African businesses shifting towards new technologies in response to COVID-19 pandemic


The Economic Commission for Africa, jointly with International Economics Consulting Ltd, released the report of the second comprehensive survey on the COVID-19 pandemic and its economic impact across Africa.
The results of the survey shows that the top three challenges faced by companies are: a) reduced opportunities to meet new customers; b) drop in demand, and; c) lack of cash flow. Companies have faced serious disruptions in both supply and market due to COVID-19, with unfair pricing seen as a major concern. Feedback from companies about government assistance is mixed with nearly two-thirds of the respondents indicating from moderate to no satisfaction. As a consequence, 50% of the respondents approached financial institutions from which 25% got positive responses; among the latter, 42% were not satisfied with the service due to high interest rates, delays and/or collateral requirements.