Watch the webinar recording here
With most of the continent in lockdown or under curfew or a combination of both, many people have lost their livelihoods, particularly informal workers and MSMEs. Access to finance is a challenge for SMEs across Africa under normal circumstances, now the current crisis threatens to widen the $331bn finance gap even further for these businesses. Africa’s economy is projected to shrink 0.8% as a result of COVID-19, threatening the jobs and livelihoods of many including informal workers who account for up to 85% of all employment in Africa.
When MSMEs account for up to 90% of all businesses in Africa, how can African business play a role in supporting MSMEs during this time? When informal workers lack benefits such as paid leave, health and unemployment insurance, what kind of interventions can companies in Africa make to address the challenges faced by the informal workforce during and after the Covid-19 pandemic ends?
This session highlighted actions already taken to address the economic challenges faced by micro, small and medium businesses along with the informal workforce during the COVID-19 crisis, as well as provide practical guidance for companies on how to support MSMEs and informal workers during this time through the workplace and in communities.
Nkiru Chiemelu, Senior Manager, Global Operations, UN Global Compact
- Jumanne Mtambalike, CEO, Sahara Ventures
- Folashade Ambrose-Medebem, Director, Communications & Public Affairs, Lafarge Africa Plc
Photo: UNDP Benin