Pulse #23 - Gaining Momentum: Nigeria’s $200m fintech exit, Africa's aviation future, cyber-security in-demand and Namibia's youth call to #ShutItAllDown
The Data Room
Sub-Saharan African (SSA) governments have implemented swift measures to protect their economies against Covid-19, but the fiscal support deployed is smaller than that of advanced countries. Fiscal support resulted in an increase of fiscal deficits in 2020 of 9.7% of GDP in the US, 6.8% in the Euro area, and 6.2% in the UK - considerably larger than the 3.5% of GDP increase in fiscal deficits in SSA. As the pandemic continues to undo important developmental gains in SSA, the region will need ample financing of investments in physical and human capital, and infrastructure, for a sustained post-Covid recovery.
Numbers in the Spotlight
($3bn) will be saved by Ghana through a deal with independent power producer Cenpower, to switch from crude to natural gas
($200mn) is how much American online payments company, Stripe, is thought to have paid to acquire Nigerian online payments startup, Paystack
($100mn) is the cost of an initiative aimed at expanding next-generation genomic sequencing tools and expertise across Africa
($3.2mn) was stolen by cyber criminals in Uganda, in a security breach in the country’s mobile money network
of COVID-19 confirmed in Africa (as of last week)
of rape have been reported in Nambia to the police in the 18 months ending June 2020
Fires sweeping up the slopes of Mount Kilimanjaro have consumed vast areas of forest, ravaging one of the world’s richest and most diverse ecosystems. Mount Kilimanjaro (the highest single free-standing mountain in the world) and surrounding national park are a UNESCO World Heritage Site, attracting tens of thousands of visitors from across the world each year. Revenue from the park contributes ~13% of the country’s GDP. Additionally, ~$13mn of the park’s revenue is used to help improve the lives of the poor around the mountain slopes. Stricter surveillance is needed in future, to avert such costly incidents.
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