• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Africa spent $89.5bn as fiscal response to Covid pandemic in 2021

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
A passenger's body temperature is being tested at the gate of entry upon arrival at the Murtala International Airport in Lagos, on March 2, 2020. - Nigeria is monitoring 58 people who had contact with an Italian man infected with the new coronavirus, the health minister said Monday, as officials scrambled to stop the disease spreading. Africa's most populous country on Friday confirmed the first case of the virus in sub-Saharan Africa after the patient was diagnosed in the economic hub Lagos. (Photo by BENSON IBEABUCHI / AFP) (Photo by BENSON IBEABUCHI/AFP via Getty Images)

A passenger's body temperature is being tested at the gate of entry upon arrival at the Murtala International Airport in Lagos, on March 2, 2020. - Nigeria is monitoring 58 people who had contact with an Italian man infected with the new coronavirus, the health minister said Monday, as officials scrambled to stop the disease spreading. Africa's most populous country on Friday confirmed the first case of the virus in sub-Saharan Africa after the patient was diagnosed in the economic hub Lagos. (Photo by BENSON IBEABUCHI / AFP) (Photo by BENSON IBEABUCHI/AFP via Getty Images)

75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Africa spent $89.5bn as fiscal response to Covid pandemic in 2021

African countries spent a whooping $89.5bn as fiscal response to mitigating the adverse impacts of the Covid-19 pandemic in 2021.

This is per the 2021 Africa Economic Performance and 0utook report, by the African Development Bank.

The $89.5bn fiscal response by African countries accounted for 3.5% of the Continent’s GDP and 0.5% of global GDP.

Of the total fiscal response, $30bn was spent in South Africa.

In Ghana, the government spent close to GHS 20bn [$2bn] in mitigating the harsh health and economic impacts of the pandemic on citizens.

Globally, fiscal measures implemented to tackle effects of the pandemic are estimated at around $17 trillion, equivalent to about 19 percent of global GDP.

RelatedPosts

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Kwesi Appiah: The Ghanaian Legend Rewriting Sudan’s Football Story Amid War

Cadillac Signs Sergio Perez and Valtteri Bottas for 2026 F1 Debut

Of the injected $17 trillion, almost $13.5 trillion was by G20 advanced economies and about $1.8 trillion was by G20 emerging markets.

Most countries, including low-income developing countries and other emerging markets, accounted for around $1.7 trillion.

Two-thirds of these measures have been in the form of additional spending or forgone revenue, and the remainder largely direct liquidity support.

The size and composition of fiscal support have varied vastly by country grouping, in part reflecting countries’ fiscal space and economic development.

Advanced economies and emerging markets in the G20 group of countries account for the bulk of the global fiscal response.

Developing countries, including those in Africa, have struggled to provide such support, exposing the asymmetry in resource availability.

“On top of the fiscal measures, advanced economies provided more than 10 percent of GDP in unconventional monetary policy measures through their central banks. In contrast, most African countries, already faced with tight financial constraints, deployed less than 2 percent of GDP in monetary policy support to supplement fiscal measures,” said the AfDB.

Meanwhile, Africa’s Gross Domestic Product [GDP] grew by an estimated 6.9% in 2021, a strong recovery from the  pandemic-induced contraction of 1.6% percent in 2020.

The rebound, according to the African Development Bank [AfDB] was attributed to recovery  in oil prices and global demand, combined with the resurgence in household consumption and investment in most countries after restrictions over the Covid pandemic were eased. 

Growth in the continent’s GDP was highest in North Africa (11.7 percent) and East Africa (4.8 percent).

In North Africa, growth was buoyed by the easing of political tensions in Libya and the attendant lifting of oil  exports blockade in late 2020, which, coupled with a positive oil price shock, was reflected in  unexpected large base effect expansion in the country’s GDP (177.3 percent).

Southern Africa’s  estimated growth of 4.2 percent represented the largest recovery, from a contraction of 6%, underpinned by strong recovery in Botswana (12.5 percent), Zimbabwe (6.3 percent), and South Africa (4.9 percent).

Source: norvanreports
Tags: Africa spent $89.5bn as fiscal response to Covid pandemic in 2021African Development BankCOVID-19 pandemicghana
No Result
View All Result

Highlights

FEC 2025: Energy Minister Warns African Gov’ts Cannot Sustain Energy Financing Burden; Urges Stronger Private Sector Role in Continent’s Energy Financing

ACEP Pushes for Bold Financing Models to Tackle Africa’s Energy Poverty at FEC 2025

The Rise of Women-Tailored Insurance Policies in Africa

Energy Ministry, NPA Engage Industry on Proposed Petroleum Sector Legislation

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Trending

Energy

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

August 26, 2025

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to...

Kwesi Appiah: The Ghanaian Legend Rewriting Sudan’s Football Story Amid War

August 26, 2025

Cadillac Signs Sergio Perez and Valtteri Bottas for 2026 F1 Debut

August 26, 2025

FEC 2025: Energy Minister Warns African Gov’ts Cannot Sustain Energy Financing Burden; Urges Stronger Private Sector Role in Continent’s Energy Financing

August 26, 2025

ACEP Pushes for Bold Financing Models to Tackle Africa’s Energy Poverty at FEC 2025

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.