Home Financial News MANY PEOPLE HAVE LOST JOBS IN AFRICA ALREADY BUT THEY DO NOT...

MANY PEOPLE HAVE LOST JOBS IN AFRICA ALREADY BUT THEY DO NOT KNOW IT YET

– A report by McKinsey & Co shows that about a third of the 440 million jobs in Africa could be negatively affected by the coronavirus

– The report added that between 30 million and 35 million people in that category could be affected by a drop in wages and working hours

– It also raised concerns about Africa’s general medical preparedness in combating the coronavirus

The Finding Africa’s Path report by McKinsey & Co has revealed that the outbreak of the coronavirus could negatively affect a third of the 440 million formal and informal jobs in Africa. The report added that the ongoing lockdown in various African countries could also deprive most people in the informal sector of their daily source of income. Between 30 million and 35 million people in that category could be affected by a reduction in wages and working hours.

A Bloomberg report shows that jobs in sectors such as manufacturing, retail and wholesale, tourism and construction are at risk. The report warns that as many as 150 million Africans from the formal and informal sectors could be faced with unemployment. The McKinsey report also notes that the lockdowns could affect global supply chains as well as the prices of several commodities that are exported by countries. Another key area of concern is Africa’s readiness and capacity to provide a medical response to the pandemic. The continent reportedly has an estimated 20 000 beds in intensive care units which are equivalent to 1.7 ICU beds per 100 000 people.

Meanwhile, the World Bank has cautioned African countries against measures such as lockdowns adopted to curb the spread of the coronavirus. It argued that such measures may work well in advanced countries but may come with challenges in Africa.

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