Coronavirus: UEMOA makes its accounts following an initial investigation

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Companies in countries in the region are paying a heavy price for the Covid-19 pandemic. In a survey carried out in April with the chambers of commerce and employers' associations of the eight countries of the economic and monetary zone of West Africa, we learn that employment has decreased by 25% and that certain sectors have seen their activity reduced to nothing. The bosses interviewed believe, overall, that governments should do more to support businesses.

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This is the first WAEMU fluoroscopy after the coronavirus pandemic, and it is clear that the picture is worrying.

The sector most impacted by measures to fight the pandemic is unsurprisingly that of services with, in April, declines in activity ranging from 100% for tourism and 95% for hotels and restaurants. If the pandemic were to last all year, the sector would lose 50% of its turnover.

Trade is also very impacted. 63% of wholesalers saw their activity drop by a quarter, but 81% of retailers working in the informal sector made the same observation. Informal traders, street or market vendors, are the big collateral victims of the crisis.

The picture is less catastrophic in industry, agriculture and mining. Gold producers in particular are doing well.

Overall, salaried employment in the WAEMU fell by 25%, even though many companies had given up laying off workers.

The bosses now expect stronger measures from the States and thus, for example, the rapid reopening of intra-Community borders. They also remain optimistic about the future, since three quarters hope, from July, a return to normal business.

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