Economics
Coronavirus May Cost Africa $4.8 Billion in Crop Exports
- McKinsey says exports of crops from cocoa to roses affected
- Agriculture accounts for about 23% of the continent’s GDP
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The coronavirus pandemic could cost Africa as much as $4.8 billion in lost agricultural exports and affect the livelihoods of 10 million farmers, McKinsey & Co. said.
Disruptions ranging from canceled flights to the closure of chocolate factories in Europe have limited exports of crops ranging from nuts to roses, according to the consultancy firm. Livelihoods will be affected through “job loss or price reductions,” McKinsey said.