Economic Consequences of the COVID-19 Pandemic on Sub-Saharan Africa: A historical perspective

Abstract

This paper examined the economic consequences of the COVID-19 pandemic on sub-Saharan Africa (SSA) using the historical approach and analysing the policy responses of the region to past crises and their economic consequences. The study employed the manufacturing-value-added share of GDP as a performance indicator. The analysis shows that the wrong policy interventions to past crises led the sub-Saharan African sub-region into its deplorable economic situation. The study observed that the region leapfrogged prematurely to import substitution, export promotion, and global value chains. Based on these experiences, the region should adopt a gradual approach in responding to the COVID-19 economic consequences. The sub-region should first address relevant areas of sustainability, including proactive investment in research and development to develop homegrown technology, upgrade essential infrastructural facilities, develop security infrastructure, and strengthen the financial sector.