Ghana and 7 other African economies would be greatly affected by the Coronavirus outbreak according to Fitch

The rating agency, Fitch has said that 7 African countries would be heavily impacted by the Coronavirus outbreak.

___7243398___2017___9___1___9___fitch+3

Fitch said the Sub-Saharan countries are Ghana, Angola, Congo, Equatorial Guinea, Zambia, South Africa, Gabon, and Nigeria.

It stated that the outbreak will have a downside risk for sub-Saharan African growth, particularly in the aforementioned countries.

“We at Fitch Solutions see downside risks to the short-term growth outlook in a number of sub-Saharan Africa (SSA) markets due to the outbreak of novel coronavirus (Covid-19) in China.”

Almost 45,000 people have been infected with the virus as of February 12, 2020. Meanwhile, the virus, which was first reported in Wuhan in December 2019, has killed over 1,100 people.

“The spread of the virus has disrupted economic activity in China, with, at least, 88 cities—including economically important cities such as Beijing, Shanghai, Shenzhen, and Guangzhou—put on complete or partial lockdown in a bid to contain Covid-19. As a result, we have revised down our forecast of Chinese real GDP growth in 2020 to 5.6%, from 5.9% previously, with this projection subject to downside risks”.

Fitch said this will affect sub-Saharan African countries that China imports commodities heavily from.

Ghana exported about 12% of its commodities to the Chinese market in 2018. This made the West African country the fifth country in sub-Saharan Africa to do so. Angola, Congo, Equatorial Guinea, Zambia are the first four.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]