Rising Inflation biggest impact to MSMEs in Africa in 2023

Inflation and high prices are the main factors negatively impacting the businesses of  Micro,Small and Medium Enterprises (MSMEs) in Africa according to the latest data from GeoPoll.  The report indicates that the next biggest impacts include lingering effects of the pandemic. To cope with the impacts of inflation, 36 percent of businesses owners had to chip in their personal savings to support their business. Inflation and high prices are the main factors negatively impacting the businesses of  Micro, Small and Medium Enterprises (MSMEs) in Africa according to the latest data from GeoPoll. The data dubbed Africa MSME Pulse Survey conducted in partnership with Africa 118 and The African Talent Company indicates that the next biggest impacts include lingering effects of the pandemic, rising exchange rates and political uncertainty. However, in Ethiopia, the tension in Tigray is creating political uncertainty more than any other factor. "To cope with the impacts of inflation, 36 percent of business owners had to chip in their personal savings to support their business, while 32 percent reduced business activity. Almost 1 in 4 (23 percent) tried to make ends meet by reducing employees or cutting wages," the report states. The largest segment of businesses are financed