worsening of their situation with a degree of indebtedness reaching 60% of GDP in 2020 against 40% in 2015.

As mentioned by Khalifa Sarr, Advisor to the Senegalese Minister of Economy, Planning and Cooperation, Senegal is ranked second out of 36 countries globally for its response to Covid. According to him, this would not have been possible, if the government had not implemented a US$1.7 billion economic and social resilience program at the beginning of April 2020, which represents 7% of their GDP.

Mr Sarr also noted that the international community should recognize that not all debt is equal. This socio-economic program of Senegal, he added, has the merit of having saved thousands of lives and strengthened the social infrastructure that will protect against future pandemics, while adding to the next phase of their program. to attract the private sector, thanks to a new Public-Private Partnership framework and policies that will reduce bureaucracy for investors.

Uganda has also taken a proactive stance. Despite being in the midst of presidential elections, Moses Kaggwa, Director of Economic Affairs at the Ministry of Finance, noted that the country is expected to grow by 2.9% this year and 3.5 to 4% in 2021, which makes him one of the best performers in Africa.

Moreover, by emphasizing job creation in the agricultural sector, which employs 70% of the population, Uganda is enhancing the value addition of some of these exports, in addition to domestic tourism, while that the Uganda Development Bank fill the current financing gap in the manufacturing and agribusiness sectors.

Regarding Ghana, it has put in place a liquidity program which should stabilize the economy in the short term and revitalize all sectors when the country emerges from the pandemic, according to Samuel Arkhurst, Director of Economy and Director of Treasury and the Debt Management Division.

Additionally, the West African country has put in place a liquidity program that is expected to stabilize the economy in the short term and revitalize all sectors when it emerges from the pandemic.