IATA predicts 70% fall in African air passenger numbers in 2020

The International Air Transport Association expects fullyear 2020 passenger numbers in Africa to reach only 30% of 2019 levels, down significantly from the 45% projected in July. The region is expected to see around 45m travelers in 2020 compared with 155m in 2019. In 2021, demand is expected to strengthen to 45% of 2019 levels to reach close to 70m travellers, with a full return to 2019 levels not expected until late 2023.

Ghana’s financial markets shine in 2020 Absa Index

Ghana’s financial development has improved more than that of any other country on the continent in the last year, according to the Absa Africa Financial Markets Index. Ghana edged out Morocco and the Seychelles as it moved up seven places in the ranking to 6th overall. Underpinned by an active foreign exchange market and a stronger legal framework, Ghana’s overall score rose from 50 out of 100 in 2019 to 59 in 2020. South Africa and Mauritius held the top spots.

IMF names first Zambia representative since 2018

The IMF has named its first Zambia representative in two years as the country seeks financial support and attempts to renegotiate loans with international lenders. Preya Sharma, a special assistant to the director of the IMF’s Africa department, will step into the role vacated in 2018 by Alfredo Baldini, who was asked to leave by the government. In October, Zambia warned bondholders that it would default unless it gets a six-month moratorium on debt payments. Eurobond holders fear a bailout will prioritise Chinese lenders.

Nigeria’s President Buhari calls for end to #EndSARS protests

In a televised speech on 22 October, Nigeria’s President Muhammadu Buhari warned citizens to desist from the protests against police brutality that had been shaking the country for two weeks under the slogan of #EndSARS. As African Business went to press, Amnesty International estimated that at least 56 people had been killed during the period, including 12 peaceful demonstrators shot dead by police on 20 October. Buhari referred to “subversive elements” as he called on young Nigerians to discontinue the street protests in a message that was widely derided on social media.