Browsing: Vera Songwe

Covid-19, according to UNECA’s Vera Songwe, was evidence that Africa cannot be ignored if the rest of the world is to reap from the 1 billion-plus African population.

Speaking at the Global Leaders Debate: Investments in Sustainable Innovation for a Thriving Future, Songwe said that 60 million electric vehicles are needed by 2050 and the raw materials are in Africa. “The continent controls 30 per cent of the raw materials and the sector needs to be relooked at to see how to attract more investment in the sector.”

Due to MSMEs’ contribution to socio-economic infrastructures in both developed and developing countries during the transition from market-oriented economies, they remain an important part of the continent’s economy.…

It is crucial for Africa to integrate its financial systems to create a mutualized system of financial stability that works for the continent or regional monetary cooperation as in East Asia.…

The reality is that many facilities cannot effectively run without electricity. …

On March 13, 2020, the Economic Commission for Africa (ECA) warned that the covid-19 coronavirus crisis could seriously dent Africa’s already stagnant growth.

Oil-exporting nations could lose up to US$ 65 billion in revenues as crude oil prices continue to tumble. Having already strongly hit Africa’s major trading partner, China, covid-19 was inevitably impacting Africa’s trade.

ECA Executive Secretary, Vera Songwe, said: “Africa may lose half of its GDP with growth falling from 3.2 per cent to about 2 per cent due to a number of reasons which include the disruption of global supply chains.”

She added that the continent’s interconnectedness to affected economies of the European Union, China and the United States was causing ripple effects.

US$3-billion facility

Songwe said that Africa would need up to US$ 10.6 billion in unanticipated increases in health spending to curtail the virus from spreading, while on the other hand revenue losses could …