1945

The outbreak of the disease caused by novel coronavirus SARS-CoV-2 (COVID-19) in 2019 and the associated necessary mitigation measures to stop its spread caused an abrupt fall in the global production and demand for goods and services. Economic output in sub-Saharan Africa (SSA) shrank by 2.4 per cent in 2020 as a result of the pandemic, creating the deepest recession in over six decades (World Bank 2021). Shrinking government revenue as a result of the pandemic and the need to borrow on domestic and international markets to finance expenditure has given rise to widening budget deficits and a sharp increase in government debt. The debt-to-gross domestic product (GDP) ratio in SSA increased from 62 to 70 per cent of GDP on average (International Monetary Fund 2020).

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