The Barrel trouble - The falling price of crude and its impact
AFRICAN LEADERSHIP
AFRICANS FOR AFRICA COVID-19 Response
MAY - JUNE 2020
Leading Africans and institutions driving the continent's response against the Coronavirus
5 Reasons African Businesses can not be On Pause The Barrel trouble - The falling price of crude and its impact
Category Feature
by three to eight percentage points, with African economies potentially facing losses between $90 billion and $200 billion in 2020 alone. Hence, the advent of the virus portends a worsening future not just for an already battered health system, but also an economic crisis of massive proportions, if all stakeholders do not adopt concerted and bold efforts – especially the African private sector. Also, the pandemic, coupled with natural disasters in some countries as well as the oil-price shock being currently faced by commoditydriven economies, could potentially tip African economies into a recession. African businesses and entrepreneurs must then do the hard but necessary work required not just to survive but be ready to take advantage of new opportunities when the lockdowns are over, and the virus is defeated, as it will be.
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times and re-invent and reimagine their business models, operations and processes in their business continuity plans, so as not to risk playing catch up and possible extinction, when things return to some normalcy. As we adjust to the unfolding new normal, African businesses, entrepreneurs and organizations cannot afford to put their corporate goals on Pause, or its’ leaders fall to the easy trap of endless television watching or following series on Netflix, but it is a time to commit to working even more hours than ever before – focusing on navigating the times, and re-inventing the business. It is the time to ensure liquidity by strategically pushing out your products and services, innovating new products and services that are suitable to the times, and taking advantage of any stimulus packages from governments. It is the time to stay top-of-mind and continually engage with your clients and stakeholders through strategic media campaigns, as well as participating in CSR efforts aimed at stopping the spread of the virus or cushioning the impact of the virus on vulnerable populations in our communities.
The world as we knew it might have changed forever: -Remote work, remote learning, homeschooling, more online meetings and hangouts could very possibly become the new normal
5. The world as we knew it might have changed forever: -Remote work, remote learning, homeschooling, more online meetings and hangouts could very possibly become the new normal. So clearly, African businesses should embrace the
20 | African Leadership | May - June 2020
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It is the time to stay top-of-mind and continually engage with your clients and stakeholders through strategic media campaigns, as well as participating in CSR efforts aimed at stopping the spread of the virus or cushioning the impact of the virus on vulnerable populations in our communities.
Business Integrity Showcase Category
Mastercard Underpins its Commitment to Driving Economic Empowerment for All in Africa Authored by Raghav Prasad: Divisional President, Sub-Saharan Africa, Mastercard.
‘‘ Africa is undergoing rapid digital transformation. According to the World Bank, the continent is home to four of the world’s top five fastest growing economies, and as mobile and digital technologies expand, an increasing number of people are now connecting with the tools and networks they need to help them reach their potential, to achieve financial security and advance inclusive growth. Since embarking on a deliberate journey of financial inclusion in Africa, Mastercard’s efforts have encouraged significant development in various spheres of national economies. As a payment technology company with operations across several countries in Africa, Mastercard’s mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, Mastercard’s innovations and solutions help individuals, financial institutions, governments, and businesses realize and harness their greatest potential.
Boosting economic empowerment in Africa Financial inclusion is an integral pillar of Mastercard’s business strategy and part of its vision to create a world beyond cash. Currently, the company is in talks with governments across Africa to expand their digital agenda and look at ways their tools and services can support them.
By using advanced technologies and infrastructure, Mastercard has the ability to scale solutions that support people’s journey from poverty to prosperity. However, this cannot be achieved alone – which is why a complex ecosystem of different players and partnerships with both the private and public sectors is vital to making a sustainable impact across Africa.
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