African Sovereign Wealth Funds could Lose at Least $19 Billion Due to COVID-19

COVID-19 and its enormous economic repercussions on Africa is putting serious strain on the continent’s Sovereign Wealth Funds – which collectively hold some $87 billion in assets under management. Experts at advisory firm Konfidants – which publishes the African Sovereign Wealth Funds Index – are projecting that COVID-19 could result in African SWFs suffering combined losses of $19 billion in a best-case scenario and about $27 billion in the worst-case scenario. Soaring COVID-19- related public expenditure and plunging global oil prices is severely crushing the fiscal health of the oil exporting countries that hold 74% of African Sovereign Wealth Funds’ assets.

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