Business & Economy | Latest News and Updates in Africa

  • The Government has banned the entry of travellers from coronavirus-hit countries, closed schools indefinitely and encouraged work from home after two additional cases of COVID-19 were confirmed in Kenya.
  • Ethiopian Airlines, the major contributor to the country’s economy, may experience losses of up to USD 260 million if the current spread of the coronavirus outbreak continues. The United Nations Economic Commission for Africa impact assessment of coronavirus on African economies presented indicated that the African economy will suffer badly because of coronavirus, which has hindered the movement of people, investment flow and trade, among others.
  • Trading on Egypt’s stock exchange was suspended for half an hour on Sunday after Egypt’s broader index EGX100 dropped by more than 5 percent, following Government steps to contain the coronavirus, Refinitiv data showed on Sunday.
  • Egypt gave small and medium-sized businesses a six-month extension for credit repayments and canceled ATM withdrawal fees for the same period, as the North African nation looks to protect the economy from the effects of the coronavirus. The central bank also increased the daily withdrawal limits for credit and debit cards, and said lenders will immediately provide financing for the import of key commodities.
  • Thousands of businesses face a shortage of supplies after more than three dozen ships cancelled arrivals at the port of Mombasa with the fate of 102 others remaining unknown following the outbreak of Coronavirus disease (Covid-19) infection. The supply crunch is likely to lead to higher cost of goods for Kenyans, who are already bracing for an economic hit due to measures taken to limit the spread of the disease locally.
  • Local commercial banks have committed to help ease the impact of the novel coronavirus pandemic on the Rwandan economy. The COVID-19 outbreak, which has since disrupted local businesses since the country recorded its first case on Saturday, is expected to significantly shake the global economy. But commercial banks in Rwanda have since devised strategies to support the economy in the wake of the pandemic, bankers say.
  • The Bank of Ghana has announced a raft of measures aimed at containing the economic impact of the COVID-19 on the economy and to enhance access to credit. Consequently, the Bank has reduced the Primary Reserve Requirement from 10 percent to eight percent to provide more liquidity for banks to support critical sectors of the economy.
  • Players in the tourism industry say the spread of coronavirus globally affecting the local tourism industry as business is grounding to a halt due to fears of travel for leisure and business meetings. Department of Tourism director Isaac Katopola said in a written response on Friday that Covid-19 is having a negative impact on the local tourism and travel industry following restrictions on global travel.