Africa needs more than $400 billion to combat effects of Covid-19 pandemic

A document released by the African Development Fund: 2022 African Economic Outlook says the Continent will need at least 432 billion dollars to address the effects of Covid-19 on its economies and on the lives of its people.

It revealed that the real GDP growth rate declined by a negative 9.6% by 2020 due to economic downturns as tourism dipped and dried up as commodity prices tumbled.

The President of AfDB, Dr. Akinwumi Adesina at the launch of the document in Accra enumerated how the pandemic affected lives on the Continent and the responses by the International Community to assist.

The document also highlighted the effects of climate change on the Continent, hence the theme “Supporting Climate Resilience and a Just Energy Transition in Africa”.

The report called on developed countries to fulfill their commitment of the 100 billion dollars promised annually as climate finance to developing countries.

The amount was pledged in Denmark during COP 15 of the UN Framework Convention on Climate Change but has never been fulfilled.

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