April 24, 2020/United Capital Report

Weekly Pan-African Monitor

According to the latest data from the Africa Centre for Disease and Prevention, the total number of confirmed COVID-19 cases in Africa grew by 30.8% WTD to 25,937. Also, the total number of deaths as a result of the virus advanced by 21.8% WTD to 1,242 while total recoveries rose faster by 41.5% WTD to 6,534. Notably, the sharp increase in the total number of cases was attributed to the increased testing capacity in some countries amid social distancing and lockdown implementations in many others.

Based on country by country analysis of the data, only 2 (Comoros and Lesotho) of the 55 African Union member states are yet to report any cases of the novel coronavirus. Furthermore, Ghana bucked the regional trend of extending the initial timeline for COVID-19 lockdown. This was as the President, Nana Akufo-Addo, lifted the lockdown (which had been in place since March 30th, 2020), on Monday, while maintaining the ban on large gatherings and schools as well as encouraging the wearing of masks.

Notably, the suspension of the lockdown in Ghana came as a surprise to many as the country is among the six African countries (Egypt, Morocco, Algeria, South Africa, Cameroon and Ghana) to have recorded more than a thousand cases of the virus. However, the Ghanaian President had since defended his decision, stressing the negative impact the lockdown was having on the nation’s key informal sector as a major factor behind his decision to re-open the economy for business.

Top African Stories 

• African airlines could lose $6 bln in passenger revenue in 2020 -IATA: African airlines could lose $6 billion in passenger revenue in 2020, the International Air Transport Association said on Thursday, as flight restrictions due to the novel coronavirus hit the sector on the continent.  Read more
• West African countries to issue $1.4 billion in coronavirus bonds: The members of the West African monetary union UEMOA plan to raise 846 billion CFA francs ($1.40 billion) on the regional debt market in response to the coronavirus crisis, lead manager UMOA-Titres said on Thursday.  Read more
• Tullow exits Uganda project, sells stake to Total for $575 mln: Tullow Oil said that Total has agreed to buy its entire stake in their joint onshore oil fields in Uganda for $575 million as part of its target to raise $1 billion this year to tackle its $2.8 billion debt pile. Read more
• Gold Fields says weathering coronavirus lockdown despite output dip: Gold Fields expects to lose 32,000 ounces of production at its South Deep mine in South Africa due to a nationwide lockdown, but has otherwise seen little impact from measures to contain the coronavirus pandemic, it said on Thursday. Read more
• Egypt to cut fuel subsidies, increase net debt issuance in 2020/21 budget: Egypt plans to cut spending on fuel subsidies by 47% in its 2020/21 budget to 28.193 billion Egyptian pounds ($1.8 billion), an explanatory note for its draft budget published on Tuesday showed. Read more
• Kenya’s Safaricom forecasts 7% coronavirus hit to M-Pesa revenue: Kenya’s Safaricom expects a 5.5 billion shilling ($51.64 million) hit to its revenue from M-Pesa in the three months from mid-march after it adjusted prices because of the coronavirus crisis, its chief executive told Reuters. Read more

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