Browsing: COVID-19 in South Africa

Vaccine diplomacy will take centre stage for the global political economy in 2021. It is rapidly emerging as an important tool in the arsenal of global superpowers as they seek to expand their geostrategic influence amid the Covid-19 pandemic.

Affordable and equitable access to Covid vaccines has the potential to shape the global economic recovery, and speedy and effective rollout represents a huge opportunity to redraw global power maps and reshape strategic alliances. Naturally, the stakes are high, and the competition is intense to achieve both first-mover advantage and scale.

Africa will emerge as a theatre of competition. But with limited financial resources and a lack of bargaining power the option set will be limited for African countries as they try to procure the vaccine. This lopsided power dynamic, which has entrenched them firmly at the back of the vaccine queue, is being described as vaccine apartheid. John Nkengasong of …

The coronavirus (COVID-19) pandemic has taken a new shift in South Africa, as the nation of more than 58 million anticipates to ease down its lockdown with phased reopening after rolling in the strictest movement restriction in the region.

According to information from the Financial Times, the South African government is discussing a five-level alert system, facilitating the current president Cyril Ramaphosa administration to reopen the country with low risk of contracting the virus.

Currently, the situation in South Africa has taken another shift, as Bloomberg News reported according to the health ministry, South Africa has 5,350 confirmed cases as of Wednesday, 354 more than yesterday, while the number of deaths recorded was 103.

Also, the ministry revealed that 11,630 tests were conducted in the past 24 hours, adding up the number of tests to 197,127.

However, the South African agricultural exports are slated to resume operations under the new …

The second-largest economy in the continent—South Africa, is racing to beat the coronavirus global pandemic, as on Tuesday the South African President Cyril Ramaphosa announced a $ 25.3 billion rescue package to cushion the most industrialized nation in the region from the consequences of the pandemic, according to information from Reuters.

As the nation swims in its second recession in two years, the coronavirus (COVID-19) has caused the nation’s economic activities to stop due to mandatory lockdowns to curb the spread of the virus.

South Africa, which has over 3,400 confirmed cases and 58 deaths, will experience a rather bitter toll on her economy as experts forecasted that in the first three-month, growth is expected to contract by 1.5 per cent.

The southern Africa nation has been serious about the pandemic, as it rolled in one of the region’s toughest lockdowns banning anyone but essential workers from leaving home except …

Sub-Saharan Africa is likely to face its first recession in 25 years as the novel coronavirus (COVID-19) pandemic is cutting life from the continent’s economies, disrupts world trade, according to information from the World Bank.

According to information from Bloomberg, the lender said, the continent’s gross domestic product (GDP) will probably contract 2.1 per cent to 5.1 per cent in 2020, compared with 2.4 per cent growth a year earlier.

World Bank Vice President for Africa, Hafez Ghanem said in a statement following the Africa Pulse report, that “The COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,”

The global investment bank, Goldman Sachs Group gave their prediction on African governments funding needs, saying that sub-Saharan Africa funding may rise by $75 billion due to COVID-19 hammering their economies.

Further, the growth downgrade is based on …

The novel coronavirus (COVID-19) is creating chaos all over the globe, taking lives, unevenly infecting a large number of people over space and time, and also affecting markets performance. Despite, these scenarios, African nations are keeping up the fight in curbing the virus impacts.

The continent’s central banks are trying to cushion their respective nation’s economies against the impact of the COVID-19 pandemic.

According to information from Bloomberg, as many central banks in the region of more than 1.2 billion target inflation and have to prop up volatile currencies, they have also used non-traditional policy tools, to cut interest rates to salvage economic growth and encourage more lending to consumers and businesses.

The pandemic which has infected more than 1 million people and killed over 69,000 people worldwide is hurting fragile African economies so bad.

According to a study conducted by African Union, the previously projected Gross Domestic Product (GDP) …

The South African rand got firmer against the dollar on Thursday, as it has recovered from its record fall the previous session, according to information from Reuters.

Earlier today at 0630GMT, the rand traded at 18.110 per dollar, 0.6 per cent firmer than its previous close. Hence, Reuters reported that investor confidence remained fragile as concerns over the economy linger.

The second-largest economy in Africa, which went into another recession in two years, is hurting from various economic scenarios including the ripple effect of the novel coronavirus (COVID-19), and the current power crisis.

South Africa has imposed some of the toughest restrictions on the continent to try to contain the pandemic that has already taken more than 170 lives and infected over 5,500 people. COVID-19 has killed 5 people in South Africa, infected more than 1,300 others.

The Southern African nation has rolled out various measures including deploying the army …