WEBINAR
Ghana Banking Sector Report In both developed and developing nations, the COVID-19 pandemic is a big threat. The social distance and containment measures which impede the proper functioning of the global economy have a significant effect on industrial and agricultural value chains. When world demand drops, their prices have dropped as a result of key raw materials exported by African countries. This threatens serious export profits, the balance of public finances, sustainability of foreign debt and the prospects for Africa’s economic development. Transport and tourism at the sectoral level have come to a standstill with potentially devastating consequences for employment and development. The first recession is projected to start in Sub-Saharan Africa for 25 years, with GDP projected to decrease in terms of between -2.1% and -5.1%, and export income expected to decrease by $100 trillion. This recessionary climate inevitably leads to higher default risk for (household and company) lenders and, as a result, affects the African financial sector negatively. Increased capital outflows, liquidity drying, and higher loans may further aggravate the national banking system and its capital ratios while recapitalisation or even restructuring of some banking system countries. This seminar addressed the possible impacts of the COVID-19 crisis on the African financial sector and policies / actions helping the sector through the pandemic, considering the potential contagion effects of the recession. The webinar was hosted by the Making Finance Work for Africa (MFW4A) Secretariat. And featured speakers from Afreximbank, TCX Fund, Standard Bank and Baker McKenzie. www.thetimesofafrica.com
Moderator: David Ashiagbor, Coordinator, MFW4A Secretariat
Speakers: Hugues Kamewe-Tsafack Financial Sector Advisor, MFW4A Secretariat
Wildu du Plessis Head of Banking and Finance – Africa, Baker McKenzie
Kevin Holmes Head – Trade, Product Management, Transactional Products and Services, Standard Bank
Ruurd Brouwer CEO, TCX Fund
Intong Eric Monchu Senior Manager – Trade Finance, Afreximbank
THE TIMES OF AFRICA
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