{"id":1187002,"date":"2020-05-28T08:00:24","date_gmt":"2020-05-28T13:00:24","guid":{"rendered":"https:\/\/www.mining.com\/?p=1025269"},"modified":"2020-05-28T08:00:24","modified_gmt":"2020-05-28T13:00:24","slug":"africa-faces-a-triple-whammy-from-covid-19","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1187002","title":{"rendered":"Africa faces a \u2018triple whammy\u2019 from covid-19"},"content":{"rendered":"<p>Sir Paul Collier, Professor of Economics &amp; Public Policy at the Blavatnik School of Government, University of Oxford, is widely recognized among the world\u2019s leading experts on African and resource-rich economies. <\/p>\n<p>His latest book is&nbsp;<em>The Future of Capitalism: Facing the New<br \/>\nAnxieties<\/em>&nbsp;(2018). He is also a member of Critical Resource\u2019s&nbsp;<a href=\"https:\/\/www.c-resource.com\/team\/senior-advisory-panel\/\">Senior Advisory Panel<\/a>. <\/p>\n<p>Collier addresses the ramifications of the unfolding covid-19 crisis \u2013 an example of \u2018radical uncertainty\u2019, with multiple variables and unpredictable outcomes \u2013 on less developed economies, in particular in Africa.<\/p>\n<h2>Key points raised<\/h2>\n<ul>\n<li>African economies will suffer a \u2018triple whammy\u2019\u00a0due to a sharp drop in commodity prices, a fall in remittances from diaspora communities and the substantial impact of reduced travel and tourism.<\/li>\n<\/ul>\n<ul>\n<li>The large drop in foreign exchange earnings will further erode the ability to conduct effective deficit financing or design stimulus packages.\u00a0Many African countries will be forced to devalue their currencies\u00a0to manage the fall-out, and the impacts will be felt for years to come.<\/li>\n<\/ul>\n<ul>\n<li>The ESG agenda will continue accelerating and\u00a0the risk of divestment by investors in the resources sector will intensify.<\/li>\n<\/ul>\n<ul>\n<li>Companies\u2019 response to this crisis has thus far been disappointing\u00a0\u2013 there will be growing scrutiny in their home countries and where they operate.<\/li>\n<\/ul>\n<ul>\n<li>Despite short-term pressures, the\u00a0long-term route to economic survival for resource companies is to preserve and strengthen their reputations as responsible operators.\u00a0They will be defined by their engagement with and contributions to the needs of local communities and host countries. <\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sir Paul Collier addresses the ramifications of the unfolding crisis&ndash; an example of &lsquo;radical uncertainty&rsquo;.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[624,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1187002"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1187002"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1187002\/revisions"}],"predecessor-version":[{"id":1187003,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1187002\/revisions\/1187003"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1187002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1187002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1187002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}