How African economies will reawaken from the COVID-19 nightmare

The economic recovery of African economies post-COVID-19 is expected to be slow but imminent, with a focus on exploring new avenues to support intra-African trade rather than solely relying on global supply chains. Clement Chinaka, the Managing Director for Old Mutual Rest of Africa, shared insights on CNBC Africa about the strategies and challenges facing the continent in the wake of the pandemic. Chinaka emphasized the potential for industrialization and self-sufficiency within Africa, drawing parallels with successful models from other regions. He highlighted the necessity for a coordinated effort across the African continent to create a conducive environment for businesses to thrive and compete globally. Amidst the uncertainties brought about by the pandemic, Chinaka stressed the importance of instilling confidence in both consumers and investors to drive economic recovery. The road to recovery, he indicated, would require collaboration between governments, businesses, and individuals to contain the virus and rebuild trust and economic activity. Despite varying degrees of impact across different regions of Africa, Chinaka underscored the need for a collective approach to navigate the challenges and seize opportunities for growth. In navigating the complexities of the post-COVID-19 landscape, Chinaka highlighted the role of asset gathering and investment deployment as essential drivers of economic revitalization. Old Mutual's focus on supporting entrepreneurs and businesses across the continent signifies a commitment to fostering sustainable growth and resilience in the face of adversity. As Africa prepares for a gradual reopening of economies, Chinaka urged a cautious and collaborative approach to prevent a resurgence of the virus and sustain the momentum towards recovery. By fostering a climate of trust and cooperation, Africa can position itself for a resilient and inclusive economic resurgence post-COVID-19.