Africa needs around $12bn to procure and distribute sufficient numbers of Covid-19 vaccines to achieve adequate protection against the virus, the World Bank and IMF said in a report at their virtual Spring meetings this week.
The sum is about the same as the total official debt service payments deferred by 45 of the world’s poorest countries participating in the G20’s Debt Service Suspension Initiative (DSSI).
The World Bank’s latest biannual economic analysis, called the Pulse, reports that economic growth in Sub-Saharan Africa contracted by an estimated 2% last year, closer to the lower end of its forecast a year ago.
One reason for relative resilience is rapid adoption of digital technologies to boost productivity in existing jobs and improve employment opportunities, particularly for women and youth.
To unlock the full benefits of a digital economy, the report recommends government policies to accompany growing investments in digital infrastructure, such as a regulatory framework that fosters competition and innovation in telecommunications, provision of reliable and affordable electricity, investment in education and upgrading the skills of informal workers.
