A Chartered Economist, Dr. Ebenezer Ashley, says Africa’s economies are heading for a huge challenge. He said data released by the Economic Commission for Africa indicates that the continent stands to lose five billion dollars from the oil sectoe alone as a result of the effect of COVID-19.
Speaking to Radio Ghana on the general outlook and consequences of the pandemic on Africa’s economies, Dr. Ashley said the continent may also lose one hundred and one billion dollars in oil revenue.
Dr. Ashley said a huge unexpected debt portfolio would hang on Africa because of the challenge in revenue mobilization. He said Ghana’s debt stock alone stands at 15 billion cedis and this calls for more prudent economic and financial management.
. He added that the debt may further increase.