Pandemic could cost Africa up to $4.8 billion in lost agricultural exports

According to the consulting firm McKinsey & Co., the negative effects of the pandemic could cause agricultural export losses estimated at $4.8 billion for the African continent.

 

 

 

The COVID-19 pandemic has caused various disruptions, from the cancellation of flights to the closure of processing plants in Europe, which have caused African exports to plummet.

 

 

 

The continent's agricultural exports represent between $35 and $40 billion per year. Agriculture is essential for African economies, accounting for 23% of gross domestic product and jobs for 60% of those working in the sub-Saharan region.

 

 

 

McKinsey & Co. estimates that the coronavirus pandemic could cost Africa up to $4.8 billion in lost agricultural exports and affect the livelihoods of 10 million farmers.

 

 

 

McKinsey & Co. forecasts losses estimated at $ 2 billion for the cocoa sector, $200 million for the coffee sector, and between $500 million and $2 billion for the fruit, vegetable and nut sectors.

 

 

 

The pandemic could also disrupt preparations for the next planting season and hamper efforts to curb the invasion of locusts that are ravaging crops in East Africa. However, the bumper crops of the current season in some countries could cushion the shock.